Budget 2014-15: Govt surprises by keeping gold import duty at 10 per cent

The government astounded gold bars markets by observance the introduce duty on gold and silver unmoved at 10 per cent in its Union Budget for 2014-15, a move likely to limit out of the country purchases by the second-biggest bullion shopper and further hearten smuggling.
India's major bullion trade group had on Wednesday said the economics minister would likely cut the gold introduce duty to 6 per cent in the just now elected government's first budget arrangement.
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Indian bullion futures jumped 2 per cent on Thursday, widening the premium over global prices which had pointed on the probability of a duty cut.
"This will basically force jewellers, who were on the sidelines pregnant a duty cut, to re-stock," said Sudheesh Nambiath, senior analyst with Thomson Reuters GFMS.
Premiums should get better to $20-30 an ounce in the next few days, he said, against $10 on Wednesday.
India, anxious to orderly a wide open present account shortage, took a slew of actions last year to limit require for bullion, its second-biggest import after oil.
Besides the duty compulsory by the finance ministry, India's central bank also imposed the so-called 80-20 rule that necessary a fifth of all gold imports be re-exported.
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The rules have curly supply and pressed premiums up to as high as $160 an ounce in December.

Gold prices increase for subsequent day on worldwide cues

Gold prices rose for the second straight day on Saturday by gaining Rs 120 to Rs 30,120 per ten grams in the national capital, largely in tandem with a firming trend overseas.

Traders said increased buying by stockists and jewellers amid a firming global trend, as the dollar's slump boosted demand for precious metals as an alternative investments, mainly influenced gold prices.

FLASHBACK 2013: Stocks outshine gold, silver with better returns

Gold in New York, which normally sets price trend on the domestic front, up by 0.1 per cent to $1,214 an ounce while silver by 0.7 per cent to $20.04 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 120 each to Rs 30,120 and Rs 29,920 per ten grams respectively. It had gained Rs 100 on Friday.

Sovereign, however, remained steady at Rs 25,100 per piece of eight gram in scattered deals.

Silver ready rose for the fourth straight session, gaining Rs 250 to Rs 45,000 per kg and weekly-based delivery by Rs 320 to Rs 45,150 per kg on increased offtake by industrial units and coin makers, while silver coins continued to be asked at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Silver had gained Rs 1,200 in the previous three sessions.

Gold worth recovers on Christmas require, worldwide cues

 

Gold worth snapped its two-da trailing splash on Wednesday, trailing recuperating by Rs 125 to Rs 30,175 per ten grams in the general investment , on Christmas require coupled with a campact overall leaning.
Silver worth followed outfit and gained Rs 140 to Rs 43,690 per kg on increased offtake by manufacturing Units.
Traders said besides Christmas require, solid world wide  fashion on assumption that this month's wroth drop may encourage more material buying Mostly led to a revival in expensive metals.

Gold in New York, which as a imperative sets wroth fashion on the marital  front, rise by 0.5 per cent to $1,203.30 an small amount and silver by 0.4 per cent to $19.48 an ounce.

On the marital facade, gold of 99.9  and 99.5 per cent spotlessness well again by Rs 125 every to Rs 30,175 and Rs 29,975 per ten grams, correspondingly. It had vanished Rs 350 in last two require.

monarch   remained  stable  at  Rs 25,100 per part of eight gram.
In line with a common compact require, silver ready rebounded by Rs 140 to Rs 43,690 per kg and paper-based release by Rs 250 to Rs 43,990 per kg. The white metal had gone Rs 400 in the prior two sessions.
Silver coins, nevertheless, detained stable at Rs 84,000 for buying and Rs 85,000 for advertising of 100 pieces.

Gold, silver prices zoom on seasonal demand

Gold prices surged by Rs 305 to Rs 31,930 per ten gram in the national capital on Wednesday on brisk buying by stockists and jewellers to meet the rising seasonal demand amid strong global trend.

Silver prices too zoomed by Rs 1,190 to Rs 50,200 per kg on increased offtake by industrial units and coin makers for coming festivals led by Diwali and ongoing marriage season.

Silver and gold coins, which are normally used for pooja on Diwali and gifting purpose during marriage celebrations, remained in keen demand.

Firm global trend after payrolls in the US climbed, increasing speculation the Federal Reserve will maintain monetary stimulus to boost the economy, also influenced the sentiment, traders said.

Gold in New York, which normally sets price trend on the domestic front, climbed 2 per cent to $1,342.60 an ounce, nearing the highest level since September 30. Silver also climbed 2.3 per cent to $22.79 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 305 each to Rs 31,930 and Rs 31,730 per ten gram, respectively, while sovereign held steady at Rs 25,300 per piece of eight gram.

In a similar fashion, silver ready surged by Rs 1,190 to Rs 50,200 per kg and weekly-based delivery by Rs 700 to Rs 50,000 per kg. However, silver coins held steady at Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.