Gold stocks in India are estimated to be over 20,000 tonnes at present.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
Gold prices gained marginally, in an otherwise listless and cautious trading on the bullion market in Mumbai on Saturday owing to stray buying support.
The country's gold jewellery exports climbed in August from the previous month on improving US demand.
As RBI curbs lending against gold, it's now harder to raise loans against the yellow metal.
After completing four days of gains, gold prices spurted here by Rs 400 today to regain the psychological level of Rs 28,000 per ten grams on sustained seasonal buying amid a firming global trend.
The demand for the precious metal stood at 202.1 tonnes in the same quarter last year.
India's passion for gold has led to a rise in its current account deficit, which reached an all-time high of 5.4 percent of gross domestic product in the July-September quarter.
India has been looking at ways to switch from dollar as the US and EU have imposed sanctions on Iran's oil industry and financial institutions.
Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
Instead of hiking duties, he plans to introduce inflation-indexed instruments to help curb a record current account deficit.
World Gold Council estimates that central banks will have purchased 500 tonnes of gold in 2012.
Gold imports in India are estimated to have declined by 50 per cent to 30 tonnes during June-July.
Geopolitical climate and equity markets as supportive for gold's role as a risk hedge.
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Returns on godl have depleted in past few years,
The net inflows into active equity mutual fund (MF) schemes registered more than a twofold month-on-month rise in August, crossing Rs 20,000 crore, the highest in five months. This rise in net inflows was boosted by an 18 per cent growth in gross investments, driven by a record Rs 15,800 crore inflow through the systematic investment plan (SIP) route and Rs 5,000 crore collected by seven new fund offers (NFOs) in the active equity space, reveals data released by the Association of Mutual Funds in India (Amfi). Moreover, redemptions moderated in August, declining by 19 per cent to Rs 24,580 crore, after staying elevated in the previous three months owing to profit booking.
Look at gold bonds or gold monetisation scheme instead of buying physical gold
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
Your mother gave you those ancestral bangles at the time of your marriage as streedhan. Now you want to sell it. Then be ready to shell out capital gains tax.
According to data compiled by London-based Gold Field Minerals Services (GFMS) for the World Gold Council (WGC), the combination of a robust economy and buoyant stock market helped fuel purchases of the metal during the first eight to nine months of the year, despite gold breaching the psychologically significant level of Rs 9,000 per 10 grams in September.
Both banks and jewelers sell coins and bars, but it is generally costlier to buy it from a bank
The rally in silver may continue if the global economic recovery remains on course.
Silver ready rose by Rs 350 to Rs 33,850 per kg.
Govt proposes to introduce redeemable gold bonds.
Traders said heavy selling by stockists against fall in demand at prevailing higher levels mainly kept pressure on gold prices.
A report from the World Gold Council says that rising demand for luxury goods from India and China may drive the gold prices to a new peak in the next year.
Traders said sentiments turned better after gold recovered from an eight-month low in global markets on speculation that reduced prices may spur purchases before the Federal Reserve begins a two-day policy meeting.
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.
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
These are golden lessons learned from our elders over the years, says Sumit Rajwade.
A govt report on Wednesday recommended reining in gold imports to curb deficit.
The recently approved government scheme provides both liquidity and returns.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
After two days of gains, gold prices fell by Rs 60 to close at Rs 27,400 per 10 gram in New Delhi on Wednesday due to slackened demand from jewelers and retailers amid absence of cues from global markets.
After falling for three straight days, gold prices recovered by Rs 50 to Rs 26,700 per ten grams at the bullion market on Friday.
Traders said a weakening trend in the precious metals overseas after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the US, reducing demand for the safe haven, mainly put pressure on the gold prices in New Delhi.
Silver coins continued to be traded at last level of Rs 48,000.
India does not regard gold merely as an investment, it is also the preferred form of hoarding tax-evaded wealth.
