Bullion traders say buyers in the world's biggest consuming region are in no hurry as they are waiting for the market to weaken further.
India, the world's second-biggest gold consumer after China, paid $34.32 billion to import around 930 tonnes of gold in the year ending March 2015.
Rajesh Exports said in a statement on Monday that it sealed the purchase after a global sales process conducted by Valcambi's existing owners, led by Newmont Mining Corp.
As the gold price dropped on Monday to $1,088.05 an ounce, its lowest since March 2010, Indian jewellers sent text messages to clients encouraging them to buy gold and offering to cut by half the ...
"Demand is sluggish. The Chinese would rather invest in the stock market, the property market, than in gold. The strong dollar is dampening interest in gold," said Ronald Leung, chief dealer at Le...
The jewellery trade says the Narendra Modi government's plans to trace gold deals is unworkable and won't deter holders of black money, or hundreds of millions of Indians outside the tax net, from...
RBI Governor Raghuram Rajan has cut interest rates three times this year to boost growth, but he has since warned he will not cut again if poor rains drive up prices and threaten his inflation t...
The government is planning to issue sovereign bonds linked to the bullion price in an effort to divert some of the estimated 300 tonnes of annual demand for gold bars and coins.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
"Jewellery demand could drop by 30 per cent (year-on-year) in the second half due to fewer weddings," said Prithviraj Kothari, vice president of India Bullion & Jewellers' Association (IBJA).
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