40-50 tonnes of gold may have been smuggled into India in July-September; industry seeks duty cut
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.
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.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
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.
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.
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.
Silver, however, held steady at Rs 37,100 per kg
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.
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.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
In New York, gold rose to an all-time high of $1,782.50 an ounce.
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.
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.
This statue, which is 28-foot tall including the pedestal, was made using the ancient lost-wax technique of metal casting that was used for making the famed Chola bronzes, sources said.
Silver also remained under selling pressure.
The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41 kg of gold
India's top private banks might soon exit from the gold coin business.
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.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Gold recorded its biggest fall of Rs 1,110 to reach 12,000 per 10 gram in late trading in the bullion market in New Delhi on Thursday on nervous selling by stockists, sparked by weakening global trend. The metal plummeted in London to $905 from its peak of $1,033 on March 17.
Gold prices sky rocketed to set a new high of Rs 7635 per 10 gram on the bullion market on Friday on brisk buying by retail customers and stockists influenced by higher international trends.
It is the lightest gold nugget ever created, researchers said.
Let's take a look at divisible gold bars at a refiner and bar manufacturer in Swiss town of Balerna.
"Demand for gold is virtually zero," said Suresh Hundia, president of the Bombay Bullion Association. "People are taking profits and selling their gold back to jewellers for 2.5-3 per cent less than international market prices."
The world's first gold vending machine unveiled in a hotel in Abu Dhabi in the United Arab Emirates began attracting customers minutes after it was opened.
Spot gold was trading little changed at $1,315.15 an ounce in early European trade.
Gold imports in India are estimated to have declined by 50 per cent to 30 tonnes during June-July.
The wedding season in India, the world's biggest buyer of the metal, is slated to start later this week and will continue until May.
Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver prices.
China, set to pass India this year as the world's top gold consumer, has imported nearly a fifth more bullion than data from its traditional conduit Hong Kong shows as it brings in the metal via other routes.
Heard of Kesard Onji Dina? Which literally translates into 'One day in the mud'.
Gold prices regained Rs 32,000 per ten gram level after nine months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
Gold prices dropped Rs 130 to Rs 29,450 per ten gram in the national capital on Tuesday as demand from jewellers and retailers declined at prevailing levels amid a weak global cues.
Around Diwali, the premiums had gone up to as much as 3.5 per cent.
Traders said a weakening global trend as the outlook for improving economic growth and strengthening of the dollar curbed demand for the precious metal as a safe-haven mainly kept pressure on gold and silver prices.
The gold prices surged by Rs 100 to close at Rs 14,750 per ten gram in the bullion market on Monday influenced by budgetory proposals to hike import duty on gold bars even as the metal in overseas market quoted lower.
Silver also rose further by Rs 100 to Rs 37,600 per kg.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
Indian wrestlers reaped a rich harvest of five medals in the men's freestyle events but a gold medal eluded them on the second day of the Asian Championships, in Xi'an, China, on Wednesday
