Spot gold dipped 0.3 per cent to $1,705.94 per ounce by 0502 GMT, after hitting its lowest level since May 13
Jewellers in Mumbai's largest gold market, Zaveri Bazar, will offer online jewellery sale on Akshaya Tritiya
Titan which sells Tanishq brand gold and diamond jewellery, operates over 350 retail stores across the counter. Apart from that, the company also sells huge quantity of its products online.
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Lower buying by the world's second biggest consumer of the precious metal could weigh on global prices that jumped 18% in 2019
The Chinese festival is also expected to improve demand in Singapore, with many retailers offering promotions for bullion, Silver Bullion sales manager Vincent Tie said.
Wall Street's main indexes hit record highs at the open on upbeat comments related to US-China trade talks and strong earnings
Gold has been selling at a premium for the first time since the Union Budget for 2019-20, presented on July 5, when import duty on gold was raised to 12.5 per cent
The lack of a coherent policy and the unwillingness of Indian jewellers to reform are tarnishing the industry
In this Samvat, investors earned 20.4 per cent from gold. The last year in which returns from gold were as good, was Samvat 2067 and 2068, though 2072 was not bad either
Most jewellers have also posted a sharp increase in lightweight gold jewellery sales for gifting and diamond ornaments for wedding and self-consumption
The metal was trading at a discount of Rs 1,500 per 10 grams, or $65-70 an ounce, to the cost of imports, the highest since 2016, post demonetisation
Safe-haven buying of the metal has seen prices hitting a seven-year high in the international market and a life-time high in India
The precious metal hits 16-month high, consumers abstain from fresh purchase amid expectations of price decline