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Gold prices are set for another jump before the Easter holidays
Gold remained weak for the second straight day with prices falling by another Rs 30 to Rs 26,750 per ten gram at the bullion market in New Delhi on easing of demand from jewellers and retailers amid a weak global trend.
Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
Gold prices rallied by Rs 630 to a lifetime high of Rs 82,700 per 10 grams in the national capital on Wednesday following persistent buying by jewellers and retailers amid strong global trends, according to the All India Sarafa Association. Rallying for the sixth straight session, gold of 99.5 per cent purity appreciated by Rs 630 to hit a lifetime high of Rs 82,330 per 10 grams.
Gold prices zoomed to set a new peak at Rs 9,950 per ten gram on the bullion market on Wednesday on hectic buying by stockists and jewellers, triggered by surging prices in the overseas markets.
The yellow metal on Wednesday hit a new record at the New York Mercantile Exchange at $1,148.10 an ounce (28.34 grams) for the December delivery following a 0.37 per cent dip in the dollar index.
'You should always maintain an allocation to gold as it has the ability to counterbalance any correction in the equity market.'
Extending gains for the fifth day in a row, gold prices surged to a 52-week high here at Rs 15,000 per ten gram on aggressive buying by funds in line with firming overseas trend.
Notwithstanding global headwinds, the Indian economy saw further momentum in October on the back of goods and services tax (GST) rate rationalisation and festival spending, as indicated by high-frequency indicators, the Reserve Bank of India's (RBI's) monthly State of the Economy report said.
As more and more paper currency gets printed and dumped into the financial systems around the world, there is more the danger that paper currency will lose its value. So people are queuing up to buy gold. Unlike paper money, gold cannot be created out of thin air.
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 prices crashed by Rs 105 per ten gram on the bullion market in Mumbai on Friday due to heavy offering by stockists after a sharp fall in New York prices.
'Rate cut looks unlikely and there is reason to believe that the cycle is over.'
India Ratings has in its latest report has maintained a bearish outlook for gold prices for the current financial year.
Marketmen said emergence of buying at prevailing levels by jewellers and retailers to meet upcoming festive season demand mainly supported the upside in gold prices.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
Gold prices gained marginally, in an otherwise listless and cautious trading on the bullion market in Mumbai on Saturday owing to stray buying support.
The Indian Premier League (IPL) 2026 auction saw some foreign names earning big bucks, headlined by Aussie all-rounder Cameron Green
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.
Gold prices fell back after a brief overnight rebound on the first trading day of 2015 at the domestic bullion market due to reduced stockists offtake as well as lack of local buying interest.
'Stopping now would defeat the core purpose of an SIP, which is to average out the purchase cost over market cycles.'
The reduction in the goods and services tax (GST) rates has increased the momentum in India's economic activity both on the supply and demand sides, while robust agricultural activity - reflected in the strong onset of rabi sowing and adequate reservoir levels - has reinforced the outlook for food supply and rural incomes, the finance ministry said on Thursday.
Gold price is declining due to the strengthening of dollar in the wake of the US Federal Reserve's move to control rate on inflation concerns.
A crash-like condition developed in the bullion market on Thursday as gold prices suffered the third consecutive major loss on panic selling by stockists induced by a steep fall in overseas markets.
The government has decided to discontinue the Gold Monetisation Scheme (GMS) starting from Wednesday in view of the evolving market conditions, the finance ministry said. However, the banks may continue their short term gold deposit schemes (1-3 years), the ministry said in the statement on Tuesday. Till November 2024, approximately 31,164 kilograms of gold have been mobilised under GMS.
'...since the pandemic, driven by the worlds of influencers and Bollywood.'
Reversal is because of strengthening rupee, subdued demand, and lack of reasons for bulls to continue positions and speculation of reduction in import duty.
Gold prices declined further on the bullion market in Mumbai on Tuesday on persistent stockist offerings in view of the fall in the overseas markets.
India's exports contracted 11.8 per cent to $34.38 billion in October, showed government data released on Monday. Imports jumped 16.63 per cent to $76.06 billion.
In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.
Barclays estimates $1,900 an oz this year; analysts say ultra-low interest rates in advanced economies to ensure demand keeps rising.
Reserve Bank of India (RBI) Governor Sanjay Malhotra, and Deputy Governors Poonam Gupta, T Rabi Sankar, Swaminathan J, and S C Murmu on Friday addressed issues during the post-policy media interaction.
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.
Gold prices plummeted by Rs 170 per ten gram on the bullion market in Mumbai on Thursday and closed at a 6-month low of Rs 5,660.
'There are very few issues and a political call needs to be taken about some of them.'
Gold prices plunged and closed with a hefty loss of Rs 90 at Rs 6570 per ten gram in the bullion market in New Delhi on Friday on reduced off take by stockists and bullion merchants with surging equity markets becoming more attractive for investment.
Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,316.40 an ounce from $ 1,316.58 on Thursday.
A panchayat in the Jaunsar Scheduled Tribe area has barred women from wearing more than three pieces of jewellery to prevent jealousy and domestic discord. The decision, welcomed with reservations, has sparked debate about other wasteful expenditures like alcohol.
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