India made silver imports a licensed business overnight as the rupee hit an all-time low. April shipments had already surged over twofold to $411 million, putting pressure on the country's foreign exchange reserves.
Gold and silver prices eased on Monday amid a firmer US dollar and higher inflation expectations, trimming hopes of US Fed rate cuts in the near term.
Gold and silver prices eased on Thursday, amid profit booking by investors, although rise in geopolitical tensions and decline in US dollar capped the slide.
International markets saw spot gold prices declining over 4 per cent to $5,156.64 per ounce.
Gold and silver prices surged to record highs on Thursday, amid a rise in geopolitical tensions following US President Donald Trump's threat of military action against Iran.
Silver could either match or outperform gold in the medium to long term, and is likely to reach Rs 1,25,000 per kg on MCX and $40 on COMEX in the next 12 to 15 months, a report showed on Saturday.
Neeraj Chopra fell short of retaining his gold medal in the men's javelin throw at the Paris Olympics on Thursday, securing silver with a best throw of 89.45 meters.
AIGJDC Chairman Saiyam Mehra said that this was a long-standing demand from the All India Gems and Jewellery Domestic Council, which represents the entire gems and jewellery industry.
The price of gold went up on MCX on Wednesday with gold for June 5 delivery traded 0.44 per cent higher at Rs 71,652 per 10 grams at around 11:30 a.m.
In the women's Individual compound event, Jyothi Surekha Vennam beat compatriot and the reigning archery world champion, Aditi Gopichand Swami, to progress to the gold medal match
