Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
Contradicting TV reports about discontinuation of the gold hunt inside the ruins of an 18th century fort in Daundiya Kheda village of Unnao district in Uttar Pradesh, a senior Archaeological Survey of India official said in Lucknow on Tuesday that the excavation in search of gold will go on.
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Gold prices on Tuesday rose by Rs 227 to Rs 28,418 per 10 gm in futures trade, largely on speculative positions created by participants amid a firming trend at the spot market.
Gold has risen sharply due to rising risk aversion
The government on Monday reduced import tariff value on gold to $388 per 10 grams and on silver to $540 per kg, following global price trends.
The Reserve Bank of India may move forward to accumulating more gold as the yellow metal is expected to shine in the years to come. "A weaker dollar could diminish the value of India's foreign exchange reserves and hence this could lead to further accumulation of gold by the RBI. This move will help India's central bank to hedge its downside risk on the foreign exchange reserves front," Angel Commodities Broking analyst Amar Singh said.
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
Last week, the court had refused to grant any interim relief to the petitioning players and said in the meantime, if a reserved category player is being maintained, the petitioners' names should be considered.
They are paying a premium of Rs 700 - Rs 1,500 per 10 gm.
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Gold slumped by Rs 260 at the domestic bullion market on Thursday due to a fresh wave of profit taking by investors and traders amid reduced stockist demand.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Reserves had touched an all-time high of $355.46 billion in the week to June 19.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
Current account deficit could ease to around 3 per cent in the current fiscal year from prior estimates of about 4 per cent due to sharp drop in global commodity prices.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
The current bear run has already been the second longest since 1975.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
Banks cannot function as traders of commodities, including gold, RBI chief general manager (communication) Mumbai Alpana Killawala told PTI over phone when asked about the reason behind the policy.
'We will test the waters, ferret out information through our business correspondents, and only then open a branch'
The best way to invest in gold is in a staggered manner, to take benefit of any sharp corrections that could come in it.
Silver ready ruled flat at Rs 44,600 per kg, while weekly-based delivery shed Rs 80 to Rs 43,780 per kg on lack of speculators' buying support.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
The precious metal gold peaked to 11 week high on the domestic markets Friday following higher international advices on weaker dollar.
Gold import was 1,015 tonnes in 2012-13 and nearly 70 per cent of this was by this method.
Silver also rose by Rs 100 to Rs 37,400 per kg.
Gold jumps on good seasonal support; silver extends losses.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
The biggest bullion-importing bank in India plans to team up with jewellers for the first time to offer a gold deposit scheme, hoping ease of access and attractive interest rates will tempt people to part with their jewellery and relieve tight supplies.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
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