World's richest Hindu temple may move stash to PM Narendra Modi's gold scheme
Gold got back some of its sheen after two days of weakness by rising Rs 210 to Rs 25,560 per 10 grams at the bullion market Friday, tracking a firm trend overseas amid buying by jewellers for the ongoing wedding season.
India is planning to ban imports of 24-carat gold jewellery in an attempt to curb the misuse of free trade agreements (FTAs) with Asian countries, the DNA newspaper reported on Friday.
The consumption of gold in the first nine months of the year 2015 in India has been 642 tonnes whereas that in China has been 579 tonnes.
Gold took a severe knock to hit a 3.5-month low and closed below the psychologically important Rs 25,000 mark at Mumbai bullion market following heavy selling from stockist and speculative traders amids fear over an impending Fed rate hike.
Tracking a weak overseas trend, gold prices tumbled by Rs 200 to Rs 25,350, extending its slide for the second straight day at the bullion market Thursday.
Spot gold fell to USD 1,045.85 an ounce, the lowest since February 2010, before steadying at USD 1,052.35 while US gold futures slid to USD 1,045.40, the lowest since October 2009.
Gold languished close to a near-six-year low after comments from Federal Reserve chair Janet Yellen boosted expectations of a US rate hike this month
India imported over 528 tonnes of gold, worth Rs 1.12 lakh crore, between April-September this year, Minister of State for Finance Jayant Sinha has said.
Such a platform could provide transparency and establish a price benchmark in the market, though some in the industry said more changes were needed before such a plan might work.
Gold prices drifted by Rs 150 to Rs 25,550 per ten grams at the bullion market Wednesday following a weak trend overseas coupled with slackened demand from jewellers at prevailing levels.
Spot gold slipped slightly to USD 1,067.80 an ounce, after gaining about 1 percent in the past two sessions.
Economic Affairs Secretary Shaktikanta Das Tuesday interacted with members of the public and private bankers here to review the progress of the schemes.
Snapping its three-day losing run, gold prices recovered from over a four-month low by surging Rs 175 to Rs 25,700 at the bullion market Tuesday, taking positive cues from global markets amid fresh buying by jewellers.
Spot gold rose to a session high of USD 1,074.34 an ounce, before giving up some gains to trade up 0.7 percent at USD 1,071.40.
Gold prices dipped by Rs 90 to trade at over four-month low of Rs 25,525 per ten grams, extending its slide for the third straight day at the bullion market Monday, tracking a weakening global trend and muted demand from jewellers.
Bullion has lost about 7.5 percent of its value in November, its steepest monthly fall since June 2013.
Gold extended its slide for the second straight day as prices tumbled by Rs 195 to Rs 25,615 per 10 grams at the bullion market Saturday, taking weak cues from the global market and easing demand from jewellers.
Gold dipped to its lowest level in nearly six years on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a US interest rate rise next month.