The surge comes at a time when Chinese investors look for insurance against rising inflation and currency appreciation, the Financial Times reported.
Ace Indian discus thrower Krishna Poonia recorded her season's best performance to win a gold medal in the Annual Athletic Meet at Portland in the United States.
Continuing the record-setting spree, gold prices on Thursday climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
Somdev Devvarman ensured tennis contributed to India's swelling gold medal tally by winning the much-awaited yellow metal at the Commonwealth Games on Sunday. The Indian Davis Cupper beat Australia's Greg Jones 6-4, 6-2 in the men's singles final.
Gagan Narang's purple patch in the Commonwealth Games continued as the Indian marksman combined with Imran Hasan Khan to clinch gold in pairs 50-metre rifle 3 positions event, while Vijay Kumar added to the tally, bagging the yellow metal in men's singles 25-metre rapid fire pistol category in New Delhi.
He won the first gold in wrestling for India in the Commonwealth Games and Ravinder Singh said it will spur him up to repeat his performance at the Asian Games in Guangzhou, China next month.
Gold imports in India are estimated to have declined by 50 per cent to 30 tonnes during June-July.
According to its owners, its value has multiplied several times over the years, because of the record gold price now.
Lack of security provisions coupled with inadequate infrastructure and lukewarm response from jewellers have put the government decision of making hallmarking mandatory for gold from January 1, 2008 into uncertainties.
In a high interest rate regime when all banks are offering loans at a lofty price, rates for loans against gold continues to be cheaper.
Trend may slow down the growth in investment demand of the yellow metal in the short term.
The yellow metal remained in demand ahead of the upcoming 'Akshya Tritya' festival, considered to be an auspicious day for purchasing gold and the beginning of marriage season.
Prospective buyers might grumble about skyrocketing gold prices, but the recent run-up in bullion has one group of unexpected beneficiaries - companies who lend against gold.
With the West Asian/North African crisis not likely to end soon and investors' appetite increasing for gold, it is expected to touch $1,600 an oz by the year-end.
Low delinquency rates, huge demand attract investors to the unique gold financing sector.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
India's Parul Chaudhary and Priti secured silver and bronze medals respectively in the women's 3000m steeplechase, unheralded Ancy Sojan made a grand entry on the big stage.
The world's first gold vending machine unveiled in a hotel in Abu Dhabi in the United Arab Emirates began attracting customers minutes after it was opened.
Surpassing all previous levels, gold hit a new high by rising Rs 200 to Rs 21,270 per 10 grams on the bullion market on Wednesday on aggressive buying by stockists
India sharpened measures to curb imports of the yellow metal by hiking the import duty and restricting consignment imports, after shipments jumped to more than 300 tonnes in April and May.
As the Indian stock market gyrates to the tune of global uncertainties, investors are looking out to invest their moneys in safe haven. Gold, in virtual form, can obviously be one of those safe havens. But if you are not convinced here are 7 reasons why you must invest in gold exchange traded funds.
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
Teen sensation Vikas Krishan, who ended India's 12-year-old wait for a boxing gold at the Asian Games, on Tuesday said he never expected to clinch the yellow metal considering he was competing in his first international event at the senior level.
Financial Technologies-promoted National Spot Exchange (NSEL) plans to introduce an e-gold conversion facility. This will allow buyers to purchase physical gold in the electronic format, store it in a demat account and convert it into jewellery as and when they wish.
Somdev Devvarman created history by becoming the first Indian to win a gold medal in the men's singles tennis event of the Asian Games after outplaying top seed and world number 44 Denis Istomin 6-1, 6-2 in the lop-sided summit clash in Guangzhou on Tuesday.
CAD touched a historic high of $88 billion in 2012-13.
Gold prices regained the crucial level of Rs 29,000 per 10 gm after six weeks in New Delhi on Friday on brisk buying by stockists and retailers for the wedding season amid a firming global trend.
Krishna Poonia, who became the first Indian woman to win an individual Commonwealth Games gold medal early this week, on Sunday said she bagged the yellow metal despite having a knee swelling during her discus throw event.
The midfield will be spearheaded by Olympic bronze medal-winning former skipper Manpreet Singh, current vice-captain Hardik Singh and young Vivek Sagar Prasad, while India also boasts of a strong, attacking forwardline in Shamsher Singh, Mandeep Singh, Gurjant Singh, Lalit Kumar Upadhyay, Abhishek and Sukhjeet Singh.
Gold struck another historic peak of Rs 18,000 per ten gram in the national capital today on sustained buying by stockists for the current marriage season amid a weakening dollar and reports that more central banks might purchase gold from the International Monetary Fund.
Indian shooters continued to call the shots at the Commonwealth Games as they clinched one gold medal, a silver and bronze on Sunday. Harpreet Singh won the yellow metal in 25-metre centrefire pistol singles at the Karni Singh Range. In a one-two finish for the hosts, Harpreet and Vijay Kumar clinched the gold and silver medals respectively in the 25-metre range, thus continuing their medal-winning spree in the Games.
Gagagn Narang extended his purple patch by winning his third gold medal as Indian shooters grabbed five medals on Friday to take their tally to an impressive 15 in the Commonwealth Games shooting event. The duo of Narang and Imran Hasan Khan began the day's proceedings by bagging the yellow metal in pairs 50-metre rifle 3 positions and Omkar Singh capped off a brilliant day for the hosts by winning gold medal in 10-metre air pistol.
The Reserve Bank of India may move forward to accumulating more gold as the yellow metal is expected to shine in the years to come. "A weaker dollar could diminish the value of India's foreign exchange reserves and hence this could lead to further accumulation of gold by the RBI. This move will help India's central bank to hedge its downside risk on the foreign exchange reserves front," Angel Commodities Broking analyst Amar Singh said.
Gold is considered as a sign of prosperity in India. This yellow metal is an important part of any occasion among the Indian families.
Southern India's Deccan region has been surveyed as having one of the richest deposits of the yellow metal.
The government's move to make hallmarking for gold mandatory from January 1, 2008 has got into bottlenecks thanks to lukewarm response from jewelers across the country.
Sales of gold and gold jewellery have come down by 75 per cent in Gujarat due to spiralling prices of yellow metal in past two to three months.
Gold is usually seen as a safe-haven when stocks are falling or when inflation is rising. With prices of the yellow metal hovering near record highs, people are also putting off their jewellery purchases. Along with a subdued marriage season, the orders with price open and settled on delivery day, too, are getting cancelled. Apart from high, volatile prices, there is no gold rush yet for the safe-haven asset, crimping demand.
As for the new investors, they must be thinking whether to invest in gold to gain from upside or should wait for a correction.
