'Expenditure on gold jewellery in Kerala is the highest in the country.' 'But the robust demand has been affected by the floods.'
Gold prices are set for another jump before the Easter holidays
The Finance Ministry has sought comments from stakeholders.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
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It was trading around Rs 30,638 per 10 grams, the lowest since August 30.
Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units.
Dealers expect prices to fall further, owing to an impending rate hike in the US
Theft of gold from five packets had been reported to the police on January 16, 20, April 30.
Traders said restricted buying from jewellers and retailers mainly kept precious metals at previous levels.
Gold is said to be the most-favored investment instrument in India.
Investing (or not investing) in gold may be a function of whether you're betting on or against the global economy.
After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
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Gold pries surged to a record high at Rs 11,840 per 10 gram on Monday owing to brisk buying by major market players, who were enthused by firming global trend, and some investors' shifting focus from melting stock markets to the bullion mart. The market remained in bullish mood with gold remaining on record-setting spree as investors shifted a part of their funds from weakening stock markets to gold as the metal offers a safe haven for investments, traders said.
Gold cracked as much as Rs 730 -- its biggest one-day fall this year -- to Rs 30,520 per 10 grammes, in sync with a weak trend overseas on growing US rate hike buzz amid a fall in demand at the spot market.
The ad-valorem rates of excise and customs on precious metals like gold, silver and platinum have come into effect from Tuesday, said a government notification. Diamonds, too, will now attract an import duty of 2 per cent.
Gold rallied to scale two-month peak at the domestic bullion market on Thursday on frantic buying in the backdrop of the government's decision to raise import duty on the metal.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
In the current scenario, it's hard to construct a comprehensive argument that gold prices should rally, or one that they should decline - the range-trading of recent months may continue.
Silver followed suit and recovered Rs 400 to Rs 34,100 per kg.
Gold import from the UAE at a lower rate of duty -- in terms of an agreement -- has posed a survival challenge for the Indian refining industry while hurting the price discovery of the metal, with the India International Bullion Exchange starting operations at GIFT City. The problem has arisen after the government signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Under it, Indian jewellery manufacturers have been allowed to import gold at a concessional rate of 14 per cent against 15 per cent, which is normal.
Silver coins continued to be traded at last level of Rs 48,000.
The yellow metal gives negative returns after 12 yrs; analysts say it'll be subdued in 1st half of 2014, with a revival likely later.
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Gold rally led by monetary support falters as problems over debt and economic growth resurface.
Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
The precious metals had lost Rs 210 in the previous session.
The total sales volumes of gold for 2012 stood at Rs 2.47 lakh crore (Rs 2.47 trillion) and total quantity of gold sold in the country was 864 tonnes, Vipin Sharma, Director (Jewellery) WGC told reporters in Kochi.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
Gold is one of the most sought-after precious metals.
Jewellers see flat gold sales this Dhanteras
Gold imports surged by nearly four-fold to $4.17 billion in October to meet the festival season demand.
Will gold touch the psychological barrier of $720? Investment funds are bullish but cautious.
Silver also eased by Rs 150 to Rs 41,700 per kg.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
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Once the US dollar launches into its final bull leg from the 79 region towards 84, the appreciating currency should put a lot of pressure on commodities that will perhaps trigger the capitulation that the market needs in commodities liker gold, silver and WTI crude, says Sonali Ranade.
