On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
The precious metal spurted to regain Rs 27,000 level after June 24 as it rose in global markets following Federal Reserve Chairman Ben S Bernanke backed sustained stimulus for the for some time.
SWF is a state-owned investment fund comprising of financial assets such as stocks, bonds, property, precious metals and other financial instruments.
Silver recovered by Rs 100 to Rs 36,950 per kg.
40-50 tonnes of gold may have been smuggled into India in July-September; industry seeks duty cut
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
Indian demand fell 26 percent to 190.3 tonnes in the first quarter of 2014 from the same period a year earlier.
Corporate houses are adding sheen to the domestic commodity exchanges now.
Silver also dropped Rs 560 to Rs 36,440 per kg.
Gold imports in 2011-12 amounted to $56.5 billion and in the current financial year, till December, they are estimated at $38 billion.
What are the tax implications of investing in gold bonds issued by the State Bank of India? Is there any tax liability associated with investing in gold? Read on to find out.
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Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
According to Ketan Shroff of Pushpak Bullions Pvt Ltd, "Traders are selling at Rs 14,900 -- 14,950 per 10 gm presently, which was Rs 100-150 lower than the landed cost." He added, "The consumer price depends upon customers' needs as some in dire need of money sell at prices lesser than Rs 14,900 per 10 gm while others attract customers through price negotiations."
Generally, it has been seen that commodity prices are driven higher by surging demand throughout the world. But the irony is that the latest surge comes amid concerns about a weaker global economy. At present, commodities prices are rising because the U.S. interest rates are falling below the rate of inflation.
India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.
The hallmarking of gold, which is voluntary in nature at present, is a purity certification of the precious metal.
Gold prices surged by Rs 150 to trade at Rs 17,140 per ten gram in New Delhi on heavy buying due to a steep rise in the metal's prices in the overseas market as the dollar weakened.
In New York, gold rose to an all-time high of $1,782.50 an ounce.
The risk inherent in gold buying at any point explains why funds dedicated to the metal, here and abroad, are not promoted heavily.
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.
In 2013, the world gold exports were $283 billion approximately.
Sri Lanka, Thailand and Singapore are the latest hotspots as authorities crack down on travellers from Dubai.
The yellow metal on Wednesday hit a new record at the New York Mercantile Exchange at $1,148.10 an ounce (28.34 grams) for the December delivery following a 0.37 per cent dip in the dollar index.
Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
In India, gold breached all previous records to hit the high of Rs 14,320 per 10 gm taking consumers and stockiest out of the trading floors.
S Saraswathi introduces readers to the beautiful Sri Venugopalaswamy Temple in Gopalapuram, Chennai.
Gold on Wednesday hit a fresh all-time high by adding Rs 100 to Rs 30,400 per 10 grams on brisk buying by stockists triggered by a firming global trend.
Tata Motors on Tuesday said it will increase prices of its passenger vehicles by an average of 0.9 per cent with effect from January 19, in order to partially offset the impact of rise in input costs. The Mumbai-based automaker sells various models like Tiago, Punch and Harrier, in the domestic market. Effective January 19, 2022, an average increase of 0.9 per cent will be implemented, depending on the variant and model, the automaker said in a statement.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
Gold prices are likely to rise by up to Rs 700 per 10 gram in the short term with tapered demand following the government decision to hike import duty on the precious metal, according to jewellers and analysts.
It's a precious metal, but the cheapest, gives good returns and is easy to buy at diverse quality outlets.
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41 kg of gold
Breaking all previous records, gold prices on Saturday surged to a new peak at Rs 16,349 per 10 gram in futures trade, as traders increased their exposure in the precious metal following melting stock and forex.
Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further.
The Dubai Gold and Commodities Exchange, set up by Dubai and two partners from India and the first electronic multi-commodity derivatives exchange in the Middle East, will commence trading in November this year in precious metals contracts.
Recent months been worse for investors in gold mining companies.
Another PSU has entered the arena of bullion Futures market. In a recent development, the Handicrafts & Handlooms Exports Corporation of India, a PSU under the ministry of textiles, has started hedging in bullion metals at the Multi Commodity Exchange. According to the PSU officials, it has hedged Rs 13 crore in gold and silver over the last one month.
