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.
Despite price correction, policies that support the yellow metal will remain in place in the foreseeable future.
Gold demand will go up in the second half of this year.
It was a year of stocks shining bright when it comes to adding to the investors' wealth, and the glitter of gold and silver fading for the second straight year in 2013.
By December 2015, the total imports will touch 1000 tonnes.
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Traders have used this as an opportunity to stock up silver.
Only 400 grams have been deposited so far.
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The government had increased customs duty on gold to 10 per cent and banned import of gold coins and medallions, while the RBI linked imports of the metal to exports.
Gold looks cheap compared to the stock markets that are highly overbought at the moment.
The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Manika Batra and Mouma Das fought hard before going down against defending champions Feng Tianwei and Yu Mengyu to settle for a silver medal in the women's doubles, a first ever for India in the Commonwealth Games.
Olympic champion Neeraj admitted that his comeback from outside the medal position midway into World Athletics javelin throw final was 'challenging, but he knew that a good throw was around the corner.
India have finished as the best-performing nation in the sport in the 1990, 2002, and 2018 Commonwealth Games.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
India topped the medals tally ahead of hosts China (2 gold, 2 silver, 1 bronze), who won five medals in total.
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.
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Gold is the first product for options trading that markets regulator Sebi has allowed after 14 years of commodity exchanges in the country.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
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Indian wrestlers reaped a rich harvest of five medals in the men's freestyle events but a gold medal eluded them on the second day of the Asian Championships, in Xi'an, China, on Wednesday
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Both banks and jewelers sell coins and bars, but it is generally costlier to buy it from a bank
The three hour long meeting was attended by Secretaries of departments of Revenue, Expenditure, Financial services and Disinvestment.
Financial planners advise against putting capital to work by anticipating what might go up or down.
