India's merchandise exports dipped by about one per cent to $38.01 billion in December 2024 against $38.39 billion a year ago, according to government data released on Wednesday. Imports increased by 4.8 per cent to $59.95 billion in December 2024 compared to $57.15 billion in the year-ago month.
In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,915 and Rs 29,765 per ten gram, while silver enquired at Rs 45,450 per kg.
Globally, gold fell 0.14 per cent to $1,250.10 an ounce.
Prices dip ahead of Dhanteras, seen around Rs 29,800/10g.
While gold prices declined by Rs 340 to Rs 30,200 per ten gram, silver dropped by Rs 540 to Rs 48,455 per kg on reduced offtake by jewellers and coin makers.
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Gold remained weak for the second straight day with prices falling by another Rs 30 to Rs 26,750 per ten gram at the bullion market in New Delhi on easing of demand from jewellers and retailers amid a weak global trend.
Amid the political blame game over Bengal's potato ban, which led to shortages in Jharkhand and Odisha, Uttar Pradesh farmers are the unlikely winners.
'I am more optimistic about India than before.'
Traders said fresh buying by industrial units and coin makers along with higher global trend mainly led the recovery in silver prices.
Gold drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
Traders said weak demand at prevailing higher levels and retailers looking for more correction mainly kept pressure on gold and silver prices.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Both banks and jewelers sell coins and bars, but it is generally costlier to buy it from a bank
Gold and silver prices here surged to new record levels today on frantic buying by stockists and jewellers, triggered by a strong rally in overseas markets.
Silver has a dual role - 60 per cent of the total silver produced is used for industrial purposes in the electrical & electronics segment and photovoltaic demand mostly for solar panels.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
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Silver gained 0.20 per cent to Rs 50,276 per kg in special Muhurat trading on the Multi Commodity Exchange (MCX) today as participants built new positions to mark the start of Samvat year 2070.
Gold, silver, copper hit multi-year lows, Brent crude near $100 a barrel.
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Mutual funds have launched a clutch of new fund offers in the silver ETF (exchange traded fund) category this year and collected Rs 1,400 crore in assets after the introduction of the newly-created investment asset class by market regulator Sebi in 2021. Further, fund houses including Kotak Asset Management Company have filed draft documents with the markets regulator to float silver ETF as well as silver ETF fund of funds for investors, information with the Securities and Exchange Board of India (Sebi) showed. These NFOs (new fund offers) are providing an opportunity to the investors to digitally invest and own silver which is easily tradable during market hours.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
Recent recovery in the white metal was reflected in a falling gold to silver price ratio.
Traders said profit selling by stockists emerged after a rally in the previous session mainly pulled down gold and silver prices.
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Gold prices gained marginally, in an otherwise listless and cautious trading on the bullion market in Mumbai on Saturday owing to stray buying support.
Traders said stockists selling against sluggish demand at higher levels mainly pulled down both gold and silver prices.
In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 160 each to Rs 31,350 and Rs 31,150 per ten grams, respectively.
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Traders said some local buying mainly helped both gold and silver prices to recover some ground.
Silver followed suit and gained Rs 65 to Rs 39,600 per kg on increased offtake by industrial units and coin makers.
Traders said increased buying by stockists in line with a firm global trend, as investors awaited the US jobs report and the impact on the monetary stimulus, mainly boosted the sentiment.
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.
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.
The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.
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