Gold jewellery demand in India is likely to decline in the second and third quarters of this fiscal due to hike in import duty, high volatility in prices and inflationary pressure, according to a report. While demand is likely to contract by 8 per cent year-on-year in the second quarter of FY23, the decline is expected to be higher at 15 per cent in the third quarter due to the exceptionally high base in the same period of FY22, Icra said in a report. According to the report, the exceptional third quarter performance in FY22 was due to the post-Covid reopening of the economy and the substantially high demand in the wedding and festive seasons.
The investigation pertains to a case against Pranav Jewellers, a partnership firm based in Tiruchirapalli, whom the ED raided on November 20 and claimed to have seized "unexplained" cash of Rs 23.70 lakh and some gold jewellery.
Water projects firm Vishnu Prakash R Punglia, the 20th company to launch its IPO in the current year, saw its shares closing at a 47 per cent gain over its issue price on Tuesday. Such a huge one-day pop is considered rare; however, it has become the norm this year. The average listing-day gain for these 20 IPOs in 2023 is 34 per cent, and their average gain to date stands at 46 per cent.
'If the borrower can't repay the loan due to lack of income or losses from speculative activities, they risk defaulting on it.' 'This could lead to the bank seizing the property.'
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
In April and May, there were additions by RBI of 600 kg and 900 kg. RBI's total gold holding is now 561.9 tonnes.
As it is a highly liquid asset, central banks can afford to look past its short-term volatility to longer-run average returns.
It plans to use it as collateral, along with forex reserves, to print currency.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
Jyothi Vennam and Ojas Deotale emerged champions in a thrilling archery showdown, securing a remarkable second archery gold medal for India at the 2023 Asian Games in Hangzhou.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
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Experts recommend buying gold as the fundamentals supporting a rally have not changed.
India's merchandise exports rose by 9.1 per cent to $38.13 billion in May even as the trade deficit widened to a seven-month high of $23.78 billion during the month, according to government data. Healthy growth in sectors, such as engineering, electronics, pharmaceuticals, textiles and plastics helped register growth in exports despite global economic uncertainties.
'Lack of self-control over spending leads to a credit card debt trap.' 'People think they have money and spend using a credit card, but when it's time to pay, they realise they don't have the money.'
Given the uncertainties around gold's future course, stagger your purchases and buy on declines, says Sanjay Kumar Singh.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
Gold and diamond retail chain Malabar Gold & Diamonds will be investing Rs 1,600 crore in FY22 to launch 56 stores globally with 40 across India and 16 internationally in FY22 to further boost its retail presence across the globe. The move is expected to generate over 1,700 jobs. In India, the expansion strategy is centred in states like Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Maharashtra, Delhi, West Bengal, Uttar Pradesh, Odisha and Kerala. Internationally, the expansion will be in markets such as Singapore, Malaysia, Oman, Qatar, Bahrain and UAE.
Titan's October-December quarter (Q3) business update claims 22-23 per cent revenue growth in the standalone jewellery sales (excluding bullion sales), implying a 4-year compound annual growth rate (CAGR) of 21.3 per cent. Store additions also looked healthy, with 21 new Tanishq stores opened in Q3, taking the total count to 466 (+43 in 9 months of FY24) including two in the US and one in Singapore. Titan added 90 stores in Q3, pushing its total retail outlets to 2,949 (including CaratLane).
On gold buying occasions such as Akshaya Tritiya, Chiraj Mehta points out, investors are often confronted with the question: Should I make just a token purchase, or should I buy more towards building my allocation in the yellow metal?
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
A Ganesh Nadar/Rediff.com speaks to common folk in Tamil Nadu about whether they will invest in Arun Jaitley's gold monetisation scheme. Their reactions will not make the Union finance minister happy.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
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Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
The pros and cons of investing in gold coins and bars, jewellery, gold ETFs and gold mining stocks.
Such an economic environment tends to be positive for gold, the ultimate safe-haven asset. Since gold cannot be debased by central banks, it naturally gains in value.
Gold demand will go up in the second half of this year.
Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
