After remaining in the positive zone for three months, India's exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $23.5 billion.
Traders said buying activity in gold picked as stockists enlarged their positions for the rising wedding season demand.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
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Gold prices in the national capital touched a peak of Rs 16,250 per 10 grams before Diwali, on October 14, from Rs 15,370 in the beginning of September. The prices are ruling at Rs 16,175 per 10 grams on Friday.
Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
Gold prices went up by Rs 130 to Rs 26,930 per 10 grams at the bullion market in New Delhi on Monday on increased buying by jewellers and retailers amid ongoing wedding season demand.
Traders said fresh selling by stockists against slackened demand at current higher levels mainly led to fall in gold prices.
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
Gold prices sky rocketed to set a new high of Rs 7635 per 10 gram on the bullion market on Friday on brisk buying by retail customers and stockists influenced by higher international trends.
Gold rose 0.38 per cent to Rs 29,435 per ten grams in special Muhurat trading on the Multi Commodity Exchange on Sunday as participants created positions to mark the start of Samvat year 2070.
During April, the imports stood at 34.2 tonnes, as per data given by the Bombay Bullion Association.
In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 160 each to Rs 31,350 and Rs 31,150 per ten grams, respectively.
Gold rallied to scale two-month peak at the domestic bullion market on Thursday on frantic buying in the backdrop of the government's decision to raise import duty on the metal.
The government on Friday reduced the import tariff value on gold and silver to $420 per 10 grams and $645 per kg, respectively, taking cues from firm global prices.
Gold prices rose further by Rs 80 to Rs 29,480 per 10 grams in the national capital today on sustained buying by stockists and retailers.
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Last week, gold achieved a new peak at Rs 16,100 per 10 grams, after the precious metal in the overseas markets surged to $1,003 an ounce to a six-month high as a weaker dollar boost its appeal as an alternative investment. With most of the asset classes giving positive returns, investment demand for gold is rising, she said, adding, there has been a net inflow of about Rs 80 crore (Rs 800 million) in the last three months (June-August).
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,180.78 an ounce.
The commerce ministry has called a meeting on Monday to discuss tighter norms amid reports of increased round-tripping of gold
Indian stock markets have outshined gold and silver in FY15.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 28,445 and Rs 28,245 per 10 grams, respectively after gaining Rs 655 in last three days. Sovereigns, however, remained stable at Rs 24,400 per piece of eight grams in restricted buying activity.
However, other commodities yet to see meaningful recovery in global markets
Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten gram in the national capital today on sustained buying by stockists for the ongoing marriage season amid a firming global trend.
Silver also declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
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Gold rises on firm demand, global buoyancy
Multi-asset allocation funds emerged as the most popular option for MFs as they provided the needed flexibility.
Gold plunged sharply to hit a three-month low.
However, silver snapped two-day rising trend and declined by Rs 215 to Rs 49,100 per kg on reduced offtake at prevailing higher levels.
Silver also fell 0.7 per cent to $15.71 an ounce.
Indian gold demand seen falling to 8-year low in festive quarter.
The spot gold price has gained 6 per cent this month after closing September in the high $730s. In just two months, gold has amassed 15 per cent in gains, up nearly 25 per cent so far this year. Analysts, however, say the market could be getting overheated and in need of a correction. Jon Nadler of Kitco.com agreed, telling traders to "stay on the alert for another arm-wrestling session between the profit-takers and the buyers out there."
Water projects firm Vishnu Prakash R Punglia, the 20th company to launch its IPO in the current year, saw its shares closing at a 47 per cent gain over its issue price on Tuesday. Such a huge one-day pop is considered rare; however, it has become the norm this year. The average listing-day gain for these 20 IPOs in 2023 is 34 per cent, and their average gain to date stands at 46 per cent.
Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.
According to a RBS report, 'the impact on India's current account deficit should be significant, cumulatively amounting to 1.9 per cent of GDP' provided for the full year FY14 prices for both oil and gold remain at current levels and aggregate volume gold demand remains stable.
Silver coins continued to be traded at last level of Rs 48,000.
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