The Income Tax department has asked jewellers having turnover of more than Rs 1 crore to furnish details about their customers doing cash transaction of above Rs 2 lakh, whether in one go or in tranches in a fiscal.
Gold remained weak for the second day by losing Rs 75 to Rs 31,050 per 10 grams at the bullion market Friday largely in line with a weakening global trend amid sluggish demand from jewellers at domestic spot market.
India's gold imports fell sharply by 76 percent to 60 tonnes in the April-July period this fiscal on high import duty and other taxes, according to gold and silver refiner MMTC-PAMP.
Gold prices drifted lower by Rs 155 to Rs 31,125 per ten grams Thursday following its weakness globally coupled with muted demand from jewellers in domestic spot market.
Global gold demand grew by 15 percent to 1,050 tonnes in the second quarter of 2016, mainly driven by considerable investment demand, World Gold Council (WGC) said in its latest report.
Riding on firm global trends and increased buying by domestic jewellers to meet festive season demand, gold prices surged by Rs 310 to Rs 31,280 per ten grams at the bullion market Wednesday.
Investors remained bearish on gold exchange-traded funds (ETFs) in July and pulled out Rs 183 crore from this instrument, taking the total to Rs 411 crore in the first four months of the current fiscal, mainly on account of profit-booking.
After two days of losses, gold recovered by Rs 70 to Rs 30,970 per ten grams at the bullion market Tuesday on increased buying by jewellers at domestic spot market to meet retailers' demand even as the metal weakened overseas.
Gold prices inched further lower by Rs 30 to Rs 30,900 per 10 grams on Monday, picking weak overseas signal amid subdued demand from jewellers in the domestic spot market.
Gold prices inched up Rs 50 to Rs 31,100 per 10 grams Friday, largely on the back of positive global cues and increased buying by jewellers to meet festive demand at the domestic spot market.
After rising for two straight days, gold prices plunged by Rs 200 to Rs 31,050 per ten grams at the bullion market Thursday on weak global cues as well as fall in domestic demand from jewellers.
Taking comfort from firm global developments and increased buying by jewellers at the domestic market, gold rose for the second straight day by surging Rs 220 to Rs 31,250 per 10 grams Wednesday.
Gold prices Tuesday moved up by Rs 50 to Rs 31,030 per 10 grams at the bullion market on fresh buying by jewellers at the domestic
Gold prices retreated from a 29-month high by plunging Rs 360 to Rs 30,980 per 10 grams in the bullion market Monday, on falling demand from jewellers amid a weak trend overseas.
Gold prices slumped by Rs 100 to 30,800 per ten grams at the bullion market on Friday, taking weak cues from global market amid slackened demand from jewellers and retailers at domestic spot market.
Gold prices soared by Rs 250 to Rs 30,900 per ten grams at the bullion market Thursday, propelled by positive global cues amid increased buying by jewellers at the domestic spot market.
Gold fell further by Rs 70 to Rs 30,680 per ten grams at the bullion market Monday, tracking a weak trend overseas amid slackened demand from jewellers at domestic spot market.
Gold prices eased Rs 20 to Rs 30,750 per 10 grams at the bullion market on Saturday, in keeping with a weak trend overseas amid muted demand from jewellers and retailers at the domestic spot market.
Gold prices surged by Rs 120 to Rs 30,770 per 10 grams at the bullion market Friday, tracking a firm trend overseas amid fresh buying by jewellers at domestic spot market.