The surge in volatility across the globe sparked by Russian invasion of Ukraine has led to an increase in prices of gold and silver - considered to be safe-haven investment bets. In the past month, silver funds have delivered returns of 7.34 per cent, while gold funds on an average have risen around 6 per cent. In comparison, the benchmark Nifty has declined 4 per cent. Fund managers say precious commodities act as a good hedge against inflation and phases of geopolitical uncertainty.
Retail inflation stood at 2.75 per cent in January under the new series of All India Consumer Price Index (CPI), with 2024 as the base year, released on Thursday.
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The government on Wednesday allowed free import of gold and silver and brought import of capital goods under duty-free entitlement scheme.
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Indian women boxers, led by star pugilist Nikhat Zareen, lived up to their top billings to claim seven gold medals, while Hitesh Gulia and Sachin Siwach also clinched the coveted yellow metal at the World Boxing Cup Finals in Greater Noida on Thursday.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
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India's Stanzin Lundup clocked 28 minutes 26.7 seconds to end at 104th out of 111 athletes who finished the race at the Tesero Cross-Country Skiing Stadium.
The Reserve Bank of India (RBI) on Wednesday came out with comprehensive draft guidelines to harmonise and regulate gold loans across all financial entities, including putting a cap of 75 per cent on loan-to-value (LTV) ratio. The draft guidelines also aim to address concerns related to certain lending practices, provide clarity on specific aspects, and strengthen the conduct-related standards in the sector.
Silver also fell 0.7 per cent to $15.71 an ounce.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers.
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Silver too advanced by Rs 100 to 38,700 per kg.
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Both gold and silver tumbled on the bullion market on Thursday on fresh selling by stockists and weak global trend, recording substantial losses.
The relation between a regulator and its regulated entities is collaborative and not adversarial with the common objective of maintaining the stability and credibility of the financial system. However, the action on regulated entities like penalties and business restrictions are the last resort, Reserve Bank of India (RBI)'s governor Sanjay Malhotra said on Friday.
Gold prices spurted on the bullion market on Wednesday on the emergence of buying by stockists triggered by a rising trend in international markets and closed with notable gains.
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.
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
Prices rose further on the bullion market in Mumbai on Tuesday as silver hardened smartly on heavy stockists' demand and gold closed higher in line with firm overseas advises.
The pair of Rashmika Sahgal and Kapil, who recently won the men's and women's gold in 10m air pistol junior event at the the Asian Championships in Kazakhstan, joined forces to hog the limelight on day three by taking the top spot in air pistol mixed team event.
Precious metals plummeted on the bullion markets across the board on weakening international trend, as gold lost between Rs 300 and Rs 220 per ten gram and silver by Rs 1015 and Rs 450 per kilo.
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market on Thursday.
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'...a mix of asset classes.' 'Include equities for growth (across market caps), debt for stability and liquidity, gold as a hedge against macro and currency risk, and global assets for geographical and economic diversification.'
Indian shooters' quest to better their medal tally at the Asian Championships (rifle/pistol/shotgun) began with the men clinching the 10m air pistol team silver, while Faridabad marksman Anmol Jain missed out on an individual medal in the event, finishing sixth in Shymkent, Kazakhstan, on Monday.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
In other results, Vishal Thennarasu Kayalvizhi ran a personal best of 45.57s in the men's 400m but that could only fetch him a fourth-place finish.
India recorded its best-ever showing at the Badminton Asia U-17 & U-15 Championships as Shaina Manimuthu and Diksha Sudhakar clinched gold medals in their respective categories in Chengdu, China, on Sunday.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
India's title defence in the women's team event came to a disappointing end after a 0-3 loss to a second-string China in the quarter-finals of the Badminton Asia Team Championships.
Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
'When markets go into a budget with excessive optimism, the risk of disappointment is higher.'
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