All stories by Rajesh Bhayani
Amid global headwinds, gold gives 16.1% returnsRediff.com10 Apr 2023
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
Record high prices to weigh on demand for goldRediff.com29 Mar 2023
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
UAE deal poses a survival challenge for Indian bullion refineriesRediff.com21 Dec 2022
Gold import from the UAE at a lower rate of duty -- in terms of an agreement -- has posed a survival challenge for the Indian refining industry while hurting the price discovery of the metal, with the India International Bullion Exchange starting operations at GIFT City. The problem has arisen after the government signed the Comprehensive Economic Partnership Agreement (CEPA) with the UAE. Under it, Indian jewellery manufacturers have been allowed to import gold at a concessional rate of 14 per cent against 15 per cent, which is normal.
Crypto industry faces funds dry-up, some exchanges may shut downRediff.com20 Oct 2022
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
'India's gold demand may cross China's'Rediff.com12 Oct 2022
'When the gold price rises rapidly, India's physical gold market remains on standby.'
How gold is being imported under the guise of platinumRediff.com13 Sep 2022
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
'Get-rich-quick' days over for crypto investorsRediff.com24 Jun 2022
A sharp fall in the price of Bitcoin and other cryptocurrencies is another hard blow to the already sinking cryptocurrency market in India. Global and domestic prices have been on a downward trail since November last year when Bitcoin prices hit a peak of close to $68,000 in international markets. The recent past has seen a much sharper fall in the price of the leading cryptocurrency, Bitcoin.
NFTs, Metaverse prices follow crash of cryptosRediff.com25 May 2022
However, NFTs and Metaverse are in their first-generation (Gen 1) or initial phase and the market is filtering the assets from the point of view of their worthiness. NFTs having real artistic value have not participated as much in the fall. Some innovations are also happening or expected going ahead, which will take this asset class to the next phase.
Crypto industry sees exits ahead of new tax regimeRediff.com4 Apr 2022
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
No gold rush: Safe-haven asset feels the March heatRediff.com17 Mar 2022
Gold is usually seen as a safe-haven when stocks are falling or when inflation is rising. With prices of the yellow metal hovering near record highs, people are also putting off their jewellery purchases. Along with a subdued marriage season, the orders with price open and settled on delivery day, too, are getting cancelled. Apart from high, volatile prices, there is no gold rush yet for the safe-haven asset, crimping demand.
Gold jewellers see best Dhanteras in three yearsRediff.com3 Nov 2021
Dhanteras has cheered up jewellers as it has turned out to be the best in three years, thanks to the lower price of the yellow metal and pent-up demand. In Mumbai's Zaveri bazaar, buyers came in out force and jewellers did not have to depend on freebies to induce sales, even though all of them had announced some offers. In fact, more discounts were announced for diamond and studded jewellery.
NSE blockchain platform for gold a game changerRediff.com25 Oct 2021
In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
RBI buys record gold this year: At 700 tonnes, reserves up 27% in 2 yearsRediff.com19 Aug 2021
The Reserve Bank of India (RBI) has increased its gold purchases, as part of its foreign exchange (forex) reserves. In the first half (H1) of calendar year 2021 (CY21), the addition of gold to India's forex reserves has been the highest - on a half-yearly basis -at 29 tonnes. Now, the RBI's gold holding - as a proportion of its forex reserves - has for the first time crossed 700 tonnes.
Govt mays block IP addresses of cryptocurrency exchangesRediff.com30 Mar 2021
The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.
Indians flocking to bitcoin after Elon Musk's backingRediff.com17 Feb 2021
Bitcoin has been on fire ever since Musk announced that Tesla had bought $1.5 billion of the cryptocurrency, and that his electric-vehicle company would accept bitcoin from buyers.
How Indian banks are looking to cash in on bitcoin rallyRediff.com23 Dec 2020
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
Fall in gold price opens up window for investorsRediff.com7 Oct 2020
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
Gold rises to lifetime high even as profit-taking loomsRediff.com30 Jul 2020
Any shift in investor sentiment may result in speculators fleeing the gold market, driving its price down sharply, quickly. One significant risk for gold is a near-term reversal in the dollar, which recently fell to a two-year low.
As demand shrinks, gold import likely to fall to 17-year lowRediff.com21 Jul 2020
Those interested in investing in gold have shifted to instruments, such as sovereign gold bonds and gold ETFs. Many others are, in fact, selling gold or using it as collateral to generate short-term liquidity.
At Rs 52,195/kg silver turns most expensive since Sep 2013Rediff.com17 Jul 2020
The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.