Gold prices went up by Rs 130 to Rs 26,930 per 10 grams at the bullion market in New Delhi on Monday on increased buying by jewellers and retailers amid ongoing wedding season demand.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
Bullion merchants said persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe-haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.
Traders said continued buying by stockists driven by ongoing marriage season mainly led to rise in gold and silver prices.
Sales of gold in the form of jewellery, coins and bars have risen 20-25 per cent over last year's festive season on the back of discount offers.
The meeting lasted for nearly two hours, sources said.
The rising trend in silver continued to remain unabated in the bullion market on Monday as the metal surged further to close at an all-time high of Rs 10,155 pre kg due to thin supply after a steep rally in the global prices.
Silver also eased by Rs 200 to Rs 38,200 per kg on reduced offtake by industrial units and coin makers.
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Buying was restricted at higher levels.
Gold prices plunged by Rs 600 to Rs 26,500 per 10 grams in the national capital today after the precious metal slumped to the lowest level since 2010 in global markets as the strengthening dollar eroded demand for the commodity.
Traders said buying activity emerged for the ongoing marriage season as the metal remained weak in the previous session.
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The gold prices surpassed all previous records as they spurted by Rs 145 to Rs 19,470 per ten grams, on increased buying by jewellers and retailers to accomodate the seasonal demand for upcoming festival and marriage season beginning next month.
Traders said besides sluggish demand at prevailing higher levels, a weak global trend mainly led to fall in gold and silver prices.
Gold prices recovered by Rs 210.
In August 2014, imports stood at $ 2.06 billion. Higher imports will have adverse bearing on India's current account deficit (CAD).
Silver also rose for the third day by adding Rs 70 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.
Bullion traders attributed the fall in gold prices to a weakening global trend after the US added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.
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.
Gold prices fell back after a brief overnight rebound on the first trading day of 2015 at the domestic bullion market due to reduced stockists offtake as well as lack of local buying interest.
Traders said sentiments turned bearish after gold fell to three-week low in global markets as a stronger dollar curbed demand after the Federal Reserve ended its asset-purchase programme because of an improving labour market.
Silver also fell by 0.5 per cent to $15.68 an ounce.
Elevated gold prices have led Indian investors to eye diamonds and platinum as a lucrative investment opportunity.
Bullion traders said a weakening trend in global markets, as the dollar's strength eroded demand, mainly put pressure on the precious metal.
With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
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Silver also declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.
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The current upsurge in gold prices placed the metal to a level last seen on April 10.
Traders said some buying by jewellers and retailers amid a firming global trend helped prices move further.
Standard gold of 99.5 per cent purity declined by Rs 220 to end at Rs 25,680 per 10 gm. Silver plunged below the Rs 46,000 per kg-mark.
Traders said profit-selling by stockists at prevailing higher levels amid a weak global trend mainly pulled down both gold and silver prices.
Gold prices crashed by Rs 105 per ten gram on the bullion market in Mumbai on Friday due to heavy offering by stockists after a sharp fall in New York prices.
RBI's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest, the Economic Survey said on Tuesday. However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay 'higher for longer', it said. The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman.
Traders said sluggish demand at prevailing higher levels and investors shifting their funds to surging equities mainly kept pressure on gold and silver prices.
Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices.
Traders said persistent buying by jewellers and retailers to meet the festive season demand and a firming global trend as the drop to this year's low lured Chinese buyers returning from a week-long break, mainly kept gold prices higher.
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