The import tariff value is the base price at which the customs duty is determined.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Silver also declined by Rs 100 to Rs 49,580 per kg on reduced offtake by industrial units.
Globally, gold in London was trading 0.58 per cent lower at $1,148.20 an ounce and silver shed 0.24 per cent to $14.75 an ounce.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Globally, gold gained 0.4 per cent to $1,098.62 an ounce and silver gained 0.9 per cent to $14.95 an ounce in Singapore.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
The precious metal gold peaked to 11 week high on the domestic markets Friday following higher international advices on weaker dollar.
Precious metals plummeted on the bullion markets across the board on weakening international trend, as gold lost between Rs 300 and Rs 220 per ten gram and silver by Rs 1015 and Rs 450 per kilo.
India's gold obsession needs a correction.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
Traders said some buying by jewellers and retailers and a firm trend in Asian region mainly kept gold prices steady.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
Silver, however, ended steady at Rs 36,000 per kg.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak global trend as the strengthening dollar eroded appeal for the precious metal, mainly influenced sentiments in New Delhi.
Investors will get the money directly in their demat accounts or through their brokers. They won't get physical delivery any more.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
Government on Friday hiked the import tariff value on gold and silver to $433 per 10 grams and $699 per kg, respectively, taking into account the volatility in the precious metals' global prices.
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
Silver also eased by Rs 100 to Rs 39,400 per kg.
Silver followed suit and traded Rs 90 higher at Rs 38,290 per kg on increased offtake by industrial units and coin makers.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
Economists caution that the underlying cause could be an alarming drop in demand -- something that's not good for economic growth.
Silver also traded lower by Rs 400 at Rs 37,600 per kg.
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Silver followed suit and lost Rs 645 at Rs 42,880 per kg on reduced offtake by industrial units and coin makers.
Silver followed suit and lost Rs 350 at Rs 43,950 per kg on reduced offtake by industrial units and coin makers.
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.
Silver also fell by 0.5 per cent to $15.68 an ounce.
Gold remained weak for the second straight day and prices fell by another Rs 190 to Rs 26,810 per ten grams.
Traders said a weakening global trend as the outlook for improving economic growth and strengthening of the dollar curbed demand for the precious metal as a safe-haven mainly kept pressure on gold and silver prices.
Silver, however, recovered by Rs 50 to Rs 36,800 per kg
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