Indian gold imports, which fell last week as world prices rose, are likely to pick up as jewellers replenish stocks to meet local demand during the marriage season, traders said on Monday.
India, the world's largest gold consumer, is likely to resume import of the precious metal this week after a long lull, as global prices have fallen sharply amid signs the United States is unlikely to attack Iraq immediately.
Gold prices maintained an upward march for the third consecutive day by rising Rs 290 to Rs 30,490 per ten grams in the national capital on sustained buying by stockists amid a firm global trend.
Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing 'Navratras', considered as an auspicious week for making new purchases according to Hindu mythology.
Demand for gold in India, the world's biggest market, has risen sharply with the wedding season in full swing.\n\n\n\n
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
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Gold was Rs 28,100 per 10 gm on July 26, 2014.
Silver, however, fell for the third straight session by losing Rs 200 to Rs 43,800 per kg on lack of buying support from coin makers and industrial units.
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.
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Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
Buying had been muted in the past few weeks.
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 the currency markets, the rupee lost another 10 paise to close at 1-week low of 63.54 against the US dollar
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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.
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Indian gold demand seen falling to 8-year low in festive quarter.
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Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
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Sales have picked up in the past few days for retailers in the apparel and consumer durables segments.
There is an emerging trend of renting out designer outfits for a fraction of their market price.
Gold is currently ruling at Rs 30,050 per 10 grams.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
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In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
An alert has been issued by the Directorate of Revenue Intelligence, lead agency to check smuggling and customs duty evasion, to all international transit points across the country, official sources said.
According to World Gold Council (WGC), gold jewellery demand in India, the world's largest consumer, touched record 662.1 tonnes in 2014.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
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