Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
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.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Phones will be available in gold, silver, space grey and the new rose gold metallic finish.
While taking gold out of the closet to borrow money is no longer taboo in Indian households, the sharp drop in gold prices is hitting the newest loan product on the banking turf hard, explains Tamal Bandyopadhyay.
The 19-year-old Narwal fired a total score of 218.2, a Paralympic record, to claim the yellow metal while Adana, who won bronze in the P1 men's 10m air pistol SH1 event on Tuesday, added a silver to his kitty with an effort of 216.7.
Revival in industrial output may lead to a rise in demand for the white metal.
Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
Banks and friendly neighbourhood jewellers can serve as good channels to provide liquidity for gold deposits with built-in incentives for them, suggests Harsh Roongta.
Investment consulting firm Millwood Kane International said on Tuesday that investments in gold gave gains of nearly 28 per cent in rupee terms during 2020 and will remain in focus for investors in the coming year. "The yellow metal has had a phenomenal year with gains of nearly 28 per cent in rupee terms. "After a double-digit gain in 2019, this will be the second year in a row that gold will be posting a stellar rise," said founder and CEO Nish Bhatt.
Saba Azad was joined by Karisma Kapoor and Kalki Kanmani for the Raw Mango show at LFW X FDCI.
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Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
The yellow metal witnessed some token buying but failed to take off on Dhanteras, a day considered auspicious for buying gold, silver and other valuables and is largely celebrated in North and West India.
Vanshaj was also beaten 0-5 by Yernur Suyunbay of Kazakhstan in his summit clash.
Gold imports, which have a bearing on the current account deficit, declined 47.42 per cent to $9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Imports of the yellow metal stood at $17.64 billion in the corresponding period of 2019-20. The imports, however, recorded a growth of about 36 per cent in October.
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Uzbekistan lives comfortably in several centuries but is also a forward-looking nation, Deepa Gahlot discovers on a visit to this Central Asian country.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
Silver has a dual role - 60 per cent of the total silver produced is used for industrial purposes in the electrical & electronics segment and photovoltaic demand mostly for solar panels.
A substantial fluctuation is likely because for a long period gold has moved in a narrow range of $ 50-60 and at higher levels short positions were built.
The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period under review as against $133.74 billion in the year-ago months.
'Yes, that's (Olympics medal) the target, but it will be a long and tough journey ahead'
While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units.
A day after Suresh, a prime accused who was recently released on bail gave a series of interviews to television channels, Leader of Opposition in the state Assembly V D Satheesan accused Chief Minister Pinarayi's office of intervening to get the illegal baggage released and helping the accused to leave the state.
The precious metal has now lost Rs 280 in last three days.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
Recent months been worse for investors in gold mining companies.
However, the 6,000-odd athletes, 3,000 performers, 300,000 spectators and dozens of world leaders had to endure heavy rain for much of the event.
As govt tries hard to choke the metal import, entry through unofficial channels doubled to 60 tonnes in first 5 months of this financial year
They help diversify portfolio and are less risky.
The US Federal Reserve's decision to continue bond-buying has lifted investor sentiment for gold and silver.
On gold buying occasions such as Akshaya Tritiya, Chiraj Mehta points out, investors are often confronted with the question: Should I make just a token purchase, or should I buy more towards building my allocation in the yellow metal?
'Returns can be very variable in equity markets.' 'That is why I tell small investors don't put 100 per cent of your money in equities, even if you are young.'
Despite price correction, policies that support the yellow metal will remain in place in the foreseeable future.
Do you love gold? Then this five-star hotel in Vietnam is just for you. Welcome to the Dolce Hanoi Golden Lake hotel in Vietnam, which opened its doors on July 2. Here's a glimpse inside the shiny structure!
