Gold prices are seen heading northwards on improved demand.
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.
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.
Despite price correction, policies that support the yellow metal will remain in place in the foreseeable future.
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.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
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.
Silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.
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 rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.
Silver also traded lower by Rs 100 to Rs 37,200 per kg.
Silver held steady at Rs 37,300 per kg.
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.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
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.
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.
Prospects of a bumper kharif harvest are expected to lower food inflation in the coming months, making the country's inflation outlook benign, the Union Ministry of Finance (FinMin) said in its monthly economic report for October released on Monday.
Silver, however, lost Rs 300 to Rs 61,200 per kg on limited demand at prevailing higher levels.
Silver gained Rs 350 to Rs 36,550 per kg on increased offtake.
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.
Respect the yellow metal's breakout but treat it with more than ordinary caution, says Sonali Ranade
British Geological Survey accessed in September 2011 produced a list of countries by production of gold.
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 US Federal Reserve's decision to continue bond-buying has lifted investor sentiment for gold and silver.
A garland presented to Mahatma Gandhi during the iconic Dandi March of the Indian freedom struggle in 1930 failed to meet its estimated price at a UK auction. The garland, which was presented to Gandhi by the wife of his personal physician, Dr Balvantrai N Kanuga, was offered as part of an "Islamic and Indian Art" sale by Lyon & Turnbull in London. Despite failing to find a buyer at the auction, the auction house said it has received significant interest since the sale and hopes to sell it to the highest bidder.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per 10 gram respectively.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Gold prices rose by Rs 190 to Rs 27,190 per 10 grams at the bullion market on Friday.
Investors pumped in a record Rs 40,608 crore into equity mutual funds in June, 17 per cent higher than in May 2024, industry body Amfi said on Tuesday. The flows into the systematic investment plans (SIPs) also reached a new high at Rs 21,262 crore for the month, which was higher than the previous high of Rs 20,904 crore recorded in May, it said. The net assets under management (AUM) for the entire MF industry on equity schemes stood at Rs 27.67 lakh crore, while the same from SIPs was Rs 12.43 lakh crore, the body said.
Extending losses for the third straight day, gold prices dropped Rs 220 to Rs 31,710 per ten gram in New Delhi on Wednesday on sustained selling by stockists amid sluggish demand coupled with weakening global trend.
The gold prices fell by Rs 360 to Rs 19,960 per 10 grams, a level last seen on November 4, while silver tumbled Rs 950 to Rs 41,700 per kg on fall in demand among jewellers at existing high levels.
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.
Traders said some buying for the marriage season mainly helped gold prices to recover.
While choosing this, approach local jewellers to avoid high deductions by branded jewellers.
We will not know if the breakout is just a reactive pullback or the real thing for another two weeks or so, says Sonali Ranade
Movements in gold prices will depend on the US' interest rates.
By December 2015, the total imports will touch 1000 tonnes.
Silver also dropped by Rs 550 to Rs 40,350 per kg.
