Halting its 4-day upmove, gold today plunged Rs 200 to Rs 28,300 per 10 grams on the last trading day of 2016, in keeping with a subdued trend overseas amid fall in demand from jewellers.
Falling for the second straight day, gold prices were down by another Rs 10 to Rs 27,850 per 10 grams today owing to tepid demand from jewellers at domestic spot market, even as the metal strengthened overseas.
Gold prices gave up Rs 100 to hit Rs 28,450 per 10 grams Tuesday, hit by a subdued trend overseas and falling domestic demand due to the cash crunch sparked by demonetisation.
Gold prices suffered more losses for the third straight day, tumbling by another Rs 200 to Rs 28,600 per 10 grams Wednesday, mostly on account of slack demand from jewellers along with weak global cues.
Gold price on Thursday fell to its six-month low of Rs 29,000 per 10 grams in Delhi bullion market.
Gold prices declined by Rs 100 to Rs 29,350 per 10 grams Wednesday due to low demand on account of prevailing cash crunch in the domestic market following demonetisation of high value notes as well as a weak trend overseas.
As on October 25, there were 409 BIS recognised A&H centres in the country.
Despite buying support from jewellers for the auspicious festival of Dhanteras, gold failed to glitter largely due to a weak trend in global market.
Gold has always proved that it is the safest bet whether the economy is in reeling under recession or suffering the brunt of inflation.Dhanteras 2016 today: Gold buying likely to pick up, trading time extended for ETFs, bond
Market sentiment is looking up and the prices have more or less stabilised.
Demand for gold is likely to pick up Friday across India on Dhanteras day, considered to be an auspicious day for buying the yellow metal.
Gold added to its sparkle as the price surged Rs 215 to Rs 30,715 per 10 grams Wednesday following increased buying activity driven by the ongoing festive and wedding season demand amid a rising overseas trend.
Gems and jewellery retailers are expecting around 25 percent growth in sales during Dhanteras, considered auspicious to buy precious metal, compared to last year due to good monsoon and pent up consumer demand, experts say.
Gold prices bounced Rs 85 to Rs 30,500 per 10 grams Tuesday following uptick in festive and wedding season demand from jewellers and retailers at the domestic spot market amid signs of a strong global trend.
The issue price of the bond had been fixed at Rs 2,957 per gram of gold.
Failing to extend its 3-day winning stream, gold fell by Rs 140 to Rs 30,400 per 10 grams Friday amid a weak trend overseas and weak demand from jewellers.
The government will launch the sixth tranche of Sovereign Gold Bonds (SGB) scheme on October 24, in which people can buy securities worth up to 500 grams.
Gold price rose for the third consecutive day on Thursday and ended up by Rs 160 at its two-week high of Rs 30,540 per 10 grams on jewellers buying, tracking a firming trend overseas.
The gem and jewellery industry has sought GST of 1.25 percent from the government for the sector besides zero duty on rough diamond imports, cut and polished diamonds exports and coloured gemstones.