Gold price softens as demand dips.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
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.
Snapping its six-day, record-making journey, gold's dream to climb the 18-K level was shattered as the yellow metal tumbled on the bullion market in Mumbai on Friday on frantic selling by stockists triggered by a sharp fall in international markets.
Traders said emergence of buying at existing lower levels to meet the ongoing marriage season demand mainly led to recovery in gold prices.
WGC will conduct nearly 30 workshops across the Indian cities as a prelude to Au DITIONS, a competition for gold jewellery designers. Au DITION is aimed at identifying three trend-setting designers, whose works will be showcased worldwide.
Globally, gold traded a shade higher at $1,210.15 an ounce.
Chidambaram said he expected gold imports to touch $40 billion in the current fiscal year to end-March, down 31 percent from the year-ago bill of $58 billion.
Lack of security provisions coupled with inadequate infrastructure and lukewarm response from jewellers have put the government decision of making hallmarking mandatory for gold from January 1, 2008 into uncertainties.
Breaking all previous records, gold prices on Saturday surged to a new peak at Rs 16,349 per 10 gram in futures trade, as traders increased their exposure in the precious metal following melting stock and forex.
Gold prices have come down to Rs 27,790 per 10 grams in the national capital this month from the high of Rs 32,990 per 10 grams in April.
Olympian Manavjit Singh Sandhu on Saturday clinched the trap gold medal while unheralded Chain Singh of Army bagged the yellow metal in 10-metre air rifle event ahead of Beijing Olympic gold medallist Abhinav Bindra, at the 56th National Shooting Championship in New Delhi.
CAD touched a historic high of $88 billion in 2012-13.
Gold purchases by India, the world's largest importer of the metal, are down to a trickle because of high prices, prompting local traders and jewellers to reprocess scrap and jewellery to cater to rapidly falling local demand.
Silver climbed by Rs 600 to Rs 38,700 per kg.
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Silver also declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.
Tamil Nadu, Karnataka, Kerala and Maharashtra post offices followed Bihar.
Traders said apart from increased buying by jewellers and retailers to meet seasonal demand, a firming trend in global markets on increased tensions in Ukraine and weakening dollar mainly influenced precious metal prices.
Traders said sustained selling by stockists against sluggish demand and weakening global trend mainly kept pressure on precious metals.
Silver coins, however, held unchanged at Rs 70,000.
Silver also recovered by Rs 250 to Rs 37,300 per kg.
Bullion dealers said higher overseas market advices have led traders to stock more gold, leading the metal to end Rs 5 higher at Rs 8,725 per ten gram.
Traders said sustained buying by stockists and retailers for the ongoing marriage season mainly led an upward trend in precious metals.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.9 per cent to $1,327.94 an ounce and silver by 1.6 per cent to $20.61 an ounce.
Dressed in a Gucci gold silhouette, the model looked gorgeous.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Gold, silver, copper hit multi-year lows, Brent crude near $100 a barrel.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Gold in Singapore, which normally determines price trend on the domestic front, lost 0.90 per cent to $1,132.16 an ounce, the lowest since April 2010 and silver dropped by 2.3 per cent to $15.06 an ounce, the lowest since February 2010.
Sentiment remained bearish as gold fell in global markets after the US and Russia agreed on a plan to destroy Syria's chemical weapons, diminishing demand for the precious metal, traders said.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
Gold, silver rise on positive global cues.
He said shooting sport has become much more than just aiming at the target and pulling the trigger.
Gold on Tuesday advanced further to hit a fresh two-month high of Rs 29,100 per 10 grams, driven by heavy buying by retail customers for the festival of 'Akshaya Tritiya'.
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Traders said heavy selling by stockists, triggered by a weak global trend, led to the fall in prices of gold and silver.
Globally, gold rose 0.83 per cent to $1,290.90 an ounce and silver was up 0.79 per cent to, $17.92 an ounce in London in early trade on Tuesday.
Traders said weak demand at prevailing higher levels and retailers looking for more correction mainly kept pressure on gold and silver prices.
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.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
