Akshaya Tritiya, considered an auspicious day to buy gold, is likely to be lacklustre this time as jewellers are expecting negative to marginal growth compared to last year, on the back of rising gold prices, which is ruling at over Rs 30,000 per 10 grams.
Zee Media Bureau
New Delhi: Gold prices failed to hold the 30,000-mark in future trading Thursday.
Finance Minister Arun Jaitley today rejected demands, including from ally Shiv Sena, for rollback of one per cent excise duty on non-silver jewellery and asserted that jewellers will have to pay taxes.
Gold imports fell sharply by 67.33 percent to 19.6 tonnes in April 2016 as jewellers' strike opposing one percent excise duty on non-silver jewellery significantly hit demand for the metal, according to gold and silver refiner MMTC Pamp.
Gold prices fell by Rs 150 to Rs 30,100 per 10 grams at the bullion market Wednesday, tracking a weak trend overseas amid slackened demand from retailers at prevailing levels at domestic spot market.
Gold rose to just shy of a 15-month high on Tuesday as the dollar and global shares fell on uncertainty around future U.S. interest rates increases, rekindling investor appetite for safer assets.
Gold prices recovered by Rs 50 to Rs 30,250 per 10 grams at the bullion market Tuesday, tracking a firm trend overseas amid fresh buying by jewellers.
The government has so far collected 2.8 tonnes of gold under the Gold Monetisation Scheme (GMS), which has been in force for a little over six months, Parliament was informed on Tuesday.
Gold rose on Tuesday, in another attempt to cross the key USD 1,300-an-ounce level, as the US dollar extended losses and as assets of the top bullion fund rose to their highest in over two years.
At the Multi Commodity Exchange (MCX), gold for delivery in June was trading higher by Rs 59, or 0.19 percent, to Rs 30,325 per 10 grams.
Tirupati temple managing body mulls moving 7.5 tonne gold under monetisation scheme
Banks have collected about 1,500 kg of gold from temples and trusts under the Gold Monetisation Scheme (GMS) since its launch last November.
Rallying for the third straight day, gold climbed by Rs 350 to trade above the Rs 30,000-mark at Rs 30,250 per 10 grams, its highest level in almost two years at the bullion market Friday, largely in tandem with firming trend overseas.
Gold prices rose for the second straight day Thursday by gaining Rs 110 to Rs 29,900 per ten grams at the bullion market, taking positive cues from overseas markets and increased buying by jewellers at domestic spot market to meet wedding season demand.
Gold regained its sheen to trade higher by Rs 215 to Rs 29,790 per ten grams Wednesday as the bullion market in the national capital reopened after two days of strike, while silver rallied by Rs 775 to Rs 40,975 per kg largely in tune with a firming global trend.
Jewellers and bullion traders in several parts of the country, including Delhi, today resumed their strike, demanding rollback of the one per cent excise duty on non-silver jewellery.
The government on Saturday asked the jewellers to settle the excise dues for March-May along with that of June and get themselves registered with the central excise department by July 1.
Gold prices fell by Rs 225 to Rs 29,575 per ten grams at the bullion market today, tracking a weak trend overseas amid subdued demand from jewellers at domestic spot market.
Gold prices eased by Rs 100 to Rs 29,800 per ten grams at the bullion market Friday owing to slackened demand from jewellers and customers at prevailing levels amid a weak global cues.