Say it is imperative to address surge in unofficial imports in recent months
European Central Bank is all but certain to keep rates firm
US gold was down 0.4 per cent at $1,314.20 an ounce
In New Delhi, gold of 99.9% and 99.5% purity recovered by Rs 200 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively
Adding further pressure on bullion was positive US retail sales data, which rose more than expected in June
Gold is in a major bull market and may surge to more than $1,500 an ounce as low interest rates buoy demand and the US presidential election looms
Globally, Gold fell one percent in early trade as European equities rose
India is one of the largest gold importers in the world and imports mainly take care of demand of jewellery industry
Gold prices in global market retreated as much as 0.40% to $1,337.54 an ounce in Singapore today
Investors bet the BoE will cut interest rates for the first time in more than seven years
In first six months of 2016, India's gold import bill had been estimated at $9.4-9.6 billion with imports estimated at around 210 tonnes
Meanwhile, gold was trading higher at $1,365.41 an ounce in Singapore
Dealers in India were offering a discount of up to $100 per ounce to the global spot benchmark, up from last week's $57
Technical charts show spot gold may retrace towards a support at $1,323 per ounce
In-bound shipments contracted for fourth consecutive month in May by 39.14% at $1.47 bn
Silver, which climbed around 3%to reach a 1-1/2 year high on Wednesday, was nearly flat at $18.27 an ounce
Despite having run up substantially in the past year, recent events like Brexit can lead to further gains
In India, however, it is quoting at a discount; may stay so for a while
Increased buying by jewellers at domestic spot market, shifting of funds from falling equity markets supported the upside
A look at several factors that suggest the metal being a preferred asset for all kinds of investors