According to reports, the incident occurred when the owner of Kailash Jewellers was opening his shop this morning.
The miscreants came on a Pulsar bike and snatched away a bag containing ornaments and fled from the spot. Sources said the duo escaped from Dhenkikote towards Patana side after committing the crime.
It is believed that the criminals are part of the same gang that had looted gold chain and other valuables from several women in the locality in the past few days.
A complaint in connection with today’s loot has been registered while a detailed probe has started, police said.
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The matter came to light on Tuesday after the cheated women went with their jewellery to exchange it for some money they needed. To their shock, they were told that the metal is artificial and not gold.
According to sources, few days back, the three women had come to the village to sell bangles. The trio persuaded a few women from the village to exchange their gold chains with newly designed ones. Many women trusted them and exchanged their old jewellery without realizing that they were being cheated.
However, they came to know the reality only when they went to exchange their gold.
On receiving complaint, police have initiated an investigation. The three looters are however, at large.
Manju Koothari, Creative Director, Entice and Kapil Hetamsaria, CEO and Co-founder, VelvetCase.com listed down the purchasing trends during Akshaya Tritiya
* Gold is synonymous with jewellery in India and no matter the price, the penchant for gold jewellery remains unfazed and continues to be the dominant purchase driver on Akshay Tritiya.
* With changing times, people are visibly shifting their focus towards diamond jewellery having gold as the base metal.
* People are opting for gold with a bit of fusion elements and precious metals like white, yellow gold and even rose gold which is the new trend in town.
* Traditional and heavy jewellery in gold, bold statement necklaces and gold coins are a few popular purchasing trends noticed during this festival.
* Artisanal Jewellery is also coming into the mainstream. There has also been a lot of growth in the Silver Jewellery market, especially Silver Swarovski Jewellery.
* Higher footfalls are estimated to be seen on every day wear diamond jewellery whereas the bend towards other gold base jewellery will remain consistent.
Similarly, silver prices increased by Rs 130 to Rs 38,220 per kg on account of increased offtake by industrial units and coin makers.
Traders said positive global market and demand from local jewellers pushed the prices upwards.
In the international market, spot gold was trading up at USD 1,344.90 an ounce, while silver was up at USD 14.96 an ounce in New York.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 100 each to Rs 33,720 and Rs 33,550 per 10 gram, respectively.
Sovereign gold, however, remained unchanged at Rs 26,800 per eight gram as compared to the previous close.
Silver ready jumped by Rs 130 to Rs 38,220 per kg, while weekly-based delivery rose by Rs 140 to Rs 37,256 per kg.
Prices of silver coins saw no change and remained at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
The prices of yellow metal rose to Rs 34,020 per ten gram.
Tracking gold, silver too increased by Rs 710 to Rs 39,060 per kg on increased offtake by industrial units and coin makers.
Traders said apart from increased buying from jewellers, robust global trends where the precious metal surged to a five-year high also pushed the prices higher.
Globally, gold was trading higher at USD 1,385.54 an ounce in New York, while silver was up at USD 15.35 per ounce.
"Spot gold jumped to a five-year high of USD 1,386 an ounce on hopes that the US Federal Reserve would cut interest rates later this year. In the latest Fed policy meeting, the US central bank hinted an interest rate cut if the economic outlook weakens.
"Gold has been trading on a positive note for the last four weeks on growing geopolitical concerns and weak economic releases from US and China that lifted its safe haven appeal. Weak global growth forecast amid growing trade war tensions also stoked investors towards the yellow metal. Similar sentiments has been seen in silver as well," said Hareesh V, Head-Commodity Research, Geojit Financial Services.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity zoomed Rs 280 each to Rs 34,020 and Rs 33,850 per 10 gram, respectively.
Sovereign gold, however, held steady at Rs 26,800 per eight gram.
Meanwhile, silver ready rose by Rs 710 to Rs 39,060 per kg, while weekly-based delivery gained Rs 742 to Rs 38,044 per kg.
Price of silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
The government proposed to increase custom duty on gold and other precious metals to 12.5 per cent, a move which would make the yellow metal and jewellery expensive in the domestic market.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 590 each to Rs 34,800 and Rs 34,630 per 10 gram, respectively, according to the All India Sarafa Association.
"The increase of custom duty has led to rise in gold prices and it will have no impact on consumption of gold," said Surendra Jain, Vice President of All India Sarafa Association.
Sovereign gold also rose by Rs 200 to Rs 27,000 per eight gram.
Globally, gold was trading steady at USD 1,413 an ounce in New York, while silver was quoting lower at USD 15.22 an ounce.
In the national capital, silver ready prices declined by Rs 80 to Rs 38,500 per kg, while weekly-based delivery gained Rs 75 to Rs 37,225 per kg.
Prices of silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Silver also declined by Rs 150 to Rs 42,150 per kg due to reduced offtake by industrial units and coin makers.
Weak demand from local jewellers led to a decline in gold prices though positive global trend capped the fall, traders said.
Globally, spot gold was trading marginally up at USD 1,418.80 an ounce in New York as investors remained cautious ahead of US Federal Open Market Committee (FOMC) meeting on July 31.
Silver was trading higher at USD 16.51 an ounce.
"Gold prices are currently witnessing range-bound trading weighed by optimism over US-China trade talks and a stronger dollar. We can expect speculation over the US Fed rate cut from the US GDP data to be released on Friday," said HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 140 each to Rs 35,730 per 10 grams and Rs 35,560 per 10 grams, respectively.
Sovereign gold held steady at Rs 27,500 per eight grams.
Silver ready plunged by Rs 150 to Rs 42,150 per kg and weekly-based delivery was plummeted Rs 287 to Rs 41,271 per kg.
Price of silver coins held flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
Silver also firmed up by Rs 150 to Rs 42,050 per kg on increased offtake by by industrial units and coin makers.
Bullion traders said the pick-up in demand helped the rally in the precious metal.
Globally, gold was trading flat at USD 1,427.60 an ounce in New York, as investors were cautious ahead of crucial trade talks between the US and China.
The investors are also awaiting the outcome of the US Federal Reserve's meeting for further signals.
Meanwhile, silver globally also witnessed lack of movement and was trading steady at USD 16.54 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 160 each to Rs 35,880 per 10 grams and Rs 35,710 per 10 grams, respectively.
Sovereign gold held steady at Rs 27,500 per eight grams.
Silver ready gained Rs 150 to Rs 42,050 per kg and weekly-based delivery was advanced Rs 53 to Rs 41,239 per kg.
Silver coins were in good demand and traded higher by Rs 1,000 at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces, respectively.
Tracking gold, silver also declined by Rs 80 to Rs 43,020 per kg on reduced offtake by industrial units and coin makers.
Traders said easing demand from local jewellers amid sluggish global trend mainly weighed on gold prices.
Globally, gold was trading marginally lower at USD 1,462.50 in New York, while silver was quoting lower at USD 16.43 an ounce.
In the national capital, gold of 99.9 per cent declined Rs 163 to Rs 36,807, while that of 99.5 per cent purity dropped Rs 165 to Rs 36,635 per 10 gram.
Sovereign gold stood steady at Rs 27,600 per eight gram.
The precious metal had touched an all-time high of Rs 36,970 per 10 gram on Monday.
Meanwhile, silver ready slumped Rs 80 to 43,020 per kg on Tuesday, while weekly-based delivery declined Rs 112 to Rs 42,291 per kg.
Price of silver coins held flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
Silver also followed the suit and rose by Rs 650 to Rs 43,670 per kg on increased offtake by industrial units and coin makers.
Analysts said the rise in local demand, coupled with robust global trend, mainly led to the surge in gold prices.
"Bullion prices traded higher with international spot gold prices rallying to USD 1,490 on Wednesday. Gold prices witnessed safe haven buying due to global economic uncertainty on trade war escalation and weak investment sentiment," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
"The trade war intensified with US labelling China as currency manipulator, while China ordered to suspend all agriculture import from US," he said.
The worsening Sino-US trade talks may lead to further rate cuts from US Fed to support lingering economy, he added.
Globally, gold was trading up at USD 1,487.20 an ounce in New York, while silver was quoting at USD 16.81 an ounce.
"Gold price of Rs 37,920 per 10 gram is the highest in the domestic market till date," Surendra Jain, vice-president of the All India Sarafa Association said.
Gold prices have been surging for the last few days and had hit Rs 36,970 mark on Monday.
In the national capital, gold of 99.9 per cent purity surged Rs 1,113 to Rs 37,920, while that of 99.5 per cent climbed Rs 1,115 to Rs 37,750 per 10 gram on Wednesday.
Sovereign gold also rose by Rs 200 to Rs 27,800 per eight gram.
Silver ready rose Rs 650 to 43,670 per kg, while weekly-based delivery advanced Rs 694 to Rs 42,985 per kg.
Silver coins were in good demand and traded higher by Rs 1,000 at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Besides increased offtake by industrial units and coin makers, robust global trend mainly led to the rise in white metal, traders said.
"At Rs 45,000, silver has touched its all time-high. Strong overseas trend led to the increase in silver price," Surendra Jain, vice president of All India Sarafa Association said.
Globally, gold was trading higher at USD 1,520.37 an ounce in the New York, while silver was quoting higher at USD 17.32 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined Rs 100 to Rs 38,370 and Rs 38,200 per 10 gram, respectively.
Sovereign gold gained Rs 200 to Rs 28,800 per eight gram.
On Monday, gold had retouched its all-time high mark of Rs 38,470 per 10 gram.
Meanwhile, silver ready soared Rs 2,000 to Rs 45,000 per kg on Tuesday, while weekly-based delivery surged Rs 956 at Rs 44,280 per kg.
Silver coins were in good demand and traded higher by Rs 1,000 at Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.
Gold had reached its all-time high mark of Rs 38,670 on Saturday.
Silver also fell by Rs 50 to Rs 45,000 per kg due to reduced offtake by industrial units and coin makers.
Traders said easing demand from local jewellers amid weak global trend mainly weighed on gold prices.
Globally, spot gold was trading 0.98 per cent lower at USD 1,499 an ounce in New York, while silver was down 0.18 per cent to USD 17.00 an ounce.
Gold witnessed selling on positive market sentiment as the rise in global equity indices underpinned demand for safe haven assets, HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Global equity markets traded firm as Germany and China signalled stimulus measures to support economic recovery, he added.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity reduced Rs 100 to Rs 38,570 and Rs 38,400 per 10 gram, respectively.
Sovereign gold held steady at 28,800 per eight gram.
On Saturday, gold had risen by Rs 250 to Rs 38,670 per 10 gram, while silver gained Rs 362 to Rs 45,050 per kg.
Meanwhile, silver ready dropped by Rs 50 to 45,000 per kg on Monday, while weekly-based delivery fell Rs 289 to Rs 43,535 per kg.
Price of silver coins held flat at Rs 91,000 for buying and Rs 92,000 for selling of 100 pieces.
Silver, however, plunged Rs 1,100 to Rs 43,900 per kg on reduced offtake by industrial units and coin makers.
Despite weak trend overseas, the precious metal gained in the domestic spot market mainly on increase in demand from jewellers, traders said.
Besides, a weaker rupee also supported the surge in the yellow metal, they added.
"Globally, spot gold held steady near USD 1,500 an ounce weighed down by a strong US dollar and higher level profit-booking. However, traders remain cautious on taking big positions ahead of the key economic events like the US Federal Reserve's July meeting minutes and Jackson Hole seminar later this week," said Hareesh V, head (commodity research), Geojit Financial Services.
The US Federal Reserve will kick off its annual Economic Policy Symposium later this week in Jackson Hole, Wyoming, where its chair Jerome Powell is expected to speak on Friday.
He further added that the meeting is expected to offer cues on further interest rate cuts that may influence the trend of the yellow metal. "At the same time, domestic gold prices edged higher to due to a weak Indian rupee".
Meanwhile, in the international market, spot gold was trading lower at 1,496.60 an ounce in New York and silver was down at USD 16.93 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 200 to Rs 38,770 and Rs 38,600 per 10 gram, respectively.
The precious metal had touched its previous all-time high of Rs 38,670 per 10 gram on Saturday.
Sovereign gold on Tuesday, however, dropped Rs 200 to 28,600 per eight grams.
Silver ready plunged Rs 1,100 to 43,900 per kg, while weekly-based delivery fell Rs 113 to Rs 43,422 per kg.
Silver coins traded lower and dropped by Rs 2,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces.
Silver prices also maintained the rising trend and zoomed Rs 2,070 to Rs 50,125 per kilogram.
Gold prices for 24 karat rose to Rs 39,248 per 10 gram from the previous close of Rs 39,126 per 10 gram on Tuesday.
Tracking firm trends in the domestic market, silver prices also jumped to Rs 50,125 per kg from the previous close of Rs 48,055 per kg on Tuesday.
"Spot gold prices in Delhi were quoting higher in morning by Rs 122 with overnight rally in global gold prices," Tapan Patel, Senior Analyst (Commodities), HDFC Securities said.
In the international market, gold prices were fell to USD 1,537 an ounce in New York while silver quoted marginally higher at USD 19.27 an ounce.
Likewise, silver also fell Rs 290 to Rs 48,028 per kilogram from Monday's closing price of Rs 48,318 per kilogram, it said.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold prices for 24 Karat in Delhi was trading down by Rs 150 due to weak spot demand despite fall in rupee.
On Monday, gold prices closed at Rs 39,055 per 10 gram in the national capital.
In the international market, gold was trading lower at USD 1,497 an ounce in New York and silver was also quoting down at USD 17.81 per ounce.
"International gold prices pared previous gains after rallying on geopolitical risk. Gold prices have maintained the narrow trading range awaiting development from US-China trade talks and US FOMC rate decision," he added.
Meanwhile, the rupee fell 28 paise to 71.88 against the US dollar in early trade on Tuesday.
Speaking in this connection, State Consumer Welfare Minister, Ranendra Pratap Swain informed that all jewellers have to mandatorily register their business with the Bureau of Indian Standards as the Department of Consumer Affairs will issue a notification on January 15, 2020. Jewellers and retailers will be given one year time to clear their existing stocks by January 15, 2021 when the rule will come into force.
Swain informed that not only small outlets but noted jewellers in the State have been found flouting the norms in selling gold jewelleries. Based on the reports, the government has already levied penalties on as many as 40 retailers for cheating customers.
"Our focus is to ensure that customers do not get cheated. Many a times, traders boast of providing 24 carat gold but in reality, pure gold is unusable so alloying it is necessary. But even though jewellers prepare gold of 18 carat or 22 carat, customers complain that they are charged for 22 carat gold even though they provide 14 carat gold," informed Swain.
The minister added that the new rule will help remove discrepancies in the benchmarking of the gold price across the country.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 700-800 tonne of gold annually.
At present, there are 877 assaying and hallmarking centres in 234 district locations and 26,019 jewellers have taken BIS registration.
Sources said provisions for a fine of a minimum Rs 1 lakh and up to five times of the value of article as well as one year jail-term under the BIS Act were passed last year.