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Tag: Gold in India

  • Gold price glitters an rises to Rs 27,600 strong global cues

    Gold price glitters an rises to Rs 27,600 strong global cues

    Gold regained its sheen with prices rising by Rs 360 to Rs 27,600 per ten grams in the national capital on Friday after it surged to two-week high in global markets amid increased demand from stockists.

    In addition, depreciating rupee in the forex market, which makes imports costlier, also influenced the prices.

    Silver also saw a hefty rise of Rs 900 to Rs 42,100 per kg on increased offtake by industrial units and coin makers.

    Sentiments turned bullish after gold rose to two-week high in global markets as concerns that a US recovery may be stalling and escalating tensions in Iraq boosted demand for the safe-haven, traders said.

    Gold in Singapore, which normally sets price trend on the domestic front, rose 0.2 per cent to USD 1,275.65 an ounce, the highest level since May 27 and silver by 0.5 per cent to USD 19.63 an ounce, the highest since May 26.

    In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 360 each to Rs 27,600 and Rs 27,400 per ten grams, respectively, while sovereign gained Rs 100 to Rs 24,500 per piece of eight grams.

    In line with a general firm trend, silver ready spurted by Rs 900 to Rs 42,100 per kg and weekly-based delivery by Rs 770 to Rs 41,370 per kg.

    Silver coins also flared up by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

  • Gold price remains up on sustained buying; silver recovers

    Gold price remains up on sustained buying; silver recovers

    New Delhi: Gold prices advanced further by Rs 120 to Rs 30,250 per 10 grams in the national capital Thursday on sustained buying by stockists and jewellers to meet the ongoing marriage season demand.

    Silver also recovered by Rs 200 to Rs 43,200 per kg on increased offtake by industrial units.

    Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.

    On the domestic front, gold of 99.9 and 99.5 percent purity advanced by Rs 120 each to Rs 30,250 and Rs 30,050 per 10 grams, respectively. It had gained Rs 130 yesterday.

    Sovereign continued to be asked at last level of Rs 25,000 per piece of eight grams.

    Silver ready recovered by Rs 200 to Rs 43,200 per kg and weekly-based delivery by Rs 210 to Rs 42,240 per kg. The white metal had lost Rs 900 in the previous two sessions.

    Meanwhile, silver coins maintained steady trend at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

  • Gold In India

    Gold In India

    India was the largest market in the world in 1962

    Gold in India
    Gold in India

    The government has a law against gold, as it imposes on citizens holding pure gold bars and coins and that was because of the loss reserves during the Indochina war. It announced that the old holdings in pure gold had to be converted into jewelry. The pure gold bars and coins to be treated only by licensed dealers.

    Take cash only as a result of this legislation that impact negatively on the official gold market. In this way also for smuggling and the black market, and they are jewelers and gold traders.

    In 1990, India was on the verge of default in foreign liabilities side as she caused a big problem in the foreign exchange problems. Then Control Act in 1992 and liberalized import of gold in India. taxes. Government provided in the foreign exchange problem by allowing free imports and tax gain. Expanded this step in the gold market showed informal trade and smuggling and the black market. Therefore India is one of the most sensitive to market price of gold in the world

    The estimated reserves of gold in India to be in the range of 10,000 to 13,000 tons

    . Indian consumption of gold 25% of world production of gold total.

    India has a gold production is very limited from about 9 tons in the domestic production of gold is very limited

    The gold when it comes to investing in second spot after bank deposits and savings and investment is the car .. India is the world’s largest consumer of gold jewelry and investment has allowed commercial banks to import gold from jewelers and exporters for sale or loan in 1997 by the Reserve Bank of India is involved in 13 banks in gold imports at the moment. As a result, and reduced the difference in the international and domestic prices of 57% during 1986 to 1991 to 8.5 percent in 2001. In society the trend to keep Indian gold .

    One of the main centers prohibit the consumption of gold in the world

    LONDON (exchange of information)

    New York (home of futures trading)

    Zurich (physical turntable)

    Istanbul, Dubai, Singapore and Hong Kong (entrances to important consuming regions)

    Tokyo

    Gold is traded in Mumbai and Ahmedabad. Home from India and commodity exchanges, a commodities and derivatives exchange limited national, and Multi Commodity Exchange of India Ltd is also traded in the Multi Commodity Exchange of India Limited National.