Gold prices are set for another jump before the Easter holidays
Spot gold on Saturday slipped below the Rs 30,000 per 10 gram level, for the first time since August 17 last year, to close at Rs 29,890 -- down Rs 200 from Wednesday's close -- mainly on weakness in underlying fundamentals.
Global cues may further weaken the yellow metal; imports seen under control after January surge.
The demand is rising as price fall.
China produced the most gold in world last year, making it the largest producer for the sixth straight year even as it remained the second largest consumer of the yellow metal after India.
Gold prices sky rocketed to set a new high of Rs 7635 per 10 gram on the bullion market on Friday on brisk buying by retail customers and stockists influenced by higher international trends.
'Gold could benefit from the resulting risk aversion, as happened last year.'
Athens Olympics silver-medallist Rajyavardhan Singh Rathore on Tuesday, clinched the double trap gold medal ahead of former world number one Ronjan Sodhi and Mohammad Asab at the 56th Shooting National Championship in New Delhi.
Olympian Manavjit Singh Sandhu on Saturday clinched the trap gold medal while unheralded Chain Singh of Army bagged the yellow metal in 10-metre air rifle event ahead of Beijing Olympic gold medallist Abhinav Bindra, at the 56th National Shooting Championship in New Delhi.
The bullish outlook for gold is seen as a trigger for silver to perform better going ahead.
The yellow metal crossed its last record level of Rs 23,270 set on July 16.
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Ragala Venkat Rahul won three gold medals to help India increase their medals tally to seven on the second day of the 14th Asian Youth (boys & girls') Weightlifting Championships at Yangon, Myanmar, on Friday. Competing in the 77 kg category, Rahul secured the yellow metal in snatch, clean and jerk and overall with a total lift of 280 kg.
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India struck gold not once but twice in their maiden appearance at the Winner International Boxing Tournament with Paramjeet Samota (+91kg) and teen sensation Shiva Thapa (56kg) finishing on top in the finals in Belgrade, Serbia.
Other assets suffered badly, experts feel that the yellow metal and debt will continue good show.
Echoing international trends, both silver and gold came under selling pressure in Indian markets with the white metal dropping sharply by more than five per cent or Rs 2,000 to end the day at Rs 18,500 per kg.
It was double delight for Rajyavardhan Singh Rathore as the shooter clinched the individual double trap gold medal and then equalled the world record in team event at the Asian Shotgun Championship in Kuala Lumpur.
The 19-year-old Narwal fired a total score of 218.2, a Paralympic record, to claim the yellow metal while Adana, who won bronze in the P1 men's 10m air pistol SH1 event on Tuesday, added a silver to his kitty with an effort of 216.7.
India will raise the issue of supply of uranium from Australia during the three-day visit of External Affairs Minister S M Krishna from Wednesday, hopeful that Canberra will revisit its stated position of not supplying the yellow metal to non-NPT signatory countries.
In May alone, the country's gold output hit 31.2 tonnes, China's Ministry of Industry and IT said in a statement.
The yellow metal had gained Rs 920 in previous four trading sessions.
Investing (or not investing) in gold may be a function of whether you're betting on or against the global economy.
Indian grapplers clinched four medals, including a gold, at the just-concluded sixth edition of the Tifsa World Games in Jakarta, Indonesia.
India's Amit Kumar and Sushil Kumar won a gold medal each in the Dave Schultz Memorial International Wrestling Tournament in the United States.
Bullion dealers said higher overseas market advices have led traders to stock more gold, leading the metal to end Rs 5 higher at Rs 8,725 per ten gram.
Financing against gold being a secured form of lending and higher margins are key reasons.
Gold, silver, copper hit multi-year lows, Brent crude near $100 a barrel.
Gold prices zoomed across the country on Saturday to touch an all-time high of Rs 6730 per ten gram in Kolkata on revival of buying by stockists enthused by a firm trend overseas.
Defending champions India stayed on course for double gold in kabaddi as the sport's powerhouse stormed into the finals of both men and women's events respectively, with resounding wins at the 17th Asian Games, in Incheon on Thursday.
The gold medal fetched by rifle shooter Abhinav Bindra in the 2008 Beijing Olympics, the country's first-ever individual yellow metal in the Games long history, has been chosen by All Sports magazine as the greatest Indian sporting achievement of all time.
Sania Mirza and Rushmi Chakravarthy grabbed one more gold for India in the women's doubles tennis final of the Afro-Asian Games.
Karnataka swimmer Aaron Agnel D'Souza on Sunday bettered his personal national record in the 100m freestyle event in the 65th Senior National Aquatics Championships which drew to a close in Ranchi on Sunday.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.
Indian swimmers made a big splash at the seventh Asian age-group championships, clinching eight medals, including three gold, on the first day of the event at Jakarta.
Around 700 post offices across the country would sell gold coins this year.
Indian lifters continued their impressive show at the Commonwealth Youth and Junior Weightlifting Championships winning seven more medals, including three gold, on the second day of the competition at Penang, Malaysia, on Tuesday. Yukar Sibi and Papul Changmai won the gold in junior men's 62kg and 69kg categories, respectively, while Reena bagged the yellow metal in junior women's 63kg.
