Govt clamps have resulted in 93% decline in April-November
As of now, the custom duty on gold is 10 per cent.
Gold prices declined by Rs 30 to Rs 27,370 per ten gram in New Delhi on Friday as demand from jewellers retailers dried up at prevailing levels to some extent amidst a weak global trend.
Gold prices could go up 12.5 per cent and touch $1,800 per ounce in the second half of 2012, according to the Thomson Reuters GFMS Gold Survey, released in Beijing on Tuesday. Improved investment sentiment for gold will help drive prices up, said the survey. Presently, gold is trading at $1,600.
While gold fell by Rs 400 to Rs 28,000 per 10 grams, silver plunged by Rs 1,500 to Rs 43,100 per kg on poor offtake.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
According to Ketan Shroff of Pushpak Bullions Pvt Ltd, "Traders are selling at Rs 14,900 -- 14,950 per 10 gm presently, which was Rs 100-150 lower than the landed cost." He added, "The consumer price depends upon customers' needs as some in dire need of money sell at prices lesser than Rs 14,900 per 10 gm while others attract customers through price negotiations."
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
Traders said sentiments continued to remain bearish on persistent selling by stockists after the RBI last week eased import norms on the yellow metal by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
Gold on Thursday slipped from record highs by losing Rs 200 to Rs 30,200 per 10 grams in the national capital due to meagre demand for the precious metal at prevailing high levels.
A report from the World Gold Council says that rising demand for luxury goods from India and China may drive the gold prices to a new peak in the next year.
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
Sales of gold and gold jewellery have come down by 75 per cent in Gujarat due to spiralling prices of yellow metal in past two to three months.
Gold as an asset class has shown its mettle in the last one year. Especially in the past six months when the equity markets have been on a downslide, this yellow metal has continued to move northwards. And the numbers are there for all to see.
Here's how banks charge interest rate and decide on the amount to loan when you go for gold financing.
Gold has bounced back gaining Rs 825 in the last eight days.
The government on Thursday said nearly 7,000 jewellers have been granted hallmark licences after the quality standards, or hallmarking, for gold were launched in 2001.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
