The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
Gold prices crashed by another Rs 130 at Rs 7,335 per 10 gram on the bullion market today on sustained selling by stockists and speculators largely fueled by a weakening trend in Asian markets. \n
Bullion traders attributed the fall in gold prices to a weakening global trend after the US added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.
It can touch Rs 32,500 per 10 gram.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
Silver traded lower by Rs 135 to Rs 36,750 per kg.
Two-thirds of gold demand in India comes from rural areas where jewellery is a traditional store of wealth.
Spot gold fell as far as $1,142.10 an ounce on Thursday, its lowest since November 2014.
Traders said persistent buying by jewellers and retailers to meet the festive season demand and a firming global trend as the drop to this year's low lured Chinese buyers returning from a week-long break, mainly kept gold prices higher.
Gold prices recovered by Rs 210.
Gold prices are expected to slump by 5 per cent before the end of this month to $855 per ounce as leaders of G-20 nations agreed on Thursday that the International Monetary Fund should sell gold from its reserve to help stimulate the world economy.
In the overseas markets, which normally sets price trend on the domestic front, gold traded a shade higher by 0.05 per cent to $1,319 an ounce and silver by 0.14 per cent to $20.93 an ounce in New York in Tuesday's trade.
Buying had been muted in the past few weeks.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
Gold prices fell further at the local bullion market on Saturday due to reduced off-take by stockists as well as lack of local buying support at the existing levels.
Bullion dealers said higher overseas market advices have led traders to stock more gold, leading the metal to end Rs 5 higher at Rs 8,725 per ten gram.
'The main worry is lots of new investors coming into the markets in order to make a quick buck/easy money.' 'Those things are happening again and have happened in the past as well.' 'All that has led to problems.' 'We are not there yet, but will get there eventually.'
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
A strong appetite for gold on Friday's Dhanteras is expected this year due to auspicious reasons and geopolitical concerns, continuing the 2022 trend driven by pent-up COVID demand. Compared to last year's Dhanteras, gold prices have jumped 22 per cent and silver prices by 21 per cent, respectively. "Gold and silver are good for portfolio diversification, especially in times of geopolitical turbulence.
Gold prices on Wednesday jumped to all-time high of Rs 30,420 per 10 grams in the bullion market here on the back of soaring demand ahead of the wedding season amid firming trends in global markets.
Silver also dropped by Rs 400 to Rs 35,650 per kg.
'The long-term impact of elections is minimal.'
Spot gold on Saturday slipped below the Rs 30,000 per 10 gram level, for the first time since August 17 last year, to close at Rs 29,890 -- down Rs 200 from Wednesday's close -- mainly on weakness in underlying fundamentals.
Gold price declined Rs 305 to Rs 56,035 per 10 grams in the national capital on Thursday amid a fall in rates of precious metal in the overseas markets, according to HDFC Securities. The yellow metal had settled at Rs 56,340 per 10 grams in the previous trade. Silver also plummeted Rs 805 to Rs 65,095 per kg.
Traders said sentiments turned bearish after gold fell to three-week low in global markets as a stronger dollar curbed demand after the Federal Reserve ended its asset-purchase programme because of an improving labour market.
Since the last nine years, gold investors have made money each year, while gains in silver have been consistent only in the last five years.
The yellow metal had shed Rs 20 on Tuesday.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Better than expected performance in June quarter of the 2023-24 financial year (Q1FY24) and a robust outlook led to 1.2 per cent gain in Titan Company stock on Friday (July 7). The firm reported 20 per cent growth in revenues, aided by double-digit rise in its major consumer segments. Jewellery, its largest segment, accounting for about 90 per cent of its sales, stood out with a growth of 21 per cent over the year ago quarter.
Bombay Bullion Association to develop a software for the same.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
Customers who possess gold jewellery but are either being denied a personal loan or are being asked for a high interest rate due to their poor credit profile may consider a gold loan.
Understand the pros and cons of SGBs before rushing to invest in them based on past returns.
India's current account deficit (CAD) is likely to ease to 4.4 per cent of the GDP in the current fiscal year on lower oil and gold prices, Bank of America Merrill Lynch (BofA-ML)said in a research note.
China to remain the largest market, say analysts.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
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