A large number of jewellery establishments in the country remained shut for the 34th day today to protest against one per cent excise duty on non-silver jewellery.
India`s gold imports in February fell 34 percent compared with the same period last year, news agency NewsRise Financial reported on Monday, citing a government official, as high prices and hopes for a cut in import taxes kept buyers away.
Gold extended losses on Monday after a better-than-expected U.S. jobs report signalled strength in the economy and stoked speculation the Federal Reserve could raise interest rates soon.
Trading remain stand still at the Bullion market for yet another week as a large number jewellers and bullion traders across the country continued their over one-month old strike against the budgetary proposal to levy one per cent excise duty on non-silver jewellery.
A large number of jewellery shops across the country remained closed on Saturday as gold traders continued their protest against one per cent excise duty on non-silver jewellery.
To make the gold monetisation scheme more attractive, the government has allowed investors to redeem the deposits in gold also
Gold prices edged up at the domestic bullion market here on mild demand from jewellery stockists and traders.
Jewellers and bullion traders showed no signs of backing down in their protest against imposition of excise levy as the strike entered the 31st day Friday, with many keeping their shops shut demanding withdrawal of the budgetary proposal.
The sluggish demand could weigh on global prices, which are headed towards their biggest quarterly gain in nearly 30 years, but will help the country bring down its trade deficit.
Bullion and jewellery traders in several parts of the country, including Delhi and Kolkata today continued their strike for the 30th day, demanding roll back of 1 percent excise duty on non-silver jewellery proposed in the Union Budget.
Gold prices rose by Rs 78 to Rs 28,663 per 10 grams in futures trading today as speculators enlarged their positions amid a firming trend overseas.
Gold has climbed 16 percent in the first three months of this year, its biggest quarterly rise since 1986, as concerns over global growth battered equities and sparked a wave of safe-haven buying.
A large number of gold and jewellery establishments remained shuttered today as traders continued their strike to protest the Budget proposal to levy one percent excise duty on non-silver jewellery.
Gold prices were down by Rs 46 to Rs 28,697 per 10 grams in futures trade today as participants cut down their holdings, largely in line with a weak trend overseas.
Standard gold (99.5 purity) firmed up by Rs 75 per 10 grams to end at Rs 28,160 from yesterday's closing level of Rs 28,085.
In a similar fashion, the metal for delivery in far-month June was trading down Rs 66, or 0.23 percent, to Rs 28,650 per 10 grams in 34 lots.
A large number of jewellers and bullion traders in the country continued their strike Monday to protest the proposed 1 percent excise duty on non-silver jewellery.
Continuing loses for the second straight session, gold prices plunged by Rs 275 to Rs 28,085 per ten grams at the bullion market today, tracking a weak trend overseas and low demand from jewellers.
Jewellery sales is likely to fall by 40-50 tonnes in the January-March period due to the ongoing strike against proposed 1 percent excise duty on non-silver jewellery, according to ICRA
Finance Minister Arun Jaitley on Sunday offered to walk the extra mile to ensure that small traders were not harassed but made it plain that luxury items cannot go untaxed.