Silver coins continued to be traded at last level of Rs 48,000.
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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.
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.
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.
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.
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The precious metals had lost Rs 210 in the previous session.
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NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
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.
Jewellers see flat gold sales this Dhanteras
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.
Gold imports surged by nearly four-fold to $4.17 billion in October to meet the festival season demand.
More than 3,000 gifts for Lord Ram from Sita's birthplace in Janakpur in Nepal have arrived in Ayodhya.
Silver also eased by Rs 150 to Rs 41,700 per kg.
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Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
In Delhi, gold of 99.9 and 99.5 per cent purity gained Rs 110 each to Rs 27,210 and Rs 27,010 per 10 gram, respectively.
Will gold touch the psychological barrier of $720? Investment funds are bullish but cautious.
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
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.
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
Traders said stockists buying for the ongoing marriage season mainly led the recovery in gold and silver prices.
Traders had accumulated stocks when the FM hinted of a duty hike.
Gold prices fell by Rs 30 to Rs 27,160 per 10 grams at the bullion market on Saturday.
A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.
The risk inherent in gold buying at any point explains why funds dedicated to the metal, here and abroad, are not promoted heavily.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.
India will also launch a sovereign gold bond to lower physical demand.
After a rally in gold that led to the international prices zooming to $1030 an ounce, will gold price reverse direction based on Wednesday's price level of $940?
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Retail investors are turning to the commodities market as an investment option. Rising commodity prices have resulted in these giving better returns than equity markets.
Gold prices rose further by Rs 210 to Rs 27,210 per ten gram in New Delhi on Wednesday on increased buying by jewellers and retailers to meet upcoming festive and wedding season demand amid a firming global trend.
Discounting the argument that gold is a hedge against inflation, the senior-most Deputy Governor wondered how a hedge instrument can offer as high as 37 per cent return year after year.
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