The government has retained 10% duty on import of the yellow metal.
Will a US recession tip the entire metals complex, including Gold Prices, sharply lower in 2008...? Add the falling dollar to rosy growth forecasts from China and what do you get? If you guessed higher commodity prices, you get a gold star. Yet among the big investment institutions, there's mixed opinion about what metals prices will do in 2008.
Manish Narwal and Rubina Francis won the 10m P6 air pistol mixed team event to clinch India's third gold medal at the World Shooting Para Sport World Cup in Chateauroux, France on Wednesday.
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.
Why play it safe when you can go all out?
Rinku Hooda and Ajeet Singh finished third and fourth respectively in the men's F46 javelin throw final on Friday, but the result was put on hold after India lodged a protest that Herath was ineligible to compete in the category.
Hockey India (HI) secretary general Bhola Nath Singh on Saturday claimed that India will definitely win gold at the 2028 Los Angeles Olympics if they miss out on the yellow metal in Paris next year.
The government on Tuesday said it is fully prepared to implement mandatory hallmarking of gold jewellery and artefacts from June 1, 2021. Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present. The Centre, in November 2019, had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021.
'I really want to win an Olympic medal, and I won't quit until I achieve that'
As romantic and refreshing rains are, it's that season of the year when functionality precedes fashion.
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.
'Avoid going overweight on gold. But maintain a 10 per cent allocation via sovereign gold bonds,' Bajaj Capital MD Sanjiv Bajaj tells Sarbajeet K Sen.
Alok Mohanty, who owns a furniture store in Cuttack city and is a fan of anything made of the yellow metal, said an N-95 mask has been used as a base for manufacturing the golden protective gear which weighs around 100 grams.
Designer Amit Aggarwal's debut show on Day Three was filled with glitz and glamour.
The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.
India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices, according to the World Gold Council (WGC). The demand stood at 165.8 tonnes in the first three months of 2021. In terms of value, gold demand dropped 12 per cent to Rs 61,550 crore in the January-March period. It stood at Rs 69,720 crore in the year-ago period, the 'Gold Demand Trends Q1 2022' report released by the WGC said.
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.
Phones will be available in gold, silver, space grey and the new rose gold metallic finish.
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.
The demand for gold has bounced back sharply in India from the lows seen in 2020 because of the outbreak of the Covid-19 pandemic, and has even beaten the pre-pandemic level. In the September quarter, the demand for gold jumped 47 per cent year-on-year (YoY) to 139.1 tonnes, as against 94.6 tonnes in the year-ago period, and higher than the 123.9 tonnes recorded in the pre-pandemic September 2019 quarter, the World Gold Council (WGC) said in its latest release. In value terms, demand surged 37 per cent year-on-year (YoY) to Rs 59,330 crore during the quarter.
Gold, which lost its sheen to some extent in the second half of 2021, is likely to regain the glitter in the New Year and cross the Rs 55,000-per-10-grams level amid pandemic woes, inflation worries and stronger US dollar. After a stellar run up in 2020 when the yellow metal touched a record high of Rs 56,200 on the MCX in August, the prices are near Rs 48,000 per 10 grams now. This is roughly 14 per cent lower from the all-time highs and 4 per cent lesser compared to January 2021 levels.
The 27-year-old has also qualified for the CWG in the 49kg weight category on the basis of her Commonwealth rankings.
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.
Revival in industrial output may lead to a rise in demand for the white metal.
Illicit liquor, narcotic drugs, cash, precious metals, gold, silver, jewellery and other materials worth about Rs 339.95 crore have been seized by the joint team of Flying Surveillance Team (FST), Static Surveillance Team (SST) and police, he said.
Dressed in an oversized shirt that showed off her toned legs, she turned showstopper for Anamika Khanna's AK-OK.
Medallists at the Paris Olympics will be rewarded with a piece of the Eiffel Tower, organisers said on Thursday as they unveiled the hexagon-shaped medals forged out of scrap metal from the monument.
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.
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.
India on Monday announced the results for the country's first critical mineral auction. Amid the tepid response from big players, the list of successful bidders included some lesser known names. A total of five companies secured bids for six critical mineral blocks of graphite, manganese, phosphorite, lithium, and rare earth elements with auction premiums ranging from 13.05 per cent to 400 per cent.
A broken prosthetic leg just 15 minutes before the start of a domestic competition taught Rudransh another lesson in life -- to be ready with a tool-kit to promptly repair the contraption.
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.
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.
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.
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
Vanshaj was also beaten 0-5 by Yernur Suyunbay of Kazakhstan in his summit clash.
