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.
Traders said fall in demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals.
Gold prices retreated sharply from its overnight new record high at the domestic bullion market on the back of heavy unwinding by stockists and traders, triggered by sharp fall in international markets.
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The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
Traders said restricted buying from jewellers and retailers mainly kept precious metals at previous levels.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
Subdued volumes notwithstanding, the bullion market displayed a firm trend as both the precious metals, silver and gold, zoomed to new heights on stockists and speculators buying.
Gold prices declined by Rs 50 to Rs 28,270 per ten grams in New Delhi on Monday on slackened demand from jewellers at prevailing levels amid a weak trend in global markets.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
Gold continued its rising streak for the third day and rose by Rs 20 to Rs 27,860 per ten grams in New Delhi on Friday on festive season demand from jewellers and retailers amid a firming global trend.
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Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
The government on Friday hiked import tariff value on gold to $401 per 10 grams and on silver to $543 per kg in line with global price trends.
Gold and silver zoomed to all-time highs in New Delhi on Monday on brisk buying by stockists and jewellers for the upcoming marriage season amid firm global cues.
The exchange also asked traders to square off their trading positions in three contracts -- gold February 2015, kapas March 2015 and kapas April 2015.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
Silver followed suit and lost Rs 350 at Rs 43,950 per kg on reduced offtake by industrial units and coin makers.
The import tariff value is the base price at which the customs duty is determined.
Brisk buying for the ongoing marriage season and rising demand from industrial units resulted in this rise.
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Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
Gulveer Singh shattered a decade-old meet record, high-jumper Pooja Singh delivered a personal best show, while heptathlete Nandini Agasara rose to the occasion after a setback as the trio added three more gold medals to India's kitty on the penultimate day of the 26th Asian Athletics Championships.
Those who have binged on credit must spend less, cut discretionary expenses, and focus on repayment.
Tariff value is the base price on which the customs duty is determined to prevent under -invoicing.
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Traders said emergence of buying at existing lower levels to meet the ongoing marriage season demand mainly led to recovery in gold prices.
Simranpreet Kaur Brar clinched her maiden senior international medal with a silver in the women's 25m pistol event.
The wicketkeeper-batter has been retained by RCB alongside seasoned campaigners like Smriti Mandhana and Ellyse Perry for the next year's competition, and planning is in full swing to get their hands on the elusive trophy.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Ariarne Titmus has retired from competitive swimming at the age of 25, ending a stellar career that featured one of the sport's great rivalries with American Katie Ledecky.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
Debutant Minakshi, who out-punched Paris Olympics bronze medallist Nazym Kyzaibay of Kazakhstan in the 48kg final, for gold at the Worlds said she had set her sights on the World Cup in India in November.
Spot silver rose 0.3 per cent to $15.35 an ounce.
The government on Wednesday hiked the import tariff value on gold and silver to $431 per 10 grams and $646 per kg, respectively, taking firm global cues.
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