The gold market has remained under pressure.
To check rising current account deficit, the government has raised import duties and the Reserve Bank of India had imposed curbs on import of the yellow metal and also laid down various pre-conditions for inward shipments of the precious metal.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Gold in New York, which normally sets price trend on the domestic front, rose by 0.90 per cent to $1,326.90 an ounce and silver by 0.43 per cent to $20.96 an ounce on Monday night.
Spot gold was up 0.6 percent at $1,103.60 an ounce by 0318 GMT, after an early low of $1,096.65.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
India's gold production dropped 8 per cent to 1.43 tonne in 2014-15 year-on-year.
The current bear run has already been the second longest since 1975.
Gold in New York, which normally sets price trend on the domestic front, rose marginally by 0.02 per cent to $1,255.80 an ounce and silver by 0.18 per cent to $19.06 an ounce in Tuesday's trade.
The correlation between crop yield and expenditure on gold is positive.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
Analysts say investors should increase their exposure to gold up to 10% of their portfolio, depending on their comfort with a 2-year horizon. But avoid investing in physical gold or deposit schemes run by jewellers
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,316.40 an ounce from $ 1,316.58 on Thursday.
As RBI curbs lending against gold, it's now harder to raise loans against the yellow metal.
As for the new investors, they must be thinking whether to invest in gold to gain from upside or should wait for a correction.
Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
Silver coins continued to be sought after at the last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Gold prices gained marginally, in an otherwise listless and cautious trading on the bullion market in Mumbai on Saturday owing to stray buying support.
The worsening demand for jewellery has already started impacting jobs and karigars or goldsmiths.
The demand for the precious metal stood at 202.1 tonnes in the same quarter last year.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
This may free up resources for productive or lending purposes.
Gold is considered one of the most precious metals in the world; and it has been used as a symbol for purity, value and royalty. But do you know much gold is there in the world? And who owns most gold? If not, read on. . .
A depreciating dollar and the uncertainty in the equity markets globally are adding to the sheen of the yellow metal. With gold prices surging 20 per cent in the last two months, Gold ETFs are back in focus.
Traders said besides reduced offtake at existing higher levels, weak trend in global markets mainly kept pressure on the prices of precious metals.
Despite multiple headwinds at the start of 2023, the Indian markets delivered a strong performance, posting 19-20 per cent growth for the year. Even as new records were set, investor sentiment remains strong going into 2024, given the lower inflation, expectations of steady to lower interest rates, higher economic growth, and strong inflows. However, the overriding concern for most brokerages is valuations.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
While gold surged by Rs 230 to Rs 28,480 per 10 grams, silver gained Rs 250 to Rs 44,600 per kg on increased offtake.
People can deposit idle gold with authorised agencies and take advantage of the price escalation of gold as well as earn interest on the deposit.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
The Vedanta group, the eighth largest mining and metal company in the world, is all set for a gold rush in India.
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Gold in Singapore, which normally set price trend on the domestic front, fell by 0.28 per cent to Rs 1361.80 and silver by 1.90 per cent to 22.75 dollar an ounce.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Silver also met with resistance after four days of gains, and lost Rs 750 at Rs 44,250 per kg.
Gold price is likely to remain sideways this week due to uncertainty in global economy. The metal, of late, has started losing its status as safe haven investment avenue at the time of global economic crisis.
As per a data released on Monday by the government, gold and silver imports during April jumped by 138 per cent to $7.5 billion against $3.1 billion in the year-ago period.
