Gold prices crashed by another Rs 130 at Rs 7,335 per 10 gram on the bullion market today on sustained selling by stockists and speculators largely fueled by a weakening trend in Asian markets. \n
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
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Gold rebounds after 3-day fall on renewed demand, global cues.
Marketmen said emergence of buying at prevailing levels by jewellers and retailers to meet upcoming festive season demand mainly supported the upside in gold prices.
'We did not know we would one day dominate nearly 70 per cent of the market.' 'Today, of 100 diamonds available for trade in Antwerp, 93 are cut and polished in India.' A fascinating excerpt from Shantanu Guha Ray's The Diamond Trail: How India Rose To Global Domination.
Investors will keenly watch out for the Futures & Options expiry for July on Thursday
What sold the most this year? Beauty, toys and baby care, sports and fitness, television and large appliances, followed by fashion, says T E Narasimhan.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
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The government on Friday reduced the import tariff value on gold and silver to $420 per 10 grams and $645 per kg, respectively, taking cues from firm global prices.
Reliance has announced that it will roll out its e-commerce platform to as many as 1.2 million retailers and store owners in Gujarat. This is part of a nationwide roll-out that will come later this yea, reports Viveat Susan Pinto.
The current bear run has already been the second longest since 1975.
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
Pilot project in Bengaluru; Snapdeal got into the category last month
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Jaitley increased the excise duty on most tobacco products by 10-15 per cent.
Finance Minister must be hoping that Indians get over gold-addiction.
The government will unveil the Consumer Price Index data and the Wholesale Price Index data for August on Monday.
Gold prices this year are higher than last year, and the goods and services tax is an additional burden for consumers
Imports rise at highest pace in more than 2 years as crude oil price spikes.
Gold imports, however, grew 10.47 per cent to $ 2.42 billion in May.
In an interaction with Viveat Susan Pinto, Thomas Lutz, head of the consumer and retail practice at The Boston Consulting Group. highlights some of the top consumer trends in India and the way forward for companies.
Dining and drinking out will be expensive.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
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Concern would kick in if imports stay at or over 100 tonnes a month.
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Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals.
Imports too dipped by 23.1 per cent to $25.41 billion in the month under review as against $33 billion in April 2015.
Gold in global markets fell toward a one-week low as investors awaited the outcome of the US Federal Reserve's meeting and assessed the situation in Ukraine, which impacted the prices at domestic markets, traders said.
India's exports grew marginally by 0.88 per cent.
Attractively low prices, rising demand and a favourable ratio to gold point to better days ahead for the white metal.
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'There can be no dispute over the adverse impact such a policy will surely have on India's manufacturing competitiveness,' notes A K Bhattacharya.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
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