Gold prices in India have been escalating very fast of late and in the last week of April, it scaled a new peak by adding Rs 50 to a record price of Rs 22,520 per 10 grams.
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.
However, silver coins gained Rs 500 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Gold declined by Rs 190 to Rs 31,950 per 10 grams in the bullion market in New Delhi on Monday, while silver lost Rs 800 to Rs 60,400 per kg on subdued demand at higher levels.
Domestic prices up 30 per cent, global 38 per cent in just two months.
Gold will first slide to $1,310-1,325 early next year on profit booking. But, the precious metal will get good buying support from central banks in Asia and West Asia regions, who are looking for opportunities to increase their gold portfolio.
Silver also jumped by Rs 1,000 to Rs 57,000 per kg on strong global cues.
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.
Industry representatives say the government may be tempted to raise the duty on gold and silver by Rs 100 per 10 gram and Rs 500 per kg, respectively, to earn extra revenue at a time the economy is facing several challenges.
The past year saw some spectacular rallies in silver with prices rising 80 per cent on perception of it being a store of value, continuing shrinkage of above-ground refined silver and demand staying ahead of supply.
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.
Any shift in investor sentiment may result in speculators fleeing the gold market, driving its price down sharply, quickly. One significant risk for gold is a near-term reversal in the dollar, which recently fell to a two-year low.
Gold futures for February delivery closed at in the red on weekly basis after reaching a record $1,432.50 an ounce on December 7. This week, the gold dropped 1.51 per cent or $21.30, the most since mid-November on concern that China may tighten monetary policy eroded demand for precious metals.
Gold also moved up by Rs 70 to Rs 20,430 per 10 grams on rising jewellery demand, reaching nearer to its record level of Rs 20,600 per 10 grams set on November 11.
Gold continued with its record setting spree, climbing to a new peak of Rs 18,810 per ten grams in the national capital today on frantic buying for the ongoing marriage season amid a firming global trend.
In New York, gold rose to an all-time high of $1,782.50 an ounce.
Continuing on its record-setting spree, gold gained another Rs 133 to yet another high of Rs 19,833 per ten grams in futures trade today after the precious metal soared to an all-time high overseas.
Overall trade with China grew by about 66 per cent during the period, raising hopes of achieving the trade target of $60 billion this year.
Trading sentiments turned bearish after gold shed 0.4 per cent to $1,529.85 an once from $1,540.78 on Tuesday, the highest level since May 4, in the global markets, as investor concern eased that Greece may become the first euro country to default, paring demand for the precious metal as a haven.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
Amid volatility in equity markets, gold prices may touch a record level of Rs 20,000 per 10 grams in the near future with traders preferring to park their money in safe havens such as the precious metal, analysts said.
Jewellers see flat gold sales this Dhanteras
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.
After surging to Rs 16,220 level in September, gold prices slightly eased at a time when festival and marriage season is about to pick up.
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 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.
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.
Gold prices firmed up after Tuesday's decline, mainly because of fresh buying by local jewellers at the domestic spot market, coupled with a better trend globally.
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.
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."
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Gold gained Rs 50 and touched a new peak of Rs 16,850 per 10 gram.
The IMF, in pursuance of the decisions taken at the G-20 summit in London, had decided to sell about 403.3 tonnes of gold to shore up its finances so that it can lend money to the poor countries at concessional rates.
Gold prices in the national capital touched a peak of Rs 16,250 per 10 grams before Diwali, on October 14, from Rs 15,370 in the beginning of September. The prices are ruling at Rs 16,175 per 10 grams on Friday.
Globally, gold traded a shade higher at $1,210.15 an ounce.
The prices of gold last year on the Dhanteras day ruled at Rs 12,070 per 10 gram.
Gold prices will rise next year as the financial crisis pushes more investors into the precious metal safe haven, according to delegates polled on Tuesday during the London Bullion Market Association annual meeting in Kyoto.
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