Page 6 - Bullion

Airports to railway stations: Gold smuggling peaks in India as prices climb

Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September.

India should launch bullion banking to boost industry, suggests WGC

The market potential for bullion banking in India, according to the council, has an estimated value between $300 million and 500 million

Silver catching up with gold rally, price spike sharply in global market

After consolidating for a few days, gold and silver prices spiked yesterday on fears that inverse short- and long-term bond yields in the United States will lead to recession

Jewellers, bullion dealers are set to get gold bars with 99.50% purity

The framework will also ensure responsible sourcing, assaying and certification for the jewellery value chain

Precious metals code proposed to regulate gold business

Gold delivery rules and spot exchange also on agenda, three committee likely to be set up

Gold reclaims Rs 30,000-mark on global cues, jewellers buying

Adds Rs 200 per 10 grams on firm global trend; silver sheds Rs 100 on lower industrial offtake

Traders watch out! Centre mulls limiting cash deals at Rs 50,000 in bullion

Government is working on follow up measures to improve compliance by bullion trade. The proposal under consideration is to limit cash dealing among bullion dealers up to Rs.50,000 only and any transactions above that shall be through banking channel. The proposed move may not be applied to retail jewellers when they sale jewellery to customers as customers are still allowed to buy jewellery up to Rs.200,000 in cash without providing PAN. However jewellers buying from whole sales or goldsmiths buying gold bars from dealers have to be through banking channel above Rs.50,000 if the proposal is accepted.The move follows jewellers dealings which were in eye of storm immediately after demonitisation was announced when they heavily sold gold in cash at a huge premium by accepting high value currency notes which were withdrawn from the system on November 8 last year. In income tax raids that followed the premium gold sales by jewellers against withdrawn currency notes, in further scrutiny IT .

Bullion bears hold on to short positions

Gold prices rise 4% this month but physical demand moderates

Gold recovers on jewellers' buying; silver extends weakness

Wedding season demand spurs recovery in yellow metal; however, weak trend overseas caps the rise

Bullion mkt reopens after 16 days; gold tumbles 5% to Rs 1,750

Silver sheds almost 7% to Rs 41,600 a kg; jewellers shut since Nov 11 after I-T Dept carried out surveys, suspecting profiteering, tax evasion