Bullion Update

Indian Market Ends Flat Before Christmas

Indian Market Ends Flat Before Christmas

Indian Stock Market ended the day flat on Monday. The BSE Sensex closed 13 points higher at 19255 while NSE Nifty closed 8 points higher at 5855. Major gainers in today’s trade were Tata Motors, DLF and Wipro.

Among major losers were Jindal Steel, ONGC, Maruti Suzuki and UltraTechCement. Cement counters have been facing pressure as sales volumes were lower during the past three months. In north India, the issue with supply of other building material has resulted in lower sales of cement. This has resulted in price pressure on cement.

Gold remains strong as investors find it safer than other options

Gold Price Remains Strong in India

Gold has proved to be a haven for the investor. Especially those who want to have good returns along with relatively risk-free option.
And the newest in the league are the Gold ETFs.

Unlike the earlier thought about gold only showing seasonal performance, through the ETFs an investor can reap the benefits anytime of the year.

No wonder then that the investors have slowly shifted their focus from the mutual funds to the Gold ETFs. They have shown to be the amongst the top investment options as of now.

Customs Duty on Gold, Silver, Platinum Increased

Gold Prices HigherFinance Minister, Mr. Pranab Mukherjee, in his 2010/11 budget on Friday raised the Customs duty imposed on gold and platinum imports by Rs 100 for 10 gram to Rs 300. For silver, the duty has been increased by Rs 500 to Rs 1,500 a kg.

The increase has emerged at a time when the industry has begun to see a revolution in gold imports from January even as precious metal prices have posed volatility in the recent months.

Gold Revisits its 17k Mark

Gold Revisits its 17k MarkGold futures retouched the psychological Rs 17,000 mark, hitting a three-week high, as a weaker dollar overseas propelled the yellow metal's appeal as an alternative investment, analysts cited.

The US dollar reported its abysmal depth, touching the lowest in six weeks on Friday after US jobs data disappointed. The dollar index fell 0.6 per cent in comparison to other currencies.

Drop in Gold seen due to Dubai Debt Concerns

goldSince the fears related to Dubai's debt problems kept on percolating around the world markets, a sharp pull back was witnessed Friday in gold futures, while the rest of the market broke a streak of recent record gains.

Recently, Dubai confirmed that repayment for nearly $60 billion debt was asked to be delayed by state-affiliated investment. After this announcement, investors opted for safer assets. Equities and commodities were also sold off on Friday by investors across major markets.

Gold Touches 18,000 per 10 Gram

Gold Touches 18,000 per 10 GramBreaking all prior records, gold today climbed another significant peak of Rs 18,000 per 10 gram amid firming global cues.

Supported by firming global trends, the yellow metal touched Rs 17,759 per 10 gram for April contract in the future trading at the Multi Commodity Exchange. The three operational contracts-- December, February and April have reached new highs.

Gold Prices Hit All Time High

On the back of strong demand during the marriage season and uptrend of prices in the global market, gold today reached a new high price of Rs. 16,900 per 10 gram in the bullion market.

After a gain of Rs. 75, gold prices reached a level that had not been reached ever before. In the US markets, the metal recorded a price of $1,099 per ounce. The rise in gold prices on Saturday led to aggressive buying by stockists and traders, which further fuelled rates.