Gems & jewellery exports seen rising, too, as demand remains strong in all markets except Europe.
U K Sinha said the equity market also helps in the growth of the Indian economy as the money invested in equities is utilised for infrastructure-building
Traders said stockists buying for the marriage season amid a firm global trend mainly led the recovery in gold prices.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
Traders said apart from buying by retailers for the coming festive season, a better trend in the global market mainly led to rise in gold prices.
Investing (or not investing) in gold may be a function of whether you're betting on or against the global economy.
In Delhi, gold of 99.9 and 99.5 per cent purity gained Rs 110 each to Rs 27,210 and Rs 27,010 per 10 gram, respectively.
Antonio Watson won a thrilling World Championship 400 metres gold on Thursday.
Gold is a good bet to invest when the market are sideways and their is uncertainty," SMC Global vice president Rajesh Jain said.
Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.
Regular investment in gold-linked financial instruments will safeguard against price fluctuation and do away with storage cost.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
'In the case of corporate credit, especially to AAA borrowers, lenders will have to take a fresh look at pricing.'
In Zaveri Bazar, gold is being traded at Rs 26,920/10 gm
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs 270 each to Rs 31,370 and Rs 31,170 per ten grams, respectively, after losing Rs 625 on Monday.
Surging capital markets in India are turning investors away from the bullion market to attractive stocks. This has resulted in the fall of gold prices on lack of buying supporters.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
Gold prices are seen heading northwards on improved demand.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
Gold prices on Saturday rose further by Rs 40 to Rs 27,350 per ten grams at the bullion market in New Delhi on the back of rising demand from jewellers, driven by ongoing wedding season.
Silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.
Gold prices on Friday reached an all-time high of Rs 14,200 per 10 gram in the Delhi bullion and analysts said the trend is likely to continue in the coming days.
Traders said fall in demand from jewellers and retailers at existing levels mainly led to the fall in gold prices but a better trend overseas restricted losses.
Gold prices rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.
The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.
Marketmen said some buying by stockists and jewellers to meet the festive season demand mainly influenced gold prices but a weak trend in overseas markets capped the gains.
Gold prices in India have been escalating very fast of late and in the last week of April, it scaled a new peak by adding Rs 50 to a record price of Rs 22,520 per 10 grams.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
Silver also traded lower by Rs 100 to Rs 37,200 per kg.
Silver held steady at Rs 37,300 per kg.
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
In 2013, the fall in international gold prices was 28 per cent.
With gold scaling all-time high levels and now trading at $1,241 per ounce, questions arise whether this is the right time to book profit from investment in gold or time to invest more.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances