Traders said fresh buying by industrial units and coin makers along with higher global trend mainly led the recovery in silver prices.
Mumbai, May 14 (PTI) The massive spike in trade deficit caused by sharp rise in gold imports in April would not sustain and there is no need to get excessively worried over the data, analysts have said. They also said the current account deficit or the difference between the foreign exchan ...
The rupee was trading lower at Rs 61.38 after dipping to 61.74 (intra-day).
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.
Sentiments remained subdued largely in tandem with a weak trend in global markets where gold traded at a four-year low as surging dollar waned demand for the precious metals, traders said.
Want a racing certainty for the coming year? Take a look at the dollar and gold... Who can say what 2008 may bring? A post-Olympics crash in China, perhaps, tipping its near-10 per cent annual rate of expansion into an historic slump.
Silver also jumped Rs 950 to Rs 44,750 per kg on increased offtake by jewellers and industrial units.
Gold prices firm up on global cues.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
Gold in Singapore, which normally sets price trend on the domestic front, fell from three-month high by declining 0.6 per cent to $1,312.48 an ounce.
The government on Tuesday cut the import tariff value on gold and silver to $396 per 10 gram and $575 per kg, taking into account weak global trends.
Silver coins also spurted by Rs 1,000.
The prices of yellow metal declined despite the ongoing token buying for the auspicious festival of Dhanteras.
Gold prices maintained an upward march for the third consecutive day by rising Rs 290 to Rs 30,490 per ten grams in the national capital on sustained buying by stockists amid a firm global trend.
Bullion merchants said reduced offtake by jewellers and retailers at existing higher levels and a weak global trend amid speculation that Federal Reserve may decide on cutting back asset purchases this week is likely to bring down the demand for the precious metals as a safe haven.
The precious metal spurted by Rs 270 at Rs 15,700 per 10 gram, a level last seen on February 18.
Gold continued its upward trend for the sixth straight day and gained another Rs 190 to Rs 26,190 per ten gram at the bullion market on Thursday.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
Traders said sustained offerings by stockists on the back of weak global trend, as investors weighed the outlook for the Fed's monetary policy after improving economic growth, mainly reduced demand for gold as an alternate investment.
Gold prices jumped by Rs 470 to Rs 30,670 per ten gram in the national capital on Monday on brisk seasonal demand amid a firm global trend.
Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices.
Silver also rose sharply by Rs 640 to Rs 35,700 per kg.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
Gold demand in India dropped by 30 per cent during the July-September quarter to 86.6 tonnes, compared to the same period last year due to Covid-19 related disruptions and ruling high prices, the World Gold Council (WGC) said in a report.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Gold is currently ruling at Rs 30,050 per 10 grams.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
Silver also declined by Rs 100 to Rs 49,580 per kg on reduced offtake by industrial units.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
While gold prices surged, inflation dipped a bit.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
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The rule required firms to mandatorily export 20 per cent of the gold they had imported.
Finance Minister must be hoping that Indians get over gold-addiction.
Along the narrow lanes of Mumbai's historic Zaveri jewellery bazaar, many shops display placards saying 'we buy old gold jewellery', tempting buyers who face a $125 an ounce premium over London prices as the government cracks down on surging imports.
Despite the rising prices, the gold demand has grown steadily in the last decade except for the last two years.
Gold and silver prices here surged to new record levels today on frantic buying by stockists and jewellers, triggered by a strong rally in overseas markets.
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