Most of the bullion markets and jewellery showrooms remained closed in major cities.
The government has made PAN card mandatory from January 1.
Jewellers in Lucknow protest Prime Minister Modi's appeal to defer gold purchases for a year amid the West Asia crisis, fearing significant business losses and economic hardship for those involved in the trade.
Silver prices surged by Rs 11,800 to Rs 2.57 lakh per kg and gold advanced by Rs 3,000 to Rs 1.58 lakh per 10 grams in the national capital, driven by fresh buying from jewellers and stockists ahead of Akshaya Tritiya.
The gems and jewellery industry anticipates challenging times following the government's decision to increase gold import duty to 15 per cent, a move that exporters warn could fuel the grey market and heighten smuggling risks.
Gold prices fell by Rs 400 to Rs 1.6 lakh per 10 grams in the national capital on Thursday amid weak global trends and receding expectations of an interest rate cut by the US Federal Reserve.
Precious metal prices, particularly gold and silver, experienced a significant surge in the national capital as investors sought safe-haven assets amid escalating hostilities in the Middle East.
Gold prices skyrocketed by Rs 9,700 to scale a fresh peak of Rs 130,300 per 10 grams in the national capital on Monday, lifted by safe-haven buying in the overseas markets and depreciation in the rupee.
'Customers do not recover the original making charges paid on old jewellery. Sentimental value is lost when heirlooms are exchanged.'
Gold prices rallied for the third straight day and gained Rs 2,600 to hit a fresh lifetime high of Rs 1,26,600 per 10 grams in the national capital on Wednesday in line with strong global trends amid looming geopolitical uncertainties triggered by the prolonged shutdown of the US government.
Gold prices dropped by Rs 4,100 to Rs 121,800 per 10 grams in the national capital and slipped below $4,000 an ounce in the global markets on Tuesday as easing US-China trade tensions dampened safe-haven appeal. According to the All India Sarafa Association, the precious metal had closed at Rs 125,900 per 10 grams on Monday.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
The gold and silver holdings of domestic mutual funds (MFs) crossed the Rs 1 trillion mark for the first time in September, powered by a blistering commodity rally that lifted precious metal prices and drew fresh inflows into dedicated MF schemes.
Gold prices surged Rs 2,200 to hit a fresh peak of Rs 116,200 per 10 grams in the national capital on Monday buoyed by strong global cues as investors awaited key commentary from US Fed officials for policy direction. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,14,000 per 10 grams on Friday.
Gold and silver prices experienced a significant drop in the national capital due to a global selloff driven by inflation concerns, central bank policies, and geopolitical tensions.
Association will write a letter to Finance Minister Arun Jaitley to demand a rollback.
Silver prices rallied sharply by Rs 15,000 to hit a lifetime high of Rs 265,000 per kg in the national capital on Monday, and gold advanced to a fresh record of Rs 144,600 per 10 grams, mirroring strong gains in the global markets.
Anil Ambani group firm Reliance Money on Monday joined hands with the Bombay Stock Exchange and the Bombay Bullion Association to launch the country's first organised bullion trading platform.The over-the-counter 'Bullion Spot Market' would be the first of its kind and would be operationalised within a month, the Anil Dhirubhai Ambani Group announced.
The days of spot prices of gold differing from one city to another will soon be over.
Gold prices on Tuesday surged Rs 723 to touch an all-time high of Rs 110,312 per 10 grams in the domestic futures market, tracking strong global cues amid growing expectations of a US Federal Reserve interest rate cut next week. Traders said weak US labour market data has strengthened the case for monetary policy easing, putting pressure on the dollar and boosting demand for the safe-haven asset.
'Investors' decisions should reflect their financial goals, risk tolerance, and the amount of gold already present in their portfolio.'
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.
Gold prices inched closer to the psychological mark of Rs 1 lakh per 10 grams as the bullion rates surged Rs 1,650 in the national capital on Monday on weak dollar and uncertainties over US-China trade war driving demand. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity reached Rs 99,800 per 10 grams on Monday. Its value had declined Rs 20 to close at Rs 98,150 on Friday.
Gold prices advanced Rs 700 to reach a new lifetime high of Rs 91,950 per 10 grams in the national capital on Wednesday on the back of continued buying by jewellers ahead of wedding season, according to the All India Sarafa Association. Besides, increased tensions in the Middle East and concerns about the US economic slowdown have kept the demand for safe-haven assets intact.
Invest with a 5 to 7 year horizon so that you are able to ride out price volatility and benefit from the long-term trends of demand and macroeconomic shifts.
The panel will look into issues related to compliance procedure.
Dealers expect prices to fall further, owing to an impending rate hike in the US
Anamika Pareek answers five most frequently asked questions about investing in silver ETFs
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
Most of the jewellers who had reopened their showrooms in confusion on Monday, kept shutters down today at Mumbai's Zaveri Bazar and several other places, demanding rollback of the proposal.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
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.
Gold prices slumped for the second straight session by Rs 1,150 to Rs 78,350 per 10 grams in the national capital on Monday on frantic selling by stockists and retailers, the All India Sarafa Association said. The precious metal of 99.9 per cent purity closed at Rs 79,500 per 10 grams on Friday.
A dedicated physical gold exchange could lead to standard gold pricing in India.
The scheme is yet to take off.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Prices have remained lower this year.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
For easy and wide access, the government plans to market the bond through post offices and various brokers.
