The government on Thursday said nearly 7,000 jewellers have been granted hallmark licences after the quality standards, or hallmarking, for gold were launched in 2001.
The Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
It is the 166th birthday of Russian jeweller Peter Carl Faberge today.
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Bullion merchants said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend 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.
Silver also spurted by Rs 1,800 to Rs 44,900 per kg on increased offtake by industrial units and coin makers.
India on Monday announced the results for the country's first critical mineral auction. Amid the tepid response from big players, the list of successful bidders included some lesser known names. A total of five companies secured bids for six critical mineral blocks of graphite, manganese, phosphorite, lithium, and rare earth elements with auction premiums ranging from 13.05 per cent to 400 per cent.
While gold gained Rs 320 to Rs 30,545 per ten gram after losing Rs 585 in last four sessions, silver recovered by Rs 390 to Rs 49,330 per kg, snapping Rs 2,260 losses of four days.
Last year on Dhanteras, the precious metal stood at Rs 31,400 per 10 grams.
Sentiment remained bearish as gold fell in global markets after the US and Russia agreed on a plan to destroy Syria's chemical weapons, diminishing demand for the precious metal, traders said.
The yellow metal has risen 6.6 per cent since mid-August
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
This is thrice of what agencies seized during the 2014 Lok Sabha poll process, reports Archis Mohan.
Silver also recorded a steep fall of Rs 1,550 to Rs 34,450 per kg.
Silver met with resistance at prevailing levels.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
About 5,000-6,000 people are dealing in gold dust in West Bengal for months along the Ganges in and around Shibpur area of Howrah district without any licence whatsoever.
Gold on Tuesday advanced further to hit a fresh two-month high of Rs 29,100 per 10 grams, driven by heavy buying by retail customers for the festival of 'Akshaya Tritiya'.
Traders said a weakening trend in the precious metals overseas after the Federal Reserve pressed on with cuts to stimulus amid signs of a recovery in the US, reducing demand for the safe haven, mainly put pressure on the gold prices in New Delhi.
Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
Retail investors are turning to the commodities market as an investment option. Rising commodity prices have resulted in these giving better returns than equity markets.
The reason, say market players, is heavy losses suffered by traders in south India and Ahmedabad dabbling in the white metal.
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Silver also found buying support and gained Rs 150 to Rs 37,350 per kg.
MCX offers commodity futures contracts in agriculture, precious metals, base metals and energy commodities, whereas AFET offers commodity futures contracts in white rice, rubber and tapioca.
Gold today zoomed by Rs 1,025, its second biggest rise this year, to Rs 28,990 per 10 grams, on brisk buying by stockists and investors amid a firming global trend and shifting of funds to the precious metal from volatile equity and forex markets.
Traders said sustained buying by stockists and retailers for the ongoing marriage season mainly led an upward trend in precious metals.
Gold prices maintained its upward journey for the second day with a gain of another Rs 180 to Rs 27,300 per 10 gm on Monday.
The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
Gold and silver extended gains in New Delhi on Monday on sustained buying by stockists, driven by firm global trends.
The precious metal spurted by Rs 360 to Rs 15,200 per 10 gram, a level never seen before, solely driven by a rally in overseas markets.
The rule required firms to mandatorily export 20 per cent of the gold they had imported.
However, silver coins gained Rs 500 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Domestic prices up 30 per cent, global 38 per cent in just two months.
Globally, gold fell by 1.32 per cent to $1,125.40 an ounce and silver by 3.98 per cent to $14.11 an ounce in New York in yesterday's trade.
While gold surged Rs 200 to Rs 21,420 per 10 gm on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues.
