Sentiments remained bearish as gold and silver tumbled to the lowest since June in global markets as US manufacturing in August expanded at the fastest pace in three years, bolstering prospects for the economy and dampening demand for the metal, traders said.
If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years.
The rupee was trading lower at Rs 61.38 after dipping to 61.74 (intra-day).
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.
Gold imports are likely to fall below 50 tonnes this month due to sharp fall in exchange rate of rupee and high global prices of the precious metal, according to market experts.
In order to check rising current account deficit, the government had raised import duties on the yellow metal to 10 per cent while Reserve Bank of India imposed curbs on import of gold and also laid down various pre-conditions for inward shipments of the precious metal.
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.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
The gold market has remained under pressure.
Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
Elections will also be held in 35 assembly constituencies in Odisha.
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After gaining Rs 235 in last three sessions, gold further spurted by Rs 465 to Rs 31,450 per ten grams, a level last seen on December 12.
India's trade deficit shrank to a 10-month low in December as global oil prices tumbled and demand for gold fell, auguring well for Indian current account balance and the rupee.
Seeking to restrict gold imports, the Reserve Bank on Friday said nominated banks and agencies will not be allowed to import the precious metal in excess of their entitlements in first or second lot under the 80:20 scheme.
India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment: PM.
After recording significant decline in September, gold and silver imports jumped by 62.5 per cent to $1.3 billion in October this year.
'Azim Premji has given away about one-and-a-half lakh crore rupees of his wealth.' 'Most of us will not even know what that sum actually means.' 'To put it into context, it can fund India's health budget and education budget,' points out Aakar Patel.
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Gold tumbles by Rs 1,250 to Rs 30,950.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
Traders attributed the rise in prices to higher demand of precious metals for the coming festivals like Rakshabandhan compared with supply, which has tightened because of fall in imports following government measures.
The government on Wednesday raised the import tariff value of gold at $430 per ten grams and that of silver to $639 per kg as prices of the precious metals have risen in the global market.
In the currency markets, the rupee lost another 10 paise to close at 1-week low of 63.54 against the US dollar
The government has hiked import duty on gold three times in a year and recently raised it by 2 per cent to 8 per cent to curb demand.
It is the lightest gold nugget ever created, researchers said.
Traders said sentiments continued to remain bearish on persistent selling by stockists after the RBI last week eased import norms on the yellow metal by allowing select trading houses, in addition to already permitted banks, to procure the metal to boost exports.
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As per the latest data, India's CAD sharply narrowed to 1.7 per cent of the gross domestic product or $32.4 billion in 2013-14 from a record high of 4.7 per cent in FY'13.
The moves by the RBI, announced late on Wednesday, should increase supplies of gold and brighten the earnings outlook for jewellery makers after the government took tough measures to curb imports last year, analysts said.
Govt proposes to introduce redeemable gold bonds.
US gold futures slid over 1 per cent on Thursday, while silver futures dropped 2 per cent.
CAD touched a historic high of $88 billion in 2012-13.
The new TTD chairman's Venkateswara pendant seems like a simple yet effective tool to silence his critics and to unburden the baggage of his family's religion.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Did you know that your home insurance covers valuables in bank locker?
While the gold policy covers every aspect, from sourcing gold to trading and investing in it, experts assert that the policy is incomplete if mining of gold in India isn't promoted.
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
Gold was among the least bruised by Monday's selloff, dropping half a percent versus a 6 percent slide in Brent crude and a 2 percent decline in copper.
The correlation between crop yield and expenditure on gold is positive.
Ancient ashtadhatu idols of Lord Rama, Hanuman along with idols made of gold and silver of other deities worth crores of rupees were stolen by thieves from the Raghunathji temple at Sultanpur in RupiPalace at Kullu, police said on Tuesday.
Marriage season will end in the next two months and import growth is likely to taper off
Silver also fell further by Rs 150 to Rs 34,200 per kg.
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