Gold eased on Thursday as the dollar extended its biggest one-day rally in over a month, though losses were limited by a retreat in oil prices and European stocks, which supported interest in the metal as an alternative asset.
Jewellers in the national capital on Wednesday temporarily called off their 42-day strike, demanding rollback of proposed excise duty on non-silver jewellery, for 12 days after the government's assurance that there will be no harassment by excise officials.
The world`s second biggest consumer imports in March slumped to 18 tonnes from 125 tonnes in the previous year.
Gold prices were down by Rs 126 to Rs 29,387 per 10 grams in futures trade Wednesday as participants cut down their holdings amid a weak trend overseas.
Jewellers may completely call off their strike in the next few days after the government's assurance that the Ashok Lahiri committee will consider all their demand, Assocham National Council on Gems & Jewellery Chairman Sankar Sen said on Tuesday.
Gold jumped to a three-week peak on Tuesday on expectations the Federal Reserve will not raise US interest rates soon and as the dollar traded close to its lowest in nearly eight months, though profit-taking chipped away at some recent gains.
Jewellers in Maharashtra have called off their strike temporarily, from April 14 to 24.
More than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.
Investors remained bearish on gold exchange-traded funds (ETFs) as they pulled out Rs 903 crore from this instrument last fiscal, making it the third consecutive financial year of outflow.
Jewellers, bullion traders and artisans are showing no signs of backing down in their protest against imposition of 1 percent excise duty on non-silver jewellery as their strike entered 39th day on Saturday with many keeping their shops closed
As jewellers strike continues against excise duty imposition, a lot of work in the city has been shifted underground to meet the lucrative wedding season demand.
The festival of Gudi Padwa lost some sheen as jewellers' strike stretched for another day demanding rollback of one percent excise duty on non-silver jewellery.
Gold fell on Friday as strength in equities prompted investors to cash in some of the previous day`s gains, but remained on track for its biggest weekly rise in five as the Federal Reserve stayed cautious on US rate hikes.
Gold prices drifted by 0.27 percent to Rs 29,167 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels, even as metal strengthened overseas.
The Indian Overseas Bank (IOB) will sell the 'Indian Gold Coin' at its branches in the city tomorrow on the occasion of 'Gudi Padwa'.
Jewellers, bullion traders and artisans in several parts of the country continued their indefinite strike today demanding rollback of 1 percent excise duty on non-silver jewellery.
The strike against one percent excise duty on non-silver jewellery continued for another day despite huge losses to the industry traders.
Gold jumped 1 percent on Tuesday following a two-day decline, as Asian stocks slid on weak oil prices and mixed views on the outlook for Federal Reserve monetary policy.
The jewellery manufacturers who have been on a strike are likely to meet Prime Minister Narendra Modi to demand rollback of 1 per cent excise duty imposed in the 2016-17 Budget
Turning tables on Delhi Chief Minister Arvind Kejriwal, who is supporting jewellers' stir against the imposition of excise duty, Finance Minister Arun Jaitley today said that the Delhi government should first abolish VAT on gold.