Silver regained the Rs 35,000 per kg mark by gaining Rs 660.
Gold prices are again moving up after a downward slide. But will this upward movement sustain? More importantly, should you buy more of the yellow metal now? Here's the answer.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
In London, gold prices eased today, as the euro ran into profit-taking and stock markets dipped.
Silver was also up by 1.63 per cent to $15.92 an ounce.
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Traders attributed the recovery in gold prices to fresh buying by jewellers to meet festive season demand and a firming global trend as investors weighed tension over Ukraine.
The gold prices surpassed all previous records as they spurted by Rs 145 to Rs 19,470 per ten grams, on increased buying by jewellers and retailers to accomodate the seasonal demand for upcoming festival and marriage season beginning next month.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
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.
Amid volatility in equity markets, gold prices may touch a record level of Rs 20,000 per 10 grams in the near future with traders preferring to park their money in safe havens such as the precious metal, analysts said.
Traders said revival of buying by retailers at existing lower levels led the marginal recovery in gold prices.
Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
Silver also rebounded by Rs 450 to Rs 38,100 per kg
Gold prices are likely to decline further to around Rs 24,500 per 10 grams by December if the rupee continues to rule at the current level.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.
Gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand, but that heavy disinvestment is tailing off this year, pointing to a recovery, the World Gold Council said.
Gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand, but that heavy disinvestment is tailing off this year, pointing to a recovery, the World Gold Council said.
Titan posted better than expected revenue growth in the March quarter of the financial year 2022-23 (Q4FY23), powered by strong demand trends in the jewellery and watch segment. Standalone jewellery sales for the firm were up 24 per cent year-on-year (YoY) on a slightly lower base and aided by like-to-like growth of 19 per cent. The company highlighted that new buyer growth was at 15 per cent while average ticket size was up 8 per cent.
Gold prices rebounded by Rs 190 to Rs 31,000 per ten grams in the national capital today on pick up in festive season demand.
Gold exchange-traded funds are back in the limelight. After a dull three-month period, a sudden slump in the US stock market last week has investors flocking to buy gold. In the past one week alone, gold prices have increased nearly 15 per cent in the international market.
Gold is likely to touch Rs 18,000 per 10 gram during the forthcoming festival season as the demand for the yellow metal peaks around Diwali time, according to a projection by industry body Assocham.
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Gold prices recovered by Rs 50 to Rs 26,800 per 10 grams at the bullion market on Friday.
Marketmen said besides low demand from jewellers and retailers at prevailing levels, a weak global trend as the dollar touched a five-year high, damping investor demand for the metal as a safe-haven, weighed on gold prices.
Automobile, apparel and electronics are among sectors that see a sales boost during the festival season, a time when investors expect gains in related stocks. This year could be different: Analysts have factored in all positives and do not expect such stocks to deliver lucrative returns. "Indian households spend across sectors like automobiles, consumer durables, and consumer staples during the festival season.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 220 each to Rs 30,800 and Rs 30,600 per ten grams, respectively.
Gold is often favoured as a hedge against economic and financial uncertainty
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Jewellers see flat gold sales this Dhanteras
Traders said sustained buying by stockists and investors shifting their funds from melting stocks to bullion mainly kept gold prices firm for the fourth-day.
However, silver rose for the third straight session by adding Rs 375 to Rs 48,800 per kg on increased offtake by industrial units and coin makers.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
Continuing its rising streak for the third day, gold prices advanced by Rs 130 to Rs 27,470 per ten grams in the national capital on Wednesday on increased buying by jewellers and retailers amid ongoing festive season even as the metal weakened overseas.
Govt cannot assume it will solve current account problem.
Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
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