Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
Silver also shot up by Rs 400 to Rs 34,400 per kg.
Government on Friday hiked the import tariff value on gold and silver to $433 per 10 grams and $699 per kg, respectively, taking into account the volatility in the precious metals' global prices.
Traders attributed persistent fall in gold prices to easing demand.
Gold prices fell by Rs 160 to Rs 30,000 per ten grams in New Delhi on sustained selling by stockists against sluggish demand amid a weak global trend.
Gold prices remained steady for the second straight day at Rs 27,250 per 10 grams at the bullion market on Tuesday.
Traders said stockists selling in line with a weak global trend as an improving US economy prompted the Federal Reserve to cut stimulus, which reduced demand for precious metals as alternative assets.
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.
Gold zoomed by Rs 425 to Rs 31,150 per ten grams in the national capital today on frantic buying by stockists and investors on strong global cues.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
Gold imports surged by 93.86 per cent year-on-year to $4.98 billion.
A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment, traders said.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
In the 76 years since India gained independence, 53 recipients of the Bharat Ratna have been there. That's less than one every year, which is a healthy ratio given there is the sanctity of this gem of an award to preserve. But four recipients for the year were announced in a few days in addition to one announced earlier. That took the total number in 2024 to five in less than a month, the highest for any year, post-Independence, notes Shyam G Menon.
Sentiments remained bearish as gold and silver tumbled to the lowest since June in global markets as US manufacturing in August expanded at the fastest pace in three years, bolstering prospects for the economy and dampening demand for the metal, traders said.
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.
Silver remained under selling pressure and lost Rs 200.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
The government on Thursday slashed the import tariff value on gold for the second straight day to $ 414 per 10 grams and silver to $672 per kg, in line with weak global prices of the precious metals.
What has hit sentiment further is a draft proposal by the government to increase vehicle insurance premiums for financial year 2022-23 (FY23). Third-party motor insurance premiums have not been increased over the last two years and if this is approved, insurance costs for specific segments could rise by a fifth. The worst impacted is the 350cc and above two-wheeler segment, where premiums are up 21 per cent. Royal Enfield (Eicher Motor) is the market leader in the segment. The premiums in the 150-350cc two-wheeler category are also being inc
Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg.
Traders said profit-selling by stockists at prevailing higher levels amid a weak global trend mainly pulled down both gold and silver prices.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Traders said sentiment remained bearish after gold and silver fell in global markets as the dollar's rally to a 13-month high dampened demand for the precious metal as an alternative investment.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak global trend as the strengthening dollar eroded appeal for the precious metal, mainly influenced sentiments in New Delhi.
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.
'If one believes that the Indian stock market will go up 70 per cent every year for the next 10 years, I wish you good luck!'
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
Gold in New York, which normally sets price trend on the domestic front, rose by 0.90 per cent to $1,326.90 an ounce and silver by 0.43 per cent to $20.96 an ounce on Monday night.
Silver followed suit and traded Rs 90 higher at Rs 38,290 per kg on increased offtake by industrial units and coin makers.
Gold extended its slump for the second day and shed another ₹ 350 to hit a six-month low of ₹ 29,000 per 10 grams in the bullion market.
Silver ready declined Rs 160 to Rs 37,240 per kg.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
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Silver followed suit and lost Rs 645 at Rs 42,880 per kg on reduced offtake by industrial units and coin makers.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
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