Gold in Singapore, which normally sets price trend on the domestic front, traded at $1,316.40 an ounce from $ 1,316.58 on Thursday.
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.
Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.
Barclays estimates $1,900 an oz this year; analysts say ultra-low interest rates in advanced economies to ensure demand keeps rising.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
All investors should ideally have a 10 to 15 per cent allocation to gold. Whether they invest in gold ETFs or SGBs should depend on their investment horizon.
Gold price is declining due to the strengthening of dollar in the wake of the US Federal Reserve's move to control rate on inflation concerns.
The analysts believe that the rate cut would put downward pressure on the US dollar, thus boosting the gold prices in the non-dollar currency markets.
Anticipation of favourable policies under a stable govt at the Centre, aided by a possibly stronger rupee, are expected to bring bullion price down.
Silver shot up by Rs 660 to Rs 44,600 per kg
Investors pumped in a record Rs 40,608 crore into equity mutual funds in June, 17 per cent higher than in May 2024, industry body Amfi said on Tuesday. The flows into the systematic investment plans (SIPs) also reached a new high at Rs 21,262 crore for the month, which was higher than the previous high of Rs 20,904 crore recorded in May, it said. The net assets under management (AUM) for the entire MF industry on equity schemes stood at Rs 27.67 lakh crore, while the same from SIPs was Rs 12.43 lakh crore, the body said.
In September last year, the exports stood at $3.5 billion, according to the Gems and Jewellery Export Promotion Council.
Gold prices hit a two-year lows, the biggest one-day drop since 1983.
As more and more paper currency gets printed and dumped into the financial systems around the world, there is more the danger that paper currency will lose its value. So people are queuing up to buy gold. Unlike paper money, gold cannot be created out of thin air.
Kurumbur in gold-loving Tamil Nadu was once a thriving centre for goldsmiths. Today their number is down to two.
The previous record of gold price was Rs 32,900, set on September 14.
Following the Reserve Bank easing he 20:80 gold import norms, India Bullion & Jewellers Association (IBJA) said gold prices are likely to fall to Rs 23,000-24,000 per 10 grams by Diwali.
Gold prices are set for another jump before the Easter holidays
Gold prices may rise above $1,300 per troy ounce by 2011 on record demand from investors worried about inflation, currencies and sovereign debt, a survey by the United Kingdom-based consultancy GFMS has said.
Gold prices rose further by Rs 210 to Rs 27,210 per ten gram in New Delhi on Wednesday on increased buying by jewellers and retailers to meet upcoming festive and wedding season demand amid a firming global trend.
Gold prices zoomed to set a new peak at Rs 9,950 per ten gram on the bullion market on Wednesday on hectic buying by stockists and jewellers, triggered by surging prices in the overseas markets.
Gold prices touched a new peak of Rs 6,830 per ten gram on the bullion market today on brisk buying by stockists to meet the ongoing festival and marriage demand, discounting reports of a weak international trend.
The metal sees 10% drop in a month; it is expected to fall to about Rs 25,000/10g in the near future.
A crash-like condition developed in the bullion market on Thursday as gold prices suffered the third consecutive major loss on panic selling by stockists induced by a steep fall in overseas markets.
Prospective buyers might grumble about skyrocketing gold prices, but the recent run-up in bullion has one group of unexpected beneficiaries - companies who lend against gold.
Gold prices on Thursday scaled to Rs 6,800 per ten gram, a level never seen before in the history of bullion market in New Delhi, as stockists indulged in brisk buying triggered by a firm international trend.
Gold prices plunged and closed with a hefty loss of Rs 90 at Rs 6570 per ten gram in the bullion market in New Delhi on Friday on reduced off take by stockists and bullion merchants with surging equity markets becoming more attractive for investment.
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,206.30 an ounce.
Gold prices declined further on the bullion market in Mumbai on Tuesday on persistent stockist offerings in view of the fall in the overseas markets.
The demand for gold demand is expected to pick up after August with its price expected to touch the Rs 13,500 per 10 grams mark, a top industry official said.
Gold prices hit a record high in India on Wednesday as global prices surged on war fears, bringing professional bullion trade in the country to a standstill and drawing queues of sellers at jewellery shops.
Gold prices crashed by Rs 105 per ten gram on the bullion market in Mumbai on Friday due to heavy offering by stockists after a sharp fall in New York prices.
Gold prices plummeted by Rs 170 per ten gram on the bullion market in Mumbai on Thursday and closed at a 6-month low of Rs 5,660.
Gold prices nose-dived across the country on Friday on panic selling by stockists, triggered by a fall in overseas markets amidst off marriage and festival season and recorded losses between Rs 100 and Rs 180 per ten gram.
'We expect market consolidation and recommend buying during market dips.'
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
The gold prices may rebound to Rs 13,000-level in the domestic markets by June if rupee remains resilient against the US currency, experts believe. Dollar denominated gold gets cheaper when the rupee rises against the greenback.
Silver also dropped by Rs 400 to Rs 45,600 per kg on reduced offtake by industrial units and coin makers.
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