Gold discounts in India soared to a record high this week as prices in the world`s second-largest consumer of the commodity touched a near three-year high, hurting consumer demand for physical gold.
Gold prices slipped from a 28-month high by falling Rs 150 to Rs 30,900 per 10 grams at Delhi bullion market Thursday, with demand from jewellers softening, even as the metal rose overseas.
Gold prices shot up to Rs 31,050 per 10 grams, a 28-month high, by surging Rs 400 in the bullion market on Wednesday, underpinned by risk-off attitude among investors and positive global cues.
Snapping its six-day long winning run, silver prices retreated from 28-month high by falling Rs 1,065 to Rs 46,650 per kg at the bullion market Tuesday, tracking a weak trend overseas amid reduced offtake by industrial units at the domestic market.
Gold prices held steady early on Tuesday on an easing dollar and weaker Asian stocks, after the metal surged to near two-year highs the session before.
The white metal prices have risen by nearly 44 percent since January 1 this year.
Gold eased off a near two-year high, while silver breached the $21 level for the first time since July 2014 in highly volatile trade on Monday, prompted by a burst of short-covering in China.
Gold imports fell by about 51 percent to USD 2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit.
Riding high on strong global cues and continued buying by industrial units and coin makers, silver prices cracked the Rs 45,000-mark on Saturday by surging Rs 960 per kg to trade at a two-year high of Rs 45,560.
In the national capital, gold of 99.9 percent and 99.5 percent purity climbed by Rs 200 each to Rs 30,550 and Rs 30,400 per 10 grams respectively.
Gold surged by Rs 100 to Rs 30,350 per ten grams at the bullion market Thursday on positive global cues amid jewellers' buying at domestic spot market.
Gold prices slumped by Rs 300 to Rs 30,250 per ten grams at the bullion market Tuesday, tracking a weak trend overseas amid muted demand from jewellers at spot market.
Buoyed by firming global trend and increased buying by jewellers, gold prices recovered by Rs 150 to Rs 30,550 per 10 grams at the bullion market Monday.
Gold extended its gains in future trading Monday as participants enlarged their positions after aftershocks from Britain`s vote to leave the European Union pushed investors towards the safe-haven asset.
Spot gold had risen 1.30 percent to USD 1,332.55 an ounce, after touching a high of USD 1,335.30 earlier in the day. Bullion prices surged by 4.8 percent in the previous session to top out at USD 1,358.20 - the highest since March 2014.
Gaining from safe haven buying post the Brexit referendum, gold prices are likely to remain firm and touch Rs 33,500 by the year-end due to factors like US elections, ongoing geopolitical tensions and volatility in currency markets, experts said.
Gold prices fell from 26-month high by plunging Rs 485 to Rs 30,400 per 10 grams at the bullion market today on considerable fall in demand from jewellers at prevailing higher levels amid profit-selling by stockists, even as the metal strengthened overseas.
Gold prices climbed over Rs 2,000 per 10 gram in futures trade Friday as Britain voted to exit the European Union leading to bloodbath in global equity and currency markets.
Gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain's voters were projected to back leaving the European Union after a historic poll.
Gold prices Wednesday drifted lower by Rs 50 to Rs 29,700 per 10 grams at the bullion market, tracking a weak trend overseas and slackened demand from jewellers at the domestic spot market.