In the international marketssilver was down 0.5 per cent at $26.74 per ounce.
Gold futures for delivery in June fell as much as 0.23 per cent on the MCX to touch an intraday low of Rs 47,210. Spot price for fine gold was Rs 46,900 per 10 gram on Monday, according to India Bullion & Jewellers Association (IBJA). Gold with purity of 22 carat was sold at Rs 45,310 per 10 gram, 18 carat gold was retailed at Rs 37,520 per 10 gram and 14 carat gold was sold at Rs 31,119 per 10 gram, IBJA said in a tweet.
In international markets, gold prices retreated from a more than two-month high on Tuesday due to an uptick in the dollar, although weaker-than-expected US economic data stoked concerns over recovery and limited losses for the safe-haven metal.
Jewellery demand picks up as gold prices witness a fall
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Jewellery demand has picked up as gold prices have fallen to about Rs 44,000 per 10 gm, but investment demand has dried up as investors are parking funds in equity markets in hope of better returns, said, industry executives.
AP
Jewellery demand has picked up as gold prices have fallen to about Rs 44,000 per 10 gm, but investment demand has dried up as investors are parking funds in equity markets in hope of better returns, said, industry executives.
Jewellers are buying gold to meet the upcoming wedding and Akshaya Tritiya demand, they said. This has prompted bullion dealers in the spot market to charge a higher premium from jewellers. “The demand is good and has gone up further as the prices have come down. Jewellers are stocking gold at this price which is why the premium has gone up from $4 per ounce to $5 per ounce,” said Prithviraj Kothari, national president of India Bullion & Jewellers
New coronavirus wave causes 35% dip in sales at Asia s largest gold market
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Amid increasing cases of Covid-19, the state government has imposed strict restrictions on people s movements but stopped short of announcing a lockdown. Restrictions have been imposed across cities such as Amravati, Mumbai, Nagpur, Pune, Pimpri Chinchwad, Nashik, Aurangabad, Thane, Navi Mumbai, Kalyan-Dombivli, Akola, Yavatmal, Washim and Buldhana.
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The new wave of coronavirus led to a 35% fall in sales in the past week in Mumbai’s Zaveri Bazaar, Asia’s largest gold market, from where 65% of all gold trading and dealing in India is estimated to originate, said bullion dealers and jewellers.
Budget 2021 | SEBI assigned new responsibility as Gold Spot Exchange regulator
In the budget of 2018-19, the government had announced its intent to establish a system of regulated gold exchanges in the country. For this purpose, SEBI will be notified as to the regulator. For warehousing purposes, the government has appointed Warehousing Development and Regulatory Authority as a regulator. February 01, 2021 / 05:53 PM IST
Finance Minister Nirmala Sitharaman has increased the responsibility of the Securities and Exchange Board of India (SEBI) by appointing it as regulator for the Gold Spot Exchange. The recommendation to nominate SEBI in this role also came from the National Institute for Transforming India.
KYC for gold purchases: How to keep your data safe while dealing with non-financial entities
Any cash transactions to purchase gold would require a government-issued identity card January 11, 2021 / 11:20 AM IST
Shopped for gold from your favourite jewellery outlet and faced a barrage of requests for identify proofs and documentation?
The jewellery retailer may have been going beyond the brief.
Now, the Ministry of Finance has clarified that the Government has not mandated any new documents or paper trail while making purchases.
The Prevention of Money Laundering Act (PMLA) guidelines have mandated know-your-customer documentation for purchase of jewellery in cash.
Currently, if you buy jewellery worth more than Rs 2 lakh, you need to submit copies of your photo IDs. Since December 28, jewellers had been requesting KYC documents for cash purchases of less than Rs 2 lakh. But if you buy jewellery through credit and debit cards or cheques no documentation was needed.