Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
India's gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
The retailers are also mulling putting a stop to selling of gold coins and gold bars to curtail investments made in gold, according to an official of trade body All India Gems and Jewellery Trade Federation.
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.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
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Gold is a 'must have' in your investment portfolio. Frankly, there is no need to advocate investment in gold amongst Indian audiences. Traditionally it is a popular avenue of investment for Indians. However buying jewellery is not as good an investment as buying pure 24 karat gold. Hence, when we talk of gold as an investment, we mean gold coins, gold biscuits or gold bars any piece of 24 karat gold. `
The State Bank of India said on Monday it would launch a gold exchange traded fund in 2008. "We are examining this product in our mutual fund company and we are hopeful we should be able to come out with an ETF next year," O P Bhatt, SBI chairman said at a conference in Mumbai.
Banks argued that the competition to import gold on behalf of jewellers is increasing.
The decision was taken in view of significant rise in imports of gold in recent years putting pressure on current account deficit.
Banks asked not to convert purchases into instalments; Cards not to be accepted for sale of gold coins.
Available in a range of standards, including gold and silver, the special collectors' coin is designed by Heena Glover and features an image of a lotus, India's national flower, alongside one of Gandhi's most famous quotes -- "My life is my message".
You can do so through physical gold (coins and bars), gold exchange-traded funds (ETFs), feeder funds and the e-series (popularly called, e-gold) launched by the National Spot Exchange.
If you want to celebrate the festival, buy only a little as token.
Gold and silver imports during April, 2013 jumped by 138 per cent to $7.5 billion against $3.1 billion in the year-ago period.
Banks cannot function as traders of commodities, including gold, RBI chief general manager (communication) Mumbai Alpana Killawala told PTI over phone when asked about the reason behind the policy.
Mumbai-based Clarity Gold Pvt Ltd on Monday said it had joined hands with Switzerland-based global mint company, Faude and Huguenin, to set up a 300-metric tonne gold minting plant in Jaipur with an investment of Rs 40 crore (Rs 400 million).
'It is the best avenue for investors who would like to take long-term exposure to gold.'
The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.
Silver also dropped Rs 560 to Rs 36,440 per kg.
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
Round-tipping creates the opportunity for exporters to source funds at a much cheaper cost, which they divert to some other business.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
The RBI has issued guidelines and the government has notified it.
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India's gold obsession needs a correction.
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President Droupadi Murmu and Indonesian President Prabowo Subianto arrived at Kartavya Path for the 76th Republic Day parade in a traditional horse-drawn buggy, a practice that made a comeback after a 40-year gap last year. The gold-plated, horse-drawn buggy is a black carriage with the national emblem embossed on it in gold. It was discontinued after the assassination of Indira Gandhi in 1984 but was revived by President Pranab Mukherjee in 2014. The buggy's history dates back to the British era, with India winning ownership through a coin toss after independence.
Silver also rose 0.8 per cent to $16.63 an ounce.
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Traders said brisk buying by stockists and jewellery fabricators to meet the rising festive and wedding demand mainly led an upsurge in gold and silver prices.
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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.
Jewellers see flat gold sales this Dhanteras
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
Only 400 grams have been deposited so far.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
