Gold lost its sheen with prices falling by Rs 120 to Rs 28,300.
Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market today as demand from jewellers and retailers eased at existing levels amidst a weak global trend.
'If one believes that the Indian stock market will go up 70 per cent every year for the next 10 years, I wish you good luck!'
Silver also gained for the third-day and jumped by Rs 500 to Rs 43,000 per kg on increased offtake by industrial units and coin makers.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Silver also lost Rs 550 to Rs 36,350 per kg on poor offtake by industrial units and coin makers.
Traders said besides low demand from jewellers and retailers, a weakening global trend -- amid the US employment data and strengthening dollar reducing appeal for the precious metals -- kept pressure on gold prices.
Traders said sentiment turned somewhat weak after gold fell in global markets ahead of US payrolls data that may show employers added more workers last month, boosting the case for an increase in borrowing costs in the largest economy.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
What has hit sentiment further is a draft proposal by the government to increase vehicle insurance premiums for financial year 2022-23 (FY23). Third-party motor insurance premiums have not been increased over the last two years and if this is approved, insurance costs for specific segments could rise by a fifth. The worst impacted is the 350cc and above two-wheeler segment, where premiums are up 21 per cent. Royal Enfield (Eicher Motor) is the market leader in the segment. The premiums in the 150-350cc two-wheeler category are also being inc
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Gold tumbled by Rs 310 to Rs 30,290 per ten grams in the national capital today on heavy sell-off by stockists and a weak global trend.
Bullion traders said besides increased buying by jewellers and retailers to meet festive season demand, a firming global trend amid escalating tensions over Ukraine has raised demand for a safe-haven, resulting into influence on gold prices here too.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
At the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 30,180 and Rs 29,980 per ten grams, respectively.
Gold remained weak for the second straight day and prices fell by another Rs 190 to Rs 26,810 per ten grams.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Silver also turned weak and declined by Rs 400 to Rs 42,600 per kg on poor offtake by industrial units and coin makers.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Gujarat tops the chart with total seizure worth over Rs 510 crores, followed by Tamil Nadu at Rs 270.15 crores, Andhra Pradesh over Rs158 crores, Punjab Rs 155.91 crores and Uttar Pradesh Rs 142.31 crores.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
After rising for two days, gold prices went down by Rs 100 to Rs 26,850 per 10 grams at the bullion market on Tuesday, tracking a weak global trend amid slackened demand from jewellers.
Silver also recovered by Rs 250 to Rs 37,300 per kg.
Traders said brisk buying by stockists for the ongoing wedding season mainly led an upsurge in precious metal prices.
Gold price recovered a bit on favourable cues from global markets.
Silver also rebounded by Rs 530 to Rs 43,930 per kg on increased offtake by industrial units and coin makers. It had lost Rs 100 on Wednesday.
Silver also dropped by Rs 300 to Rs 38,400 per kg.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
Dealers expect prices to fall further, owing to an impending rate hike in the US
Gold prices on Monday recovered by Rs 25 to trade at Rs 27,475 per 10 grams at the bullion market on pick-up in demand from jewellers.
The precious metal had gained Rs 1,240 in the last eight days.
While gold fell by Rs 400 to Rs 28,000 per 10 grams, silver plunged by Rs 1,500 to Rs 43,100 per kg on poor offtake.
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Silver declined by Rs 200 to Rs 38,550 per kg.
