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.
Shriram Finance's (SHFL's) profit after tax (PAT) rose 10 per cent year-on-year (Y-o-Y) to Rs 2,140 crore in the fourth quarter of the financial year 2024-25 (Q4FY25).
In comparison to other asset classes, globally, gold rallied significantly after many years to deliver 18.4 per cent returns in 2019.
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.
India's exports declined for the fourth month in a row in February to $36.91 billion due to volatility in petroleum prices and global uncertainties. The country's exports stood at $41.41 billion in the same month a year ago.
The Delhi High Court has directed Customs officials to ensure that old and personal jewellery of travellers, including ornaments being worn by them during travel, are not unnecessarily detained at airports and they are not harassed. The court was hearing a batch of more than 30 petitions raising issues on the procedure for detention of goods belonging to the tourists travelling to India, of both Indian and foreign origin, by the Customs department.
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.
Thanks to a close one's illness, I have seen quite a few hospital rooms in the past half a year or so. They have revived my respect for life reinterpreted via its essentials, notes Shyam G Menon.
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.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
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.
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.
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 sales were reported at 40 tonnes last year; this might have been surpassed this year.
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.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
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.
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.
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
Investors should avoid making drastic changes to their asset allocation during a market correction.
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 American, a two-time Olympic bronze medallist and a four-time world champion on the balance beam, finished a disappointing fifth with 13.100.
Images from the Diamond League meet at Qatar Sports Club Stadium, Doha, on Friday.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
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.
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.
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.
Retail inflation slipped to seven-month low of 3.61 per cent in February mainly due to easing prices of vegetables, eggs, and other protein-rich items, creating space for the RBI to go for another cut in interest rate next month.
Gold prices fell to a 5-year low of less than $1,100/ounce.
While global uncertainty has led to a rise in prices in 2016, there is still a lot of doubt regarding its future.
Kurumbur in gold-loving Tamil Nadu was once a thriving centre for goldsmiths. Today their number is down to two.
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.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
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.
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.
Gold price surged to all-time high of Rs 21,000 per ten grams; while silver rate sets a new record of Rs 44,000 per kg in the Delhi bullion market on Wednesday on hectic buying from stockists triggered by sharp rise in the global market.
Indians are no more rushing to buy bullion after this week's sharp sell-off
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