Gold bounced back from a six-week low by edging up Rs 25 to Rs 29,225 per 10 grams Thursday, snapping its two-day losing streak, driven by a rising trend overseas amid scattered buying by jewellers at the domestic spot market.
Continuing its losing falling streak for the second straight day, gold prices slumped by another Rs 370 to trade at a six-week low of Rs 29,200 per ten grams at the bullion market Wednesday in tandem with a weakening global trend amid muted demand from jewellers at spot market.
Gold edged higher on Friday after two days of losses but remained on track for its biggest weekly slide in nearly two months on growing expectations of an increase in U.S. interest rates as soon as next month.
Zee Media Bureau
Mumbai: One of the most famous temple in India, Shri Siddhivinayak has deposited around 44 kg of gold in the government's gold monetisation scheme.
Gold was trading near a three-week low on Thursday after minutes from a Federal Reserve policy meeting signalled the U.S. central bank could raise rates as soon as next month, boosting the dollar.
Gold fell more than one percent on Wednesday as the dollar hit a new three-week high following minutes of the U.S. Federal Reserve`s last policy meeting that bolstered expectations that the central bank could soon raise interest rates.
Silver too faced selling pressure and broke below the Rs 41,000-mark by losing Rs 200 to Rs 40,900 per kg.
Gold prices cracked below the Rs 30,000-level, tumbling by Rs 230 to Rs 29,820 per 10 grams at the bullion market Tuesday owing to slackened demand from jewellers and retailers at prevailing levels amid a weak trend overseas.
Government on Monday said that trading of the Sovereign Gold Bond (SGB) will begin by month-end and the fourth tranche of the scheme will be launched thereafter.
In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 25 each to Rs 30,050 and Rs 29,900 per 10 grams, respectively.
Gold rose for a second session on Monday, as slowing economic growth in China and weakness in Asian stock markets lifted the safe-haven appeal of the precious metal.
Gold prices drifted lower by Rs 25 to Rs 30,025 per 10 grammes at the bullion market today as demand eased from jewellers and retailers at prevailing levels even as the metal strengthened overseas.
Gold prices rebounded by Rs 200 to trade above the Rs 30,000 mark at the bullion market today, taking positive cues from global markets amid fresh purchases by jewellers at domestic spot market.
The demand for gold in India for the January-March quarter of 2016 was at 116.5 tonnes, down by 39 percent as compared to the corresponding period of the previous year, the World Gold Council said on Thursday.
In the national capital, gold of 99.9 and 99.5 percent purity moved up by Rs 100 each to Rs 29,950 and Rs 29,800 per ten grams respectively.
Marketmen said sentiment remained bearish largely in tune with a weak global trend and fading demand from jewellers and retailers at current levels at the domestic spot markets.
High gold prices dampened sales today on Akshaya Tritiya, considered auspicious to buy yellow metal, with a section of industry players putting the sales figure 20-30 percent lower than the year-ago level.
Gold prices have risen sharply in the last few days and are currently at Rs 30,100 per 10 grams in the national capital. The rates were at Rs 27,100 on Akshaya Tritiya in 2015.
World Gold Council Managing Director, India, Somasundaram PR said the buying behaviour of consumers is returning to normalcy following the jewellers resuming business after a month long protest over the excise duty.