Category: Gold In India

India Gold Rate Today Update

Gold price in overseas markets, moved marginally lower on Friday but logged its biggest weekly gain in nearly two years on easing fears of an early end to US monetary stimulus that has boosted bullion’s appeal as a hedge against inflation.

The metal has gained 7.8 percent for the week, its biggest weekly climb since October 2011 when it rose 6.2 percent.

The metal rallied after Fed Chairman Ben Bernanke on Wednesday said a highly accommodative policy was needed for the foreseeable future as inflation remains low and the employment rate may be overstating the health of the labour market.

Minutes from the June Fed policy meeting also showed that about half of the bank’s policymakers felt the stimulus programme should be brought to a halt by year end, but many wanted reassurance the US jobs recovery was on solid ground before any policy retreat.

Spot gold last traded down 0.2 percent at USD 1,282.06 an ounce, snapping a four-day winning streak.

In New York, gold for August delivery edged lower USD 2.30 or 0.2 percent to settle at USD 1,277.60 an ounce on the Comex division of the NYMEX. For the week, prices were 5.4 percent up. That was their first weekly gain in four weeks, and the biggest weekly percentage climb since the week ended Oct. 28, 2011.

In Delhi spot market, gold and silver prices extended losses in the national capital Saturday on sustained selling by stockists amid a weakening global trend.

While gold fell by Rs 50 to Rs 27,250 per ten grams, silver shed Rs 120 to Rs 41,410 per kg.

In the national capital, gold of 99.9 and 99.5 percent purity fell further by Rs 50 each to Rs 27,250 and Rs 27,050 per ten grams, respectively. It had shed Rs 25 yesterday. Sovereign followed suit and traded lower by Rs 50 to Rs 24,150 per piece of eight grams.

In line with a general weak trend, silver declined by Rs 120 to Rs 41,410 per kg and weekly-based delivery by Rs 70 to Rs 41,460 per kg. The white metal had lost Rs 220 in last trade.

On the other hand, silver coins held steady at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces in restricted buying at prevailing higher levels.

July 17, 2013
India reduced the value of the tariff on imports of gold and silver

}ut India and is the largest country in the consumption of gold bullion, the tariff on imports of gold and silver due to the global dips in prices.

Where India has reduced the the tariff value on gold from 459 $ to 401 $ per 10 grams also lowered the the tariff value on silver from 737 $ to 604 $ kg.

The notification was issued in this regard by the Central Board of Excise and Customs (CBEC). The Government of India still imposes restrictions on gold imports to check the rising current account deficit.

According to the World Gold Council, said that India, which accounted for 28% of global demand for gold, probably will rise 150%, this quarter of the year. And is expected to import 400 tons of gold to India, nearly half of the total imports in 2012.

July 2, 2013
UAE achieve rise in gold sales by 100% in the year

UAE gold sales seen increase in gold market especially in Dubai Gold souk compare with previous days, and especially in the field of jewelry

buying jewelry was the result of lower prices World Gold and arriving without 1300 U.S. dollars per ounce, where those declines strong gold prices have had a primary motivation behind the remarkable turnout to buy gold at the present time, said Tariq al Madaqa chief executive of the jewelry Kaloti World (DMCC)

He also add that gold sales rose especially small bars by 50 percent in the first quarter of this year as it is expected to increase sales gold in the second quarter of this year to reach 100 percent as determined pestle that small bars, which rose sales and weighing between 100 and 200 grams.

And for what price of gold in 2013 ranging between 1300 and 1550 U.S. dollars per ounce and there are a lot of oscillations clear and sharp price and that the main character of these oscillations is that they tend more to drop them to rise also noted that the scope of the market Local gold sales with a great state of fear of difference forces the price of gold, but the sales increase came especially from the Indian community, which focused on buying gold from United Arab Emirates to exploit differences and currency prices and the imposition of customs tax on gold is estimated at 6%. said Tariq

Gold price drop was initially working on reducing the demand for buying gold for fear of lower prices as he found that the drop in prices increased appetite dealers on the gold in the purchase and by higher sales of stores.said Ahmed summer owner of (Golden Shop) in Dubai

June 24, 2013
Gold buying loses its sheen in the UAE

Gold’s golden run in the UAE retail market seems to be over… at least for the moment. After setting off a frenetic round of buying when the price tumbled on April 11 and which continued for the better part of May, gold’s sheen seems to have come off in June.

Nowhere is it more apparent than in the higher end of the jewellery sales spectrum, averaging Dh20,000 and more (for 80 grams and over) per buy. Such transactions have dropped significantly since June as buyers hold back purchases on sentiments that prices would start treading even lower levels.

The only activity seems to be at the lower end, where average transactions are in the Dh4,000 a buy range.

“The drop in retail demand has more to do with continued uncertainty over where gold prices are headed next, with many projections placing it at going below $1,300 an ounce [it was $1,365 on June 19],” said Shamlal Ahmad, director of international operations at Malabar Gold.

Obviously, at the retail level here, this uncertainty is holding back prospective buyers, especially high networth ones, from committing to major purchases. Wait-and-watch is the dominant sentiment.”

All of which is far removed from the situation in the weeks following April 11. It had led to a run to jewellery shops across the UAE, created shortfalls in gold bar and coin inventory, and spiked premiums on confirmed deliveries to jewellery retailers.

According to Cyriac Varghese, general manager at Sky Jewellery, the present cooling off in buying is a natural outcome. “Such was the demand generated in April and May that people over-bought on their gold-related purchases at the first instance of prices turning favourable,” said Varghese. “Now, much of that demand has been satiated and buyers reckon they are better off waiting until the next favourable set of circumstances.” Also, other factors have also been playing against demand for gold. Expat Indians are using the weakened circumstances of the rupee – $1 fetches Rs58.68 and looks all set to breach Rs60 – to remit back to the home country. Gold, for sure, has slipped off the priority list with this buyer base, a significant driver of volumes in the gold trade here.

Even with India announcing a further hike on bullion imports — 8 per cent plus 1 per cent VAT against 6 per cent plus 1 per cent VAT earlier — from June 5 did not create the necessary bounce for the jewellery market here. What the increase did was to further widen the cost of purchasing gold in India as opposed to doing the same here, but nothing resembling increased retail demand has materialised so far.

“The street sentiment is that from current levels gold will find it quite difficult to move up, in fact all of the pressure building up is for it to tread lower,” said Varghese. “The upcoming Fed Open Market Committee meeting should provide some indication.”

Now, market sources are hoping that some demand upturn will be recorded by early next month when the holiday season starts and families, especially those from the subcontinent, head back home. “Retail buyers armed with their next pay cheques could provide some impetus post June 25, with many Indian buyers hoping to derive a good margin from selling in India on their trips home,” said Ahmad. “But again this will be a confined burst of buying — sustained activity will come only with a firm line on where gold prices are headed.”

June 19, 2013
Gold Rate Today : Gold price spurts by Rs 430

Gold prices in futures trade continued their uptrend by extending yesterday’s gains by Rs 51 to Rs 27,209 per ten grams in afternoon trade Friday as market players engaged in building up positions taking positive cues from the global market amid firm spot demand.

At the Multi Commodity Exchange (MCX), gold for delivery in June moved higher by Rs 51 to trade at Rs 27,209 per ten grams against its previous close of Rs 27158.

Similarly, silver for delivery in July gained by Rs 62 to Rs 44,483 per kg compared to Rs 44,421 on Thursday.

Gold prices in overseas markets, which normally set price trend on the domestic front, edged up today, hovering near a two-week high hit in the previous session, as weak US economic data eased fears that the Federal Reserve could soon wind down its bullion-friendly bond buying programme.

A rise in gold-backed exchange-traded fund holdings for the first time in three weeks also indicated renewed interest in the precious metal — typically seen as a hedge against inflation.

Spot gold last traded up USD 0.14 percent at USD 1,415.21an ounce, after rising to a two-week high of USD 1,417.81 on Thursday.

In New York, gold for August delivery moved higher by USD 20.20 or 1.5 percent to settle at USD 1,412 an ounce yesterday on the Comex division of the NYMEX. That was the highest close for a most-active contract since May 14.

Silver for July delivery also settled up 24 cents, or 1.1 percent at USD 22.69 an ounce.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

In Delhi spot market, gold prices surged by Rs 430 to Rs 27,480 per ten gram in the national capital Thursday on stockists buying driven by a firming global trend.

A firming trend was also extended in silver on increased buying by industrial units and coin makers, lifting the prices by 660 to Rs 44,600 per kg, after loosing Rs 60 yesterday.

Meanwhile, the World Gold Council, an industry group, said Asian gold demand from this April to June will reach a quarterly record as bullion consumers in the region take possession of supply freed up by selling from ETFs.

Gold prices surged by Rs 430 to Rs 27,480 per ten gram in New Delhi Thursday on stockists buying driven by a firming global trend.

After gaining Rs 100 in the previous session, gold shot up as its prices regained USD 1,400 level after one-week, boosting investor demand for safe haven.

Gold price in Singapore, which normally sets price trend on the domestic front, rose 1.3 per cent to USD 1,411.27 an ounce, the most expensive since May 22. Silver gained 0.5 percent to USD 22.59 an ounce.

A firming trend was also extended in silver on increased buying by industrial units and coin makers, lifting the prices by 660 to Rs 44,600 per kg, after loosing Rs 60 yesterday.

In New Delhi, gold of 99.9 and 99.5 percent purity rose by Rs 430 each to Rs 27,480 and Rs 27,280 per ten gram, respectively. Sovereign also rose by Rs 100 to Rs 23,800 per piece of eight gram.

Silver ready shot up by Rs 660 to Rs 44,600 per kg and weekly-based delivery by Rs 610 to Rs 43,820 per kg on increased buying by speculators. However, silver coins held unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

May 31, 2013
Gold Price Per 10 Gram tumbles by Rs 465 to Rs 26,950

Dubai Gold – Gold and Silver prices fell today Tuesday driven by a weak global trend .

Gold rate today per 10 grams tumbled by Rs 465 to Rs 26,950 and silver price shed by Rs 880 to Rs 44,000 per kg today

Gold Price in Singapore domestic front fell by 0.6 percent to USD 1,386.22 an ounce also silver decline by 0.7 percent to USD 22.48 an ounce

Lower prices for gold comes in light of the reluctance of hedge funds backed by gold metal of the purchase with the rise of the dollar and is fairly high gold as a result of increased demands in the present market.

Traders pointed to bypass the U.S. Treasury bond yields for ten years Monday percent and expectations of low inflation as additional negative factors in the decline in gold prices.

Stock markets rose in Asia today the Japanese market led the Nikkei 169.33 points to 14311.98 points, while the broader Topix index rose 1.2 percent range at 1168.27 points, and European stocks advanced 1.2 percent.

The dollar index rose, which measures the performance of the greenback against a basket of major currencies, increased by 0.38 percent, and the dollar rose against the yen to the highest levels of 102.00 yen per dollar.

This precious metal gold is trading at 14:10 GMT, around $ 1377.13 an ounce after recording after recording the highest price of $ 1496.26 and a low price of $ 1375.62.

May 28, 2013
Gold Rate India :Latest Today Updates

Gold prices quoted down Rs 186 at Rs 26,260 per ten grams in futures trade Tuesday as market players continued to reduce their exposures, largely in tandem with a global trend as firming dollar reduced appeal for safe haven investment.

At the Multi Commodity Exchange (MCX), gold for delivery in June shed Rs 186 to trade at Rs 26,260 per ten grams.

Similarly, silver for delivery in July moved lower by Rs 570 to Rs 43,040 per kg.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell today as Asian stock markets and the dollar firmed after a turbulent week, undermining the metal’s appeal as a safe haven and prompting more selling in bullion-backed exchange traded funds.

Spot gold last traded down USD 8.50 or 0.61 percent at USD 1,378.80 an ounce, after gaining more than half a percent on Monday.

It rose 2 percent last week – its strongest weekly percentage gain in a month – though the metal is down 17 percent for the year.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

In Delhi spot market, both the precious metals, gold and silver declined today on stockists selling at existing higher levels, driven by a weak global trend.

While gold tumbled by Rs 465 to Rs 26,950 per ten grams, silver shed by Rs 880 to Rs 44,000 per kg on reduced offtake.

Chennai

Standard gold price inched up by Rs 10 to Rs 26,775 per ten grams as against its previous close of Rs 26,765.

Silver rallied by Rs 415 to Rs 43,880 per kg from Rs 43,465.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity tumbled by Rs 465 each to Rs 26,950 and Rs 26,750 per ten grams, respectively.

It had gained Rs 465 in the previous two session. Sovereign followed suit and declined by Rs 100 to Rs 23,700 per piece of eight gram.

In a similar fashion, silver ready dropped by Rs 880 to Rs 44,000 per kg and weekly-based delivery by Rs 235 to Rs 43,360 per kg. The white metal had gained Rs 880 in last three sessions.

However, silver coins held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in scattered deals.

Mumbai

Standard gold of 99.5 percent purity shed by Rs 90 to finish at Rs 26,390 per 10 gm from Monday’s closing level of Rs 26,480.

Pure gold of 99.9 percent purity slipped by Rs 100 to conclude at Rs 26,530 per 10 gm from Rs 26,630.

Silver ready (.999 fineness) fell by Rs 300 to end at Rs 44,430 per kg compared to Rs 44,730 yesterday.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June shed Rs 186 to trade at Rs 26,260 per ten grams.

Similarly, silver for delivery in July moved lower by Rs 570 to Rs 43,040 per kg.

International markets

Spot gold last traded down USD 8.50 or 0.61 percent at USD 1,378.80 an ounce, after gaining more than half a percent on Monday.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Gold ETF

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, are at their lowest since mid-February 2009, falling 0.24 percent to 1,016.16 tonnes on Friday. The fund held 1,350.50 tonnes of gold at the beginning of 2013.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai
GOLD: Rs 26,530 (-100) / SILVER: Rs 44430 (-300)

Delhi
GOLD: Rs 27,950 (-465) / SILVER: Rs 44,000 (-880)

Chennai
GOLD: 26,775 (+10) / SILVER: Rs 43,880 (+415)

Kolkata
GOLD: Rs 26,900 (-100) / SILVER: Rs 43,800 (-350)

Bangalore
GOLD: Rs 26,817 ( -146) / SILVER: Rs 44,600 (-200)

Hyderabad
GOLD: Rs 27050 (-150) / SILVER: Rs 47,300 ( +300)

May 28, 2013
MCX Gold June contract slips

GOLD prices on MCX slipped. At 16:32 hrs MCX GOLD June contract was trading at Rs 26281 down Rs 165, or 0.62 percent. The GOLD rate touched an intraday high of Rs 26426 and an intraday low of Rs 26226. So far 20164 contracts have been traded. GOLD prices have moved down Rs 5913, or 18.37 percent in the June series so far.

MCX GOLD August contract was trading at Rs 26488 down Rs 147, or 0.55 percent. The GOLD rate touched an intraday high of Rs 26599 and an intraday low of Rs 26419. So far 3301 contracts have been traded. GOLD prices have moved down Rs 5739, or 17.81 percent in the August series so far.

MCX GOLD October contract was trading at Rs 26703 down Rs 64, or 0.24 percent. The GOLD rate touched an intraday high of Rs 26750 and an intraday low of Rs 26630. So far 58 contracts have been traded. GOLD prices have moved down Rs 5147, or 16.16 percent in the October series so far.

May 28, 2013
10 reasons why gold prices may hit Rs. 21000

Gold prices (in dollars) are down 20 per cent in 2013. Spot gold is currently trading at $1,391.30 an ounce. In India, gold futures for May delivery dipped below Rs. 26,000 per 10 gram mark earlier this week. Global investment bank Credit Suisse says “the sell-off could have further to run.” If we were to pick an “ideal” ultimate target for the sell-off though, it would be $1085 (or Rs. 21,000 per 10 gram), Credit Suisse says.

Here are 10 reasons why gold prices may fall further:

1- Gold expensive over the long term: In real terms (dollars adjusted for inflation), the average price of gold over the very long run (150 years) is around $520 an ounce against $1,391 an ounce currently, Credit Suisse says. Clearly, gold continues to be expensive over the long term average despite the sharp correction this year.

2- Gold expensive against other commodities: Gold remains expensive when valued against hard assets, such as base metals and U.S. real estate, as well as against other investment classes such as US equities, Credit Suisse says.

3- Global stock markets are at record highs. Besides, equities offer some dividend yield as well, which means the opportunity cost of holding gold has become too much to bear for many investors, Credit Suisse argues.

4- Inflation no more a risk: Investors buy gold to hedge against inflation. However, policymakers in the developed world have failed to generate even moderate 2-2.5 per cent inflation, Credit Suisse says. So, gold as an inflation hedge is losing its charm as the prospects of a sharp move in prices remains remote. (Also read: Why 2013 may not be the year of gold)

5- No imminent collapse of financial markets: The European Central Bank’s commitment to preserve the euro and the determination of other leading central banks to underwrite risk and the recapitalization of financial institutions means reduced risk and thus reduced demand for insurance in the form of gold, Credit Suisse says.

6- No threat to dollar: There have been numerous stories about the potential outbreak of “currency wars” amongst the major industrialized economies leading to forex instability. However, if everyone eases together, it will in theory not impact cross rates, Credit Suisse argues.

7- QE coming to an end: The U.S. Federal Reserve has been printing money to shore up the U.S. economy. This liquidity has been driving up asset prices including gold. Credit Suisse says at least 435 tonnes of gold could be liquidated once the Fed withdraws quantitative easing, thereby putting further pressure on gold prices.

8- Central banks are not buying gold despite falling prices and any intervention by them to support prices looks unlikely, Credit Suisse says.

9- No support to gold prices from high production costs: While cost inflation across the gold mining sector has been high, the marginal cost (the change in total cost that comes from producing one additional item) is unlikely to provide support to gold price in the short to medium term, Credit Suisse says.

10- Gold in bear territory: Going by the past trends, a 60 per cent retracement of the 2005 to September 2011 rally over the two and a half years would take gold back to around $1,000 an ounce (nominal) by the end of March 2014, Credit Suisse says.

May 26, 2013
Gold down by Rs 20 on sustained selling, weak global cues

Dubai Gold – Gold prices India today fell for the second straight session by losing Rs 20 to Rs 27,000 per 10 grams in the national capital due to sustained selling by stockists amid a weak global trend.

Silver also met with resistance at prevailing higher levels and lost Rs 300 at Rs 44,000 per kg. The white metal had gained Rs 2130 in the previous two session.

Traders said sustained selling by stockists against sluggish demand and a weak global trend mainly kept pressure on Gold prices for the second straight day.

Gold in New York, which normally sets the price trend on the domestic front, fell by USD 6.30 to USD 1,369.70 an ounce and silver by 0.71 per cent to USD 22.27 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 20 to Rs 27,000 and Rs 26,800 per 10 grams, respectively. It had shed Rs 30 yesterday.

Sovereigns remained steady at Rs 23,700 per piece of eight grams in restricted buying activity.

In line with a general weak trend, silver ready declined by Rs 300 to Rs 44,000 per kg and weekly-based delivery by Rs 1,195 to Rs 43,170 per kg for want of support.

On the other hand, silver coins maintained steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

May 24, 2013