Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
Gold has bounced back gaining Rs 825 in the last eight days.
The surge in volatility across the globe sparked by Russian invasion of Ukraine has led to an increase in prices of gold and silver - considered to be safe-haven investment bets. In the past month, silver funds have delivered returns of 7.34 per cent, while gold funds on an average have risen around 6 per cent. In comparison, the benchmark Nifty has declined 4 per cent. Fund managers say precious commodities act as a good hedge against inflation and phases of geopolitical uncertainty.
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
India's merchandise exports dipped by about one per cent to $38.01 billion in December 2024 against $38.39 billion a year ago, according to government data released on Wednesday. Imports increased by 4.8 per cent to $59.95 billion in December 2024 compared to $57.15 billion in the year-ago month.
eclined for the third month in a row in January, falling by 2.38 per cent year-on-year to $36.43 billion, while the trade deficit widened to $22.99 billion in the month. Imports rose by 10.28 per cent year-on-year to $59.42 billion in January due to an increase gold shipments, according to the Commerce Ministry data. The trade deficit was $21.94 billion in December and $16.55 billion in January last year.
All round selling by stockists on free-fall in overseas markets and investors shifting their funds to surging equities mainly pulled down the gold prices to a level last seen on August 9,2011.
Gold prices in Mumbai hit a five-month low at Rs 8,800 (99.5) and Rs 8,850 (99.9) per 10 gram on Thursday following a decline in the global prices and falling demand in the domestic market.
In the second half of April, the discount on gold came down to $3 an ounce.
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Silver declined by Rs 200 to Rs 38,550 per kg.
Global gold demand has seen a year-on-year decline of 8 per cent during the April-June period to 948.4 tonnes and going ahead further monetary tightening and continued dollar strength may pose headwinds, says a report. According to the WGC Gold Demand Trends Q2 2022 report, the total gold demand during the second quarter of 2021 stood at 1,031.8 tonnes. The year-on-year demand was affected by increase in gold electronic traded funds (ETFs) outflow, decline in Central banks buying and lower demand from the technology segment, the report said.
Experts attributed the inflows to sudden rally in gold prices, mainly due to uneasy trade negotiations between the US and China and lower than expected global GDP growth.
Silver also dropped by Rs 1,490 to trade below Rs 40,000 at Rs 39,010 per kg on poor offtake by jewellers and coins makers.
Gold prices have hit a record high of Rs 26,000 per 10 grams for the first time ever.
Gold and silver zoomed to all-time highs in New Delhi on Monday on brisk buying by stockists and jewellers for the upcoming marriage season amid firm global cues.
Traders said apart from subdued demand from jewellers and retailers, a weakening global trend on easing of tensions in Ukraine mainly kept pressure on gold prices.
After a technology upgrade, the Multi Commodity Exchange of India (MCX) appears poised for an improvement in volumes. The premier commodity and forex exchange reported a loss of Rs 19.1 crore in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24). This was attributed to higher software charges payable under an extended service agreement with 63 moons technologies and a one-off cost towards core guaranteed funds (CGF).
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
After surging to Rs 16,220 level in September, gold prices slightly eased at a time when festival and marriage season is about to pick up.
Retailers are witnessing a surge in demand and expect up to 50 per cent spike in sales volume in this marriage season.
Rising crude oil prices touching fresh record levels and plunging dollar boosted the gold prices on Thursday by Rs 220 to set a new peak at Rs 13,100 per 10 gram in the bullion market in New Delhi. Silver also traded at its ever highest level of Rs 25,000 per kg and its coins at Rs 27,000 per 100 pieces. Gold has climbed 19 per cent this year as the dollar fell and world equity markets headed for their worst start since 2001. The gold surge also influenced trading sentiments.
Silver met with resistance and fell by Rs 200 to Rs 36,000 per kg.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
With Valentine's Day falling on a Friday, travel is picking up as people look for quick getaways.
Gold prices on Wednesday sky-rocketed by Rs 340 at Rs 11,510 per ten gram as investors directed their money to the precious metal after the dollar fell, sparked by Federal Reserve cutting key interest rates.
Traders said in the absence of buying support from jewellers and retailers on expectations that prices will come down in coming days mainly kept gold prices steady.
Invest with a 5 to 7 year horizon so that you are able to ride out price volatility and benefit from the long-term trends of demand and macroeconomic shifts.
Gold looks cheap compared to the stock markets that are highly overbought at the moment.
Gold prices will rise next year as the financial crisis pushes more investors into the precious metal safe haven, according to delegates polled on Tuesday during the London Bullion Market Association annual meeting in Kyoto.
Companies change the way they calculate the value of gold, leading to a lower loan-to-value for customers.
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Gold, which had surged after government decided to increased import duty, lost Rs 125 to Rs 29,700 per 10 grams.
Silver also traded lower by Rs 100 to Rs 37,200 per kg.
Subdued demand from jewellers in the domestic market and shifting of funds towards the surging stock markets also weighed on gold prices.
In Q1 2010, India was the strongest performing market as total consumer demand surged by 698 per cent to 193.5 tonnes.
Gold surged to a fresh all-time high of Rs 28,540 per 10 grams in the bullion market today on sustained buying by stockists and investment-driven purchases fuelled by the bullish trend in international markets.
Diamonds offer higher returns in terms of investment compared to gold contrary to general perception, GIA said.
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