A firming trend overseas however capped the fall
Fresh buying from jewellers as well as retailers in view of wedding season supported the upside in gold
Indians show reluctance to convert the gold they store into money or other forms that could benefit the economy
Rising prices, hopes of cut in import duty keep buyers away; could dent rally in bullion prices
Gold imports are expected to drop to 25 tonnes in February, according to a median of estimates from five industry participants, including bank dealers and traders
The company acquired the brand through one of its wholly-owned subsidiary
Silver also shot up by Rs 375 to Rs 37,475 per kg on increased offtake by industrial units and coin makers
Speculators raised their bets amid a firming trend overseas
Gold has rallied 13.7% this year amid a tumble in global stocks that stoked demand for the safe-haven metal
Participants cut down their bets to book profits even as the precious metal strengthened overseas
With a 14% gain, gold is the best performing asset so far this year after falling for three straight years to 2015
Gold is sensitive to higher U.S. rates, which boost the opportunity cost of holding non-yielding gold.