Gold prices slumped for the second straight session by Rs 1,150 to Rs 78,350 per 10 grams in the national capital on Monday on frantic selling by stockists and retailers, the All India Sarafa Association said. The precious metal of 99.9 per cent purity closed at Rs 79,500 per 10 grams on Friday.
'Higher interest rates make gold less attractive as it doesn't generate yield.' 'However, with rates set to fall, the tables are turning for gold.'
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal. "Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally.
The onshore yuan trading band is tightly controlled.
China's birth rate has been in decline since 2017, despite easing of the 'one-child policy' in order to avert an incoming demographic crisis.
The decision to permit the third child came after this month's once-in-a-decade census showed that China's population grew at the slowest pace to 1.412 billion amid official projections that the decline may begin as early as next year.
Gandhi had, on April 12, flagged the issue of alleged takeover of some Indian companies after those became vulnerable in the wake of the economic slowdown.
Despite the relaxation of the one-child policy in 2016, the number of live births per 1,000 people fell to a record low of 10.48 in 2019, down from 10.94 in 2018.
Both central banks targeted interbank rates to control the supply of money, aiming for a more surgical monetary tool than orthodox bank reserves or policy interest rates.
Faced with sluggish economic growth and dwindling exports, China on Wednesday devalued its currency for the second consecutive day.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
The Chinese central bank on Monday warned the country could face huge uncertainties in the wake of slow world recovery process and the unstable economic and financial situation in Europe.
China's CSI300 stock index shed 1.1 per cent, hitting a five-week low, while shares of Hong Kong-listed Chinese companies sagged 0.9 per cent.
The renminbi is expected to weaken another 2 per cent in six months.
Analysts agree China, Greece and US Fed developments need careful monitoring but India should gain, over time, from relative rise of the dollar and fall in commodity prices.
Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.
The Chinese currency too is expected to continue its fall.
Delhi's Connaught Place is the 6th most expensive location in the world.
Indian equities are in a multi-year bull story with capex cycle recovery as the main driver.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
Markets will continue to remain volatile till the Chinese economy shows some signs of stability
Shocks from Brexit could also hurt one of China's biggest export markets.
'We want to make sure we stay in India and we have very high hopes from India,' says Mark Mobius.
The S&P BSE Sensex ended 46 points lower at 24,824 and Nifty50 settled at 7,555, down by 8 points after hitting intra-day high of 7,600.45.
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