The underperforming metal for 2017 expected to return 17-20%
Govt proposes to introduce redeemable gold bonds.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Bullion traders said besides increased buying by jewellers and retailers to meet festive season demand, a firming global trend amid escalating tensions over Ukraine has raised demand for a safe-haven, resulting into influence on gold prices here too.
Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy sell-off by stockists and a weak global trend.
Gujarat tops the chart with total seizure worth over Rs 510 crores, followed by Tamil Nadu at Rs 270.15 crores, Andhra Pradesh over Rs158 crores, Punjab Rs 155.91 crores and Uttar Pradesh Rs 142.31 crores.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
Gold remained weak for the second straight day and prices fell by another Rs 190 to Rs 26,810 per ten grams.
There is a congruence of interests between Ukrainian intelligence and its Western mentors to destroy Wagner and eliminate it from the geopolitical chessboard altogether, argues Ambassador M K Bhadrakumar.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Silver also turned weak and declined by Rs 400 to Rs 42,600 per kg on poor offtake by industrial units and coin makers.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
After rising for two days, gold prices went down by Rs 100 to Rs 26,850 per 10 grams at the bullion market on Tuesday, tracking a weak global trend amid slackened demand from jewellers.
Silver also recovered by Rs 250 to Rs 37,300 per kg.
Gold price recovered a bit on favourable cues from global markets.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Silver also rebounded by Rs 530 to Rs 43,930 per kg on increased offtake by industrial units and coin makers. It had lost Rs 100 on Wednesday.
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
Dealers expect prices to fall further, owing to an impending rate hike in the US
The precious metal had gained Rs 1,240 in the last eight days.
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Silver declined by Rs 200 to Rs 38,550 per kg.
While gold fell by Rs 400 to Rs 28,000 per 10 grams, silver plunged by Rs 1,500 to Rs 43,100 per kg on poor offtake.
Silver also dropped by Rs 400 to Rs 35,650 per kg.
Silver also slumped by Rs 1,700 to Rs 37,200 per kg.
Gold slips by Rs 150 on low demand.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
Gold in New York, which normally set price trend on the domestic front, rose by 0.2 per cent to $1,186.20 an ounce and silver by 1.1 per cent to $15.76 an ounce in Thursday's trade.
A moderate GST rate obviates the need for the two-rate structure.
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.
Traders said lack of buying support from retailers and jewellers who preferred to keep their activity restricted, anticipating further fall in coming days, mainly kept gold prices unchanged.
Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
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