Gold prices plunged on the bullion market in New Delhi on Wednesday on aggressive offloading by the stockists and traders, sparked by a sharp fall in overseas markets. Silver, too, met with frantic selling pressure due to the prevailing overall trend. Standard gold (99.5 purity) tanked by Rs 305 per ten grams to close at Rs 17,305 from overnight's closing level of Rs 17,610. Pure gold (99.9 purity) dropped by a similar margin to end at Rs 17,395 from Rs 17,700 on Tuesday.
By December 2015, the total imports will touch 1000 tonnes.
This is good news for the central government at a time when crude oil prices are rising.
Spot gold dropped at $ 1,081.85 an ounce in early European trade and silver dipped $ 14.64 an ounce.
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
People who have no access to or do not trust the financial system are the only ones for whom investing in gold makes sense, says Naval Goel.
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.
Silver has a dual role - 60 per cent of the total silver produced is used for industrial purposes in the electrical & electronics segment and photovoltaic demand mostly for solar panels.
The four officials were asked questions related to the UPA government's '20:80' gold import scheme, which was cleared by Chidambaram on May 13, 2014, barely three days before the counting of votes of the general election
While gold surged by Rs 230 to Rs 28,480 per 10 grams, silver gained Rs 250 to Rs 44,600 per kg on increased offtake.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
It can touch Rs 32,500 per 10 gram.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
Arun Jaitley has rejected the demand for rolling back the levy.
Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London.
Silver met with resistance at prevailing levels.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
"Despite the marriage season being on, almost all gold ornament shops have reported a sharp fall in their sales," said P Satya Narayan Senapati, president, Berhampur Jewellery Association. At the peak of the marriage season, the gold trade in Behrampur reached around Rs 1 crore (Rs 10 million) per day earlier. Given the uptrend and volatility in the price of gold, there is scanty demand for the yellow metal and only need-based buying by the customers.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 290 each to Rs 30,310 and Rs 30,110 per ten grams, respectively.
Gold prices retreated sharply from its overnight new record high at the domestic bullion market on the back of heavy unwinding by stockists and traders, triggered by sharp fall in international markets.
Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
Continuing the record-setting spree, gold prices on Thursday climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
Gold remained weak for the second straight day with prices falling by another Rs 30 to Rs 26,750 per ten gram at the bullion market in New Delhi on easing of demand from jewellers and retailers amid a weak global trend.
Media, brokers and bullion traders have been predicting various numbers which gold will touch subsequently.
Traders said slackened demand at prevailing higher levels amid a weak global trend mainly kept gold prices while silver recovered on some buying from industrial units.
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Gold imports into India, the world's largest consumer, remained almost stagnant for the second straight week as high prices hit demand and brought domestic sellers to the market, traders said.
Gold extended its slump for the second day and shed another ₹ 350 to hit a six-month low of ₹ 29,000 per 10 grams in the bullion market.
Gold rebounds after 3-day fall on renewed demand, global cues.
The metal meant for exports is being sold to third parties at a premiums adding pressure on domestic market.
Extending its gains for the second straight day, gold prices rose by another Rs 100 to Rs 28,450 per ten gram in New Delhi on Monday on pick up in demand from jewellers even as the metal weakened overseas.
The recent round of sell-off is losing momentum and buying is again picking up due to firm marriage season demand.
A firm overseas trend on Thursday helped gold recover by Rs 100 to Rs 17,300 per ten gram in the bullion market here on fresh buying by stockists amid marriage season demand.
Bullion traders said besides ongoing wedding season demand, a firm global trend as the weakening in dollar revived the appeal of the metal as an alternative investment, mainly boosted the sentiment.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
