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.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
Here is all you need to know about hallmarking of gold.
The best part is that an investor gets price appreciation and earns interest income as well, which is unique only to sovereign gold bond.
2008 is the year of the rat. The Chinese Zodiac says the year of the rat will be volatile for commodities and equities. However 2008 is the year of the Earth Rat, which is prosperous for the earth and metal industries.
India's total gold imports in the current year can be estimated at 810 tonnes against 740 tonnes excluding replenishment of 50-60 tonnes.
Following are the highlights of the Annual Supplement 2006 to the Foreign Trade Policy unveiled by Commerce and Industry Minister Kamal Nath on Friday
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.
Gold is considered one of the most precious metals in the world; and it has been used as a symbol for purity, value and royalty. But do you know much gold is there in the world? And who owns most gold? If not, read on. . .
At present, it is trading at around $1,004 an ounce in the international market, about $150 cheaper than gold
"The government is taking and will continue to take all possible measures aimed at making India the gold hub of the world," Company Affairs Minister P C Gupta told a global gold summit organised by Assocham.
Gold prices are set for another jump before the Easter holidays
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
Gold prices zoomed to set a new peak at Rs 9,950 per ten gram on the bullion market on Wednesday on hectic buying by stockists and jewellers, triggered by surging prices in the overseas markets.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
Both gold and silver made a smart comeback and recovered by Rs 55 per 10 gram and Rs 100 per kilo, respectively, on the Bullion market in Mumbai on Wednesday on revival of heavy stockists' buying boosted by rise in the global prices.
Globally, gold fell by 0.24 per cent to $1,182.80 an ounce and silver shed 0.72 per cent to $15.89 an ounce in London.
Correcting a serious anomaly in the value added tax structure, an official committee on Monday prevailed upon Delhi, Rajasthan, Uttar Pradesh and Gujarat to maintain uniform tax rates on bullion.
In the first fortnight of December, the gold imports have fallen to about 25 tonnes, from 150 tonnes during entire November
Traders said restricted buying from jewellers and retailers mainly kept precious metals at previous levels.
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
India is at a greater risk than the other three BRIC (Brazil, Russia and China) economies in the event of a slowdown in the US economy, a study by global investment banking firm Goldman Sachs has said.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
Silver coins remained steady at Rs 52,000.
The government on Wednesday increased the import tariff value on gold and silver to $408 per 10 gram and $520 per kg, respectively in line with global prices.
There is good news and even better news for gold consumers - prices of the precious metal have fallen to a nine-month low of Rs 8,725 per ten grams right ahead of the marriage season and are set to dip further in the coming weeks.
Silver also rose by Rs 100 to Rs 37,400 per kg.
Silver also fell 0.7 per cent to $15.71 an ounce.
Traders said increased buying by jewellers and retailers, triggered by upcoming festive season, led to recovery in prices of the precious metal.
Silver rose by Rs 50 to Rs 36,050.
Gold, silver rise on positive global cues.
Gold prices surged Rs 175 to a record high of Rs 8,150 per ten gram on the bullion market on Monday on sustained buying by stockists induced by a unprecedented rise in its prices in overseas markets.
Subdued volumes notwithstanding, the bullion market displayed a firm trend as both the precious metals, silver and gold, zoomed to new heights on stockists and speculators buying.
Gold prices spurted on the bullion market on Wednesday on sustained buying by stockists influenced by a firming trend in international markets and set a new high at Rs 7,750 per ten gram.
Finance Minister must be hoping that Indians get over gold-addiction.
Gold prices crashed by Rs 115 per ten gram and silver plunged by Rs 375 per kilo in the bullion market in Mumbai on Tuesday due to heavy stockists' selling after steep fall in the international prices.
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