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.
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