Finance Minister must be hoping that Indians get over gold-addiction.
Attractively low prices, rising demand and a favourable ratio to gold point to better days ahead for the white metal.
Gold prices surged by Rs 150 to trade at fresh three-month high of Rs 27,575.
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
Silver has been quoting at a premium in India since mid-March because of huge scarcity.
'Valuations are very attractive, and most companies are cash-rich with strong dividend yields.'
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.
Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.
Silver climbed by Rs 600 to Rs 38,700 per kg.
Gold imports, which peaked at 162 tonnes in May, came down to 19.3 tonnes in November.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
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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.
Gold cracked as much as Rs 730 -- its biggest one-day fall this year -- to Rs 30,520 per 10 grammes, in sync with a weak trend overseas on growing US rate hike buzz amid a fall in demand at the spot market.
While gold surged by Rs 275 to Rs 27,300 per 10 grams, silver gained Rs 295 to Rs 40,730 per kg on increased offtake by jewellers and industrial units.
Silver also met with resistance after four days of gains, and lost Rs 750 at Rs 44,250 per kg.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
In the first fortnight of December, the gold imports have fallen to about 25 tonnes, from 150 tonnes during entire November
Traders said emergence of buying at prevailing lower levels by jewellers and retailers ahead of the festive and wedding season, a firm global trend mainly led the recovery in precious metals.
Power, realty, FMCG, consumer durables, metal, infrastructure, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants.
The best part is that an investor gets price appreciation and earns interest income as well, which is unique only to sovereign gold bond.
Gold plunged sharply to hit a three-month low.
India's merchandise exports jumped 27.16 per cent to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items, official data showed on Tuesday. The exports stood at $23.62 billion in November 2020. Imports in November were at $52.94 billion, showing an increase of 56.58 per cent over inbound shipments of $33.81 billion in the year-ago month.
Gold prices dropped Rs 130 to Rs 29,450 per ten gram in the national capital on Tuesday as demand from jewellers and retailers declined at prevailing levels amid a weak global cues.
Silver also slipped below the Rs 41,000-mark by falling Rs 525 to Rs 40,975 per kg on reduced offtake by industrial units and coin makers
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
Traders said sustained selling by stockists in tandem with a weakening global trend mainly kept pressure on precious metal prices.
Traders said stockists selling against sluggish demand at prevailing higher levels amid weak global trend mainly kept pressure on precious metals.
Traders said gains in equities and a stronger dollar dented demand for the precious metals too.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
Globally, gold fell by 0.24 per cent to $1,182.80 an ounce and silver shed 0.72 per cent to $15.89 an ounce in London.
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.
Marketmen said the persistent fall in gold prices to increased selling by selling after the Reserve Bank eased curbs on import of the yellow metal, allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Silver rose by Rs 50 to Rs 36,050.
Gold, silver rise on positive global cues.
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