Geopolitical tensions in different parts of the globe and slowdown in global economy led investors to opt for safe-haven like gold over the last one year.
The world's first gold vending machine unveiled at Abu Dhabi's Emirates Palace hotel, began attracting customers minutes after it was opened.
Gold is the first product for options trading that markets regulator Sebi has allowed after 14 years of commodity exchanges in the country.
Silver, however, found some buying support.
The government's move to make hallmarking for gold mandatory from January 1, 2008 has got into bottlenecks thanks to lukewarm response from jewelers across the country.
The precious metal had gained Rs 435 in the previous three sessions.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
The yellow metal on Wednesday hit a new record at the New York Mercantile Exchange at $1,148.10 an ounce (28.34 grams) for the December delivery following a 0.37 per cent dip in the dollar index.
Diversion of funds towards the surging equity weighed on the precious metal's price
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
Stung by the steep fall in demand for the yellow metal in the world's largest consumer nation, the World Gold Council is now falling back on the familiar marketing mantra: If customers aren't coming, go to their doorsteps. The reason for the marketing overdrive by the Indian arm of the WGC is simple: India, which used to import around 60 tonnes of gold a month till last year, has seen zero imports in the past two months because of the prevailing high prices.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Central bank says it may bring more curbs.
Gold has been a valuable and highly sought-after precious metal for coinage, jewellery, and other arts since long before the beginning of recorded history.
If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years.
An alert has been issued by the Directorate of Revenue Intelligence, lead agency to check smuggling and customs duty evasion, to all international transit points across the country, official sources said.
The retailers are also mulling putting a stop to selling of gold coins and gold bars to curtail investments made in gold, according to an official of trade body All India Gems and Jewellery Trade Federation.
Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.
In the July-September period of this year, the domestic demand improved mainly due to Diwali demand and the upcoming marriage season.
The hallmarking of gold, which is voluntary in nature at present, is a purity certification of the precious metal.
Mirabai turned 28 on Monday, August 8, and the champion celebrated her birthday by planting saplings.
Sentiments remained bearish as gold and silver tumbled to the lowest since June in global markets as US manufacturing in August expanded at the fastest pace in three years, bolstering prospects for the economy and dampening demand for the metal, traders said.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
Silver met with resistance at prevailing levels.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
40-50 tonnes of gold may have been smuggled into India in July-September; industry seeks duty cut
Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.
He said shooting sport has become much more than just aiming at the target and pulling the trigger.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
Led by Olympic champion Neeraj Chopra, India will seek to showcase its ascendency as a sporting power at the Asian Games, which opens formally on Saturday after an unprecedented one-year delay due to the COVID-19 pandemic.
Gold prices fell back after a brief overnight rebound on the first trading day of 2015 at the domestic bullion market due to reduced stockists offtake as well as lack of local buying interest.
The government and the Reserve Bank had also imposed certain other restrictions on its shipments, including linking of imports to exports to prevent outgo of the foreign exchange.
Silver, however, held steady at Rs 37,100 per kg
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Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
The impact of currency depreciation can also be mitigated by holding a portion of your investment portfolio in dollar-denominated assets.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
Traders said sentiments in gold turned bearish after it plunged in overseas markets on speculation that US interest rates will increase next year, curbing demand for the metal as a store of value.
