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.
Water projects firm Vishnu Prakash R Punglia, the 20th company to launch its IPO in the current year, saw its shares closing at a 47 per cent gain over its issue price on Tuesday. Such a huge one-day pop is considered rare; however, it has become the norm this year. The average listing-day gain for these 20 IPOs in 2023 is 34 per cent, and their average gain to date stands at 46 per cent.
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.
Silver coins also spurted by Rs 1,000.
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.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
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.
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
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.
After remaining in the positive zone for three months, India's exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $23.5 billion.
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.
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.
.jpg)
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.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
While gold prices surged, inflation dipped a bit.
The rule required firms to mandatorily export 20 per cent of the gold they had imported.
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
'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.'
Finance Minister must be hoping that Indians get over gold-addiction.
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.
The likelihood is that India will maintain a moderately upbeat economic tempo -- well short of tearaway growth, explains T N Ninan.
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.
Huge gold imports have put pressure on the country's CAD, which in turn is affecting the value of rupee.
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.
Given the uncertainties around gold's future course, stagger your purchases and buy on declines, says Sanjay Kumar Singh.
Overall, merchandise imports rose 10.9 per cent to $41.95 billion.
The precious metal is understood to have arrived in large quantities through official channels, including direct import by export-oriented units, in the last week of March.
But retailers say this enthusiasm, which helped push prices back up again, is faltering with some investors looking for another fall before they buy more.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances