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.
Silver also edged higher by Rs 100 to Rs 36,100 per kg.
Mitchell Starc, the costliest cricketer in IPL history -- with a $2.98 million price tag -- was named Player of the Match after taking 2 for 14, including bowling SRH opener Abhishek Sharma with an unplayable delivery that pundits judged the tournament's best ball.
In comparison to other asset classes, globally, gold rallied significantly after many years to deliver 18.4 per cent returns in 2019.
Goods from sectors, including agriculture, precious stones, chemicals, pharma, medical devices, electricals, and machinery may get impacted if the US will go ahead with imposing reciprocal tariffs on Indian products, according to experts. They said that these sectors could face additional customs duties from the Trump administration because of the high tariff differential or gap, which is the difference between the import duties imposed by the US and India on a product.
Gold price will surge to a record high of $900/oz, driven by a weaker US dollar and economic turmoil in 2008, while a surplus in the metal will narrow by 97 tonnes, possibly dipping into a deficit, keeping prices strong, according to the VM Group/Fortis bi-annual The Yellow Book.
Gold prices may be scorching at an all-time high of Rs 16,000, but it has failed to keep away jewellery buyers from making purchases ahead of the festive and marriage seasons in anticipation that the rates may shoot up further.
Investors should tilt their portfolios towards domestic-facing defensive sectors, which should help provide stability and shield them from geopolitical and tariff risks.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Kurumbur in gold-loving Tamil Nadu was once a thriving centre for goldsmiths. Today their number is down to two.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
Retail investment demand for gold bars and coins as well as central bank purchases pushed the global gold demand by 28 per cent to 1,181.5 tonnes in the September quarter, according to the World Gold Council report. The total global demand stood at 921.9 tonnes during the July-September quarter of 2021, the World Gold Council's 'Gold Demand Trends Q3 2022' showed on Tuesday. Investment was down 47 per cent year-on-year as gold backed Exchange Traded Fund (ETF) investors responded to a challenging combination of higher interest rates and a strong US dollar with significant outflows of 227 tonnes.
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.
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.
A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.
Gold price softens as demand dips.
Gold prices remained steady for the second straight day at Rs 27,250 per 10 grams at the bullion market on Tuesday.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
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.
Our politicians need to take a leaf out of Mr Trump's personalised merchandise sale: It keeps his image in the public eye, continuing to engage him differently and innovatively with his supporters, points out Sandeep Goyal.
Production from many gold producing regions of the world is currently constrained by power shortages; and rapidly inflating development costs are causing the postponement of several otherwise promising development projects around the world.
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
The yellow metal now trades at a 0.5 per cent premium over its landed cost, compared to a 4 per cent discount in mid-September because jewellers have voluntarily withdrawn the display of cash price from their website.
The trade war between the US and China is expected to benefit Indian exporters in increasing their shipments to the American market, sources said. They said the country was the fourth-largest gainer when the US imposed higher duties on Chinese goods during US President Donald Trump's first tenure.
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC). Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
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.
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.
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.
There could be near-term margin pressures for lifestyle accessories major Titan Company. Even as the company maintains its growth outlook over the medium term, it has revised its margin guidance for the jewellery segment downwards. The company has adjusted its medium-term margin guidance to 12 per cent from the previous range of 12-13 per cent.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
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.
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.
While global uncertainty has led to a rise in prices in 2016, there is still a lot of doubt regarding its future.
Gold prices fell to a 5-year low of less than $1,100/ounce.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
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