Tracking a weak trend overseas and low demand from domestic jewellers and retailers, gold prices plunged by Rs 200 to Rs 26,350 per ten gram in New Delhi on Monday.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
Only 400 grams have been deposited so far.
The government has retained 10% duty on import of the yellow metal.
Other assets suffered badly, experts feel that the yellow metal and debt will continue good show.
Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
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While gold returned 12 per cent annual gain in 10 years, Nifty didn't exceed 9 per cent.
Not only is gold a hedge against currency depreciation, rising crude prices and uncertainty, it is up 7 per cent (in dollar terms) in the past 12 months, says Devangshu Datta.
Markets will watch the policy meeting on June 18 and 19 for clues to a rollback of stimulus measures. Fed officials are divided over their ultra-easy monetary policy and some warn it could stoke future inflation and financial instability.
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It's likely that prices may have much further to fall as investors rush to liquidate.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
Debt returns are always negative for investors in India, unless they are willing to take huge risk
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While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
In the Mumbai domestic market, gold stood at Rs 30,000/10g, down 0.9 per cent, while silver fell 2.5 per cent to Rs 50,275 a kg.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
If you pledge market-linked instruments and their value plummets, you will have to provide additional collateral, points out Sanjay Kumar Singh.
The Reserve Bank of India on Monday moved on Monday to tighten gold imports again in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.
Traders said reduced offtake by stockists at prevailing higher levels and sluggish demand mainly kept pressure on both gold and silver prices.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
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The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
After touching a high of Rs 32,01/10g in October 2013, gold prices fell to a low of Rs 26,900/10g in June
In 2012-13, financial assets, including banks deposits, mutual funds, equity, bonds, and pension and insurance funds, accounted for only a third of all household savings, down from nearly half in 2006-07.
'As the Indian economy continues to expand over the next three years, mid- and small-caps should do well as they have higher exposure to the domestic economy than large-caps.'
If new goals have emerged, this is the time to make fresh investments.
This has steered a rally in global equities and dollar Index also ticked higher, trading near its four year high.
The Prime Minister's Economic Advisory Council Chief further said that 'inflation is showing signs of coming down and therefore attraction of financial products will be greater'.
Sentiment in gold remained bearish, falling for the second day in global markets, as investors weighed on when the US Federal Reserve will slow the pace of bond purchases, traders said.
Silver also plunged by Rs 1,430 per kg on poor offtake by industrial units and coin makers.
Rebalance the portfolio at least once a year to ensure it remains in sync with the target asset allocation.
Huge gold imports have put pressure on the country's Current Account Deficit, which in turn is affecting the value of rupee.
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Nearly 9 out of 10 ultra-high-net-worth individuals in India saw an increase in wealth during in 2022, and the super rich expect their wealth to grow further this year, according to a Knight Frank survey. In its latest 'The Wealth Report: Outlook 2023', real estate consultant Knight Frank has revealed the findings of the global survey. Among Indian respondents, the consultant said 88 per cent saw a rise in UHNWI's (ultra-high-net-worth individuals) wealth in 2022.
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