The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
Dhanteras has cheered up jewellers as it has turned out to be the best in three years, thanks to the lower price of the yellow metal and pent-up demand. In Mumbai's Zaveri bazaar, buyers came in out force and jewellers did not have to depend on freebies to induce sales, even though all of them had announced some offers. In fact, more discounts were announced for diamond and studded jewellery.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
The scheme is yet to take off.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
The scheme calls for banks, refineries and hallmarking centres to work together.
As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
Dealers expect prices to fall further, owing to an impending rate hike in the US
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
The RBI has issued guidelines and the government has notified it.
A dedicated physical gold exchange could lead to standard gold pricing in India.
Orders for the festive season abroad begin from next month.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
The Bill to amend the Bureau of Indian Standards Act has been passed.
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
While the gold policy covers every aspect, from sourcing gold to trading and investing in it, experts assert that the policy is incomplete if mining of gold in India isn't promoted.
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday, the finance ministry said in a statement. The bonds will be issued in six tranches from May 2021 to September 2021, it said on Wednesday. The subscription period for 2021-22 Series I will be May 17-21, and bonds will be issued on May 25.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from November 29, has been fixed at Rs 4,791 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2021-22 - Series VIII will be open for subscription from November 29 - December 03, 2021. "The nominal value of the bond...works out to Rs 4,791 per gram of gold," the RBI said.
While players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Rs 1, Amazon Pay has kept the minimum amount at Rs 5. Digital gold is essentially an avenue for investing in physical gold.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
'It is the best avenue for investors who would like to take long-term exposure to gold.'
BSE proposes two models for making gold trading and investment transparent
For easy and wide access, the government plans to market the bond through post offices and various brokers.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
Gold schemes are offering attractive returns to investors.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Veterans recall they haven't seen gold falling for 3 years in a row.
A downturn in Indian demand could hit global gold prices.
The government has retained 10% duty on import of the yellow metal.
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