Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as deepening euro-zone debt crisis weakened euro against the dollar and shifted investors interest from bullion to forex and equities.
It can touch Rs 32,500 per 10 gram.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
The days of spot prices of gold differing from one city to another will soon be over.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
All wholesale commodity markets, including bullion and metals, will remain closed on Monday on account of 'Republic Day'.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
The metal has gained Rs 860 in last six trading sessions.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
Silver managed to recover some grounds.
Globally, gold climbed 1.85 per cent to $1,230.70 an ounce.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Traders said besides increased offtake by jewellers, both precious metals improved on some buying by investors who shifted their money from easing equities to the bullion.
Silver also rose by Rs 100 to Rs 37,400 per kg.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
Silver too advanced by Rs 100 to 38,700 per kg.
'The more retail investors keep away from speculative activity, the more they will manage their risks better.'
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
Gold surged to a fresh all-time high of Rs 28,540 per 10 grams in the bullion market today on sustained buying by stockists and investment-driven purchases fuelled by the bullish trend in international markets.
Gold prices on Thursday fell by Rs 180 to trade at Rs 26,870 per 10 grams at the bullion market.
Silver coins continued to be traded at last level of Rs 48,000.
Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Gold prices rose by Rs 100 to Rs 26,550 per 10 grams at the bullion market on Tuesday.
Silver rose by Rs 50 to Rs 36,050.
The precious metal has now lost Rs 280 in last three days.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
Globally, gold fell nearly 3 per cent
While players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Rs 1, Amazon Pay has kept the minimum amount at Rs 5. Digital gold is essentially an avenue for investing in physical gold.
A dedicated physical gold exchange could lead to standard gold pricing in India.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
The precious metals had lost Rs 210 in the previous session.
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