As the country moves towards creating a spot gold exchange, markets regulator Sebi's whole time member G Mahalingam on Wednesday suggested routing all the imports of the precious metal through the exchange ecosystem in the future. Such a "funnelling" would ensure that gold monetisation takes place right at the source as the metal enters the country, he said while addressing a conference organised by industry lobby Ficci. However, he also noted that the issue has not been dealt with in the papers floated by Sebi.
When demand for the dollar outstrips the supply, the value of dollars goes up. But the supply of dollars has been rising steadily at an average of 10 per cent annually from less than $1 trillion in 1980 to over $12 trillion today -- and the fundamentals for gold today have much to do with the resulting drop in demand for dollars.
Recent recovery in the white metal was reflected in a falling gold to silver price ratio.
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Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Silver has been quoting at a premium in India since mid-March because of huge scarcity.
India won 19 medals (5 gold, 8 silver and 6 bronze) in Tokyo Paralympics for a 24th place in the tally and Jhajharia predicted that the country will win more than 25 medals in Paris and finish in top-20 in the tally.
Stories are legion about the Karatmeter's use at that time. Hundreds of people standing in queue for testing, customers breaking down after discovering the actual purity of their jewellery and then becoming irate about the jeweller who had gypped them, the local jewellery industry leaning heavily on the Tanishq franchisees to desist from using it, some jewellers even threatening violent action.
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.
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
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The best part is that an investor gets price appreciation and earns interest income as well, which is unique only to sovereign gold bond.
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India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
Gold prices have surged nearly 18 per cent, so far, in the calendar year 2022 (CY22) to around $2,050 per ounce against the backdrop of the ongoing Russia-Ukraine war and there is more headroom over the next few months, believe analysts at Goldman Sachs who expect the yellow metal to become costlier by another 25 per cent to $2,500 an ounce by the year-end. Goldman Sachs, earlier, had raised its 12-month gold price forecast to $2,150 per ounce considering that an impending US growth slowdown would lead to increased concerns of a US recession and incentivise 300 tonnes of inflows into gold ETFs. At the beginning of the Russia-Ukraine tensions, Goldman Sachs had suggested the resultant rally in commodities could deteriorate the developed market (DM) growth-inflation mix, increase concerns of a American recession, and push gold ETF inflows to 600 tonnes and, in turn, lift gold prices to $2,350 an ounce in 12 months.
The other Indian in the fray, Parth Makhija, who also qualified for the ranking event following an impressive show on Sunday, finished fourth with a score of 258.1, behind 33-year-old Israeli shooter Sergey Richter, who scored 259.9.
Exports to eight out of India's top 10 destinations, including the Netherlands, the United States (US) and the United Kingdom (UK), witnessed positive growth during the first six months of FY25, despite muted global demand amid geopolitical challenges, commerce department data showed.
Nearly 28 per cent of urban Indians are planning to spend on gold in the next three months, signalling a renewed appetite for the yellow metal amid the waning effects of second wave of COVID-19, as per a survey. The gems and jewellery industry, which was impacted by the COVID-induced disruptions in 2020, had shown signs of recovery in January-March this year. However, the second wave of the pandemic put a halt to it. Businesses are beginning to look up as state governments are slowly easing restrictions on movements, and organised retailers are hoping consumer demand to show positive sentiment during the festive season this year.
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Indians withered late resistance from the French pair to seal the contest 152-149, a first-ever World Cup gold for India in the compound mixed team event.
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'Investors with as little as Rs 1 can start investing in digital gold.'
'You should always maintain an allocation to gold as it has the ability to counterbalance any correction in the equity market.'
'Gold could benefit from the resulting risk aversion, as happened last year.'
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Investors may take a 5 to 10 per cent exposure to silver. 'Have a long-term investment horizon when investing in silver ETFs to ride out short-term market fluctuations.'
Men's skeet, where competitors use shotguns to break clay targets flung into the air, has become much more competitive over the last decade, and it was "getting harder and harder to win", Hancock observed.
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Munita Prajapati (Uttar Pradesh), daughter of a construction labourer, and 17-year-old Parvej Khan (Services) were the stars of the day, with Munita setting the first record of this edition in the Women's 20km walk. She clocked a commendable 1 hour 38 minutes 20 seconds.
Such an economic environment tends to be positive for gold, the ultimate safe-haven asset. Since gold cannot be debased by central banks, it naturally gains in value.
Sindhu had won a gold in the mixed team event at the CWG in 2018, but a medal in singles has eluded her since her Games debut.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
Star shuttlers, including P V Sindhu, will chase individual gold medals but doubles would also under the spotlight as India would aim to retain the mixed team title and continue their consistent run at the Commonwealth Games.
Capital markets regulator Sebi on Monday came out with a framework for operationalising the gold exchange, wherein the yellow metal will be traded in the form of electronic gold receipts (EGRs). The stock exchange desirous of trading in EGRs may apply to Sebi for approval of trading in the new segment, the regulator said in a circular. The bourses can launch contracts with different denomination for trading or conversion of EGR into gold. Under the new framework, the entire transaction has been divided into three tranches-- creation of EGR; trading of EGR on stock exchange and conversion of EGR into physical gold.
The scion of the erstwhile Mysuru royal family and Bharatiya Janata Party candidate from Mysore-Kodagu Lok Sabha constituency Yaduveer Krishnadatta Chamaraja Wadiyar does not own a house, land or even a vehicle, according to his election affidavit.
