Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
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.
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.
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.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
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.
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.
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.
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.
Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.
Gold is often favoured as a hedge against economic and financial uncertainty
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
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.
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.
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.
Gold in London, which normally sets price trend in the domestic markets, rose by 0.1 per cent to $1,313.42 an ounce on speculation the US Federal Reserve may further cut monetary stimulus, raised demand for the metal as a safe haven.
Recent rise may be nearing peak, analysts say long-term trend remains bullish.
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Both gold and silver traded lower in Mumbai on fresh selling by stockists. Gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,030 and Rs 29,880 per ten grams, respectively, while silver lost Rs 400 to Rs 45,250 per kg.
India on Monday announced the results for the country's first critical mineral auction. Amid the tepid response from big players, the list of successful bidders included some lesser known names. A total of five companies secured bids for six critical mineral blocks of graphite, manganese, phosphorite, lithium, and rare earth elements with auction premiums ranging from 13.05 per cent to 400 per cent.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Traders said sustained buying by stockists helped gold prices to extend gains for the third straight session.
Traders said apart from fresh buying by jewellers and retailers, firm global trend amid signs of increased demand in China and India, the world's two largest consumers, influenced gold prices.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as congressional negotiators reached a US budget agreement, curbing the appeal of the metal as a safe haven, mainly influenced gold prices.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
Silver also advanced by Rs 200 to Rs 36,500 per kg.
Silver coins continued to be sought after at the last level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Silver also rose for the third day by adding Rs 70 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.
Traders said stockists selling against sluggish demand mainly led to decline in gold prices.
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.
March was the worst month for gold imports because of a strike by jewellers over the imposition of an excise duty.
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Silver also fell sharply by Rs 550 to Rs 38,000 per kg.
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