Traders said buying activity in gold picked as stockists enlarged their positions for the rising wedding season demand.
In dollar terms, however, gold prices jumped by 26 per cent this calendar year, following sharp jump in hedge funds' long position
Historically, tensions in West Asian regions have provided support to gold prices.
Sentiment turned bearish after gold fell in overseas markets to a lowest level in three-week on speculation that the Federal Reserve will start to reduce bond purchases by the end of the year as the US economy improves, traders said. Gold in Singapore, which normally set price trend on the domestic front, fell by 0.8 per cent to 1,273.55 dollar an ounce, the lowest since July 17 and silver by 0.8 per cent to 19.37 dollar an ounce.
Your digital footprints give marketers deeper insights about who their customers are.
The concept of gold as an asset capable of getting anytime money is evaporating.
Conversion into jewellery during redemption would entail 15-20% wastage and making charges, rendering the scheme inefficient
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
Gold surged Rs 400 to Rs 28,940 per 10 grams on Tuesday on brisk buying by stockists and jewelers for the ongoing marriage season amid a firming global trend.
After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery.
Silver is emerging as a stronger bet for the long-term.
Real estate has much further to fall and you should govern yourself accordingly
Jitu, who had won a silver medal in the free pistol competition, shot 200.8 in the final round to clinch the gold in the air pistol event.
Jitu, who had won a silver medal in the free pistol competition, shot 200.8 in the final round to clinch the gold in the air pistol event.
The overall third quarter demand in the country for 2013 stood at 161.6 tonnes, WGC Gold Demand Trends report showed.
The festival of Dhanteras, a precursor to Diwali, was celebrated with a 'difference' in a rural pocket in Bihar where people purchased owls -- a symbol prosperity and wealth, instead of the common ritual of buying gold, silver and metal.
Earning returns from an asset lying idle can be a good option in times of volatility.
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
The precious metal spurted by Rs 200 from Friday's level at scale a new peak of Rs 15,900 per 10 gram.
It was a year of stocks shining bright when it comes to adding to the investors' wealth, and the glitter of gold and silver fading for the second straight year in 2013.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
'Starting an SIP now and continuing with it is likely to translate into high returns over the long term.'
Summary of sports events and persons who made news on Wednesday
Gold is currently ruling at Rs 30,050 per 10 grams.
Traders said sentiment turned weak largely in tandem witha weak trend overseas where gold fell to 8-month low after the Federal Reserve raised its interest-rate forecasts this week, strengthening the dollar, reduced the metal demand.
The ED had launched raids on Friday at multiple locations linked to Prasad's family members including that of his son and Bihar Deputy Chief Minister Tejashwi Yadav in Delhi.
The jewellery industry has welcomed the government's decision to ban old Rs 500 and Rs 1,000 notes, saying gold demand will rise as people will have more faith in the precious metal than the currency notes. But the unorganised builders and secondary (resale) property market would be adversely impacted.
A summary of sports events and persons who made news on Tuesday.
The retail industry witnessed robust top-line growth for the greater part of the previous financial year, but demand has started to show signs of fatigue seen in the January-March quarter (fourth quarter, or Q4) of 2022-23 (FY23), especially in the apparel and innerwear segments. Jewellery, however, has managed to hold on to demand in the quarter. "In the discretionary space, demand moderation in urban markets is expected to impact the quick-service restaurant and apparel categories the most, while paint, luggage, and jewellery should see resilient growth," Systematic Institutional Equities observed in its preview of the sector.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
The country's foreign exchange reserves surged by $58.38 billion in April-September 2021 to $635.36 billion, says an RBI report released on Wednesday. The forex reserves were at $576.98 billion at end-March 2021. The Reserve Bank of India (RBI) publishes half-yearly reports on management of foreign exchange reserves.
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
Prime Minister Narendra Modi owns assets worth over Rs 2.23 crore, mostly as bank deposits, but has no immovable properties as he has donated his share in a piece of land in Gandhinagar, according to his latest disclosure about assets.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
India's exports rose by 2.14 per cent to $36.27 billion in July while the trade deficit almost tripled to $30 billion during the month due to over 70 per cent rise in crude oil imports, according to official data released on Friday. Imports shot up by 43.61 per cent to $66.27 billion in the month compared to July 2021, the data showed. The trade deficit was $10.63 billion in July 2021.
Sindhu celebrated her 26th birthday and her nephew Aaryan's 3rd birthday.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
