Post GST implementation refining disparities have nullified and industry is actively pursuing global gold mines to ensure enough supplies
The overall demand in the third quarter of 2017 stood at 958 tonnes, according to WGC's Q3 Gold Demand Trends' report
This year's seasonal increase could be moderate, though, due to a liquidity crunch, rising local prices and more
Sovereign gold, however, rose by Rs 100 to Rs 24,800 per piece of eight grams
Gold is likely to lose its sheen this 'Dhanteras' due to liquidity crunch amidst rising prices and other investment options, say market experts and the industry. If the sluggish sentiment prevails this will be the second consecutive year of poor sales. In 2017, the Dhanteras season saw sales plunging more than 30 per centover the 2016 levels when sales were reasonably goodas the note ban was announced post Diwali. But last year was one of the worst for the industry in recent yearsas it was after the note ban and GST implementation coupled with tighter KYC norms for high value purchases. "I am not expecting good business this 'Dhanteras' as the consumer sentiment is not so good due to lack of liquidity in the market. "I am expectingsales to decline by 5-10 per cent from last year or at best to be at par," All India Gem & Jewellery Domestic Council (GJC) chairman Nitin Khandelwal told PTI. Bullion prices have been heading north for quite some time now, which is also .
Analysts attributed the fall in gold futures to profit-booking by traders at the existing level
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry
US gold futures were down 0.5 per cent at $1,225.2 an ounce
Gold to be delivered in November contracts also fell by Rs 60 with a business volume of 23,444 lots
Gold futures on the Multi Commodity Exchange of India Ltd. have climbed 10 per cent this year to the highest since July 2016
Globally, gold rose 0.53% to $1,225 an ounce and silver by 0.48% to $14.75 an ounce in Singapore on Monday
Analysts attributed the fall in prices trimming of positions by participants, tracking a weak trend in the global market
You can add up to 15 per cent with a two-year horizon depending on your comfort
Globally, gold fell 0.14 per cent to $1,268.70 an ounce in Singapore
Analysts said apart from profit-booking by speculators at existing levels, metal's fresh weakness in the overseas markets weighed on gold futures
A gold monetisation scheme has been suggested as a better solution by the Centre
But the rally on Friday may not be the short squeeze the bulls had been waiting for
While the price of the yellow metal is down over a five-year period, it can still be a good bet during uncertain times
It would be a safe haven if there is a steep correction in equities
In 2016, the sides agreed that Sun Gold would sell a 70% stake in the project, the Kluchevskoye gold deposit, to China National Gold