Taking into account weak global trends in the past few days, the Government slashed the tariff value of gold to $449 per ten gram even as prices rebounded on Thursday by Rs250 on renewed buying at existing low levels.
After crashing byRs3,250 in the last four days, gold prices recovered to Rs 26,600 in Delhi market on fresh buying by stockists and retailers. Price of the precious metal rose by Rs 290 to Rs25,920 in Mumbai and by Rs150 to Rs 26,085 in Chennai. However, gold fell by Rs10 to Rs26,700 in Kolkata.
Government earlier slashed the tariff value of gold to $449 per ten grams from $ 499 per ten grams.
It was only two days back that the tariff value, the base price on which the customs duty is determined to prevent under invoicing, was brought down to $ 499 per ten grams.
Meanwhile, jewellers like Gitanjali and P C Jewellers said people are buying more and sales have surged by up to 3 times as investors are trying to take advantage of 24 per cent fall in price from its Rs32,975 peak in November 2012.