Despite returns from gold down over 5% in the past three months, it is a good idea to keep this asset class in your portfolio.
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.
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.
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.
Steps such as safeguard duty in the works to plug the route
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.
Physical assets such as gold and real estate have their own positives and negatives, while other financial assets such as mutual funds, stocks and bonds come with their pluses and minuses. Let us look at both options in a little more detail.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
People buy gold, property, vehicle etc on this day as is considered to be extremely auspicious. However, buying these items is not feasible every time. Instead, you can buy gold coins, god idols, figurines etc and celebrate the festival of lights with great fervour.
The government has also built in mechanism to protect investors from price fluctuation.
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
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A downturn in Indian demand could hit global gold prices.
From Audi to Porsche, you can get a discount ranging between Rs 3 lakh and Rs 20 lakh.
Reserve Bank of India lens on mutual fund, insurance, gold coin sale by branch's non-sales staff
Following allegations that his office tried to bribe some journalists by sending Rs 1 lakh cash gifts to them on Deepavali, along with sweet boxes, Karnataka Chief Minister Basavaraj Bommai on Sunday denying his role, called it a 'lie' and part of the 'Congress' toolkit'.
Silver coins, however, continued to trade in a narrow range.
Gold is often considered a 'hedge' against an economic uncertainty.
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The presidents were escorted by the President's Bodyguard -- "Rashtrapati Ke Angrakshak".
Automobile manufacturers are offering freebies, ranging from gold coins and LED televisions to record discounts, to push petrol vehicle sales.
The new IS currency comes in several denominations of gold, silver and copper.
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.
Prime Minister Modi gave President Biden the unique sandalwood box sourced from Mysore with intricately carved flora and fauna patterns and handcrafted by a master craftsman from Jaipur during an intimate dinner at the White House on Wednesday.
Silver, however, recovered by Rs 250 to Rs 36,000 per kg.
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
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Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Finance Minister had announced the scheme in the Union Budget.
Macmillan India imprint Full Marks has come out with a support website for students of class VI-XII mainly following NCERT books that can be accessed by using a scratch card.
Silver also eased by Rs 200 to Rs 38,200 per kg on reduced offtake by industrial units and coin makers.
Are you debating between buying physical gold and investing in paper gold schemes or ETFs? Anil Rego has the answer
The World Gold Council (WGC) said the recent fall in gold prices was driven by speculative traders in the futures markets.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London.
e-Gold, a product launched by National Spot Exchange Limited has the ideal combination of both the forms -- physical and electronic gold. Here are some enticing reasons why you must buy e-Gold.
