Gold prices edged higher by Rs 50 to Rs 29,900 per 10 grams at the bullion market Thursday on increased buying by local jewellers to meet marriage season demand at domestic spot market amid a firming trend overseas.
Gold exchange-traded funds (ETFs) saw a net outflow of Rs 35 crore in January, taking the total to Rs 649 crore in the first 10 months of the current fiscal, primarily on account of profit booking.
Rising for the second straight day, gold prices firmed up by Rs 200 to Rs 29,850 per 10 grams Tuesday, driven by positive global cues and persistent buying by local jewellers.
Gold prices moved up by Rs 100 to Rs 29,650 per 10 grams at the bullion market today, tracking a firm trend overseas and increased buying by local jewellers.
Total demand for gold -- whose twin drivers are jewellery and investment buying -- advanced 2 percent to 4,309 tonnes compared with 2015, London-based industry body WGC said in a report.
Amid weak global trend and sluggish demand from local jewellers, gold prices fell further by Rs 50 to Rs 29,550 per 10 grams at the bullion market Friday.
The gold demand for 2015 stood at 857.2 tonne, the WGC data revealed.
Gold prices fell by Rs 150 to Rs 29,600 per 10 grams at the bullion market Thursday, snapping its four-day rising streak due to a slowdown in buying by local jewellers even as the metal strengthened in overseas market.
Taking a stance of 'no news is good news' jewellers today hailed the Union Budget, saying the focus on digitalisation is going to give an impetus to the sector and drive consumption.
A global upward move and heightened buying activity back home pushed up gold prices for the second straight day by adding another Rs 20 at Rs 29,400 per 10 grams Monday.
Tracking a firming trend overseas, gold prices quoted higher by Rs 41 to Rs 28,394 per 10 grams in futures trade Monday.
Falling for the second day, gold lost its sheen by plunging another Rs 400 to trade at two-week low of Rs 29,150 per 10 grams today, tracking a weak trend overseas.
The dometic gems and jewellery industry, which went through a lot of turmoil in 2016, has urged the government to increase the mandatory PAN card limit to Rs 5 lakh and above and reduce the import duty on gold to atleast 5 percent in the Union Budget 2017-18.
The government is expected to announce steps like cut in the gold import duty and incentives to set up gems and jewellery parks in the next Budget to promote growth of the industry.
After falling for two straight days, gold regained its glitter with prices rising by Rs 140 to Rs 29,715 for 10 grams at the bullion market Monday, largely driven by firm trend overseas amid pick-up in buying by jewellers at the domestic spot market.
Gold imports witnessed a fall of about 32 percent to $17.7 billion in April-December of the current fiscal, which is expected to keep a lid on the current account deficit.
Gold prices on Friday fell by Rs 70 to Rs 29,630 per 10 grams, owing to slackened demand from local jewellers even as the metal strengthen overseas.
Amid weak global trend and profit-booking by speculators, gold prices dropped by Rs 176 to Rs 28,615 per 10 grams in futures trade Thursday.
The jewellery industry, which suffered and saw about 80 percent drop in demand following the demonetisation, is slowly recovering, although it may take over a year for things to become normal, market experts said.