Changing saving habits a challenge to gold demand

Decreasing household savings is a challenge for gold demand in the shor- term

Gold price rises to Rs 54,830, silver falls to Rs 66,855 per kg

In the international market, gold was quoting marginally lower at USD 1,975.4 per ounce, while silver was flat at USD 24.31 per ounce

Physical gold sold at a premium in India driven by plunging imports and a near halt in smuggling that offset impact of high unemployment

Jewellery demand and gold investment demand also declined in the first quarter and going ahead it could be a "challenging year"

Total gold recycled in the country declined by 13.85 per cent to 23 tonne, compared to 26.7 tonne.

Silver, too, slumped by Rs 500 to Rs 39,300 per kg due to reduced offtake by industrial units and coin makers.

India, the world's second biggest buyer of the precious metal, consumes 800-900 tonne of gold annually.

Gold prices fell by Rs 395 to Rs 29,340 per 10 grams in futures trade.

Silver also slipped by Rs 75 to Rs 38,895 per kg due to reduced offtake by industrial units and coin makers.

Globally, gold fell 0.05 per cent to USD 1,206.50 an ounce and silver shed 0.03 per cent to USD 15.28 an ounce in Singapore.