GOLD PURCHASE
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
CCI approves IT services firm Coforge’s stake purchase in Cigniti
The Competition Commission of India (CCI) gave its stamp of approval on Tuesday for IT services firm Coforge to acquire a controlling stake in Cigniti Technologies.
Gold prices edge higher as US Treasury yields soften
Gold prices rose on Monday as Treasury yields fell, with investors awaiting economic data and comments from Federal Reserve officials for clarity on interest rate cuts.
US PMI data triggers sharp decline in gold prices
Gold prices surged to a two-week high of $2,366 following a second rate cut by the Swiss National Bank and weaker US data. Traders anticipate a move by the US Federal Reserve, especially after the European Central Bank's rate cut.
Gold Price Today: Yellow metal prices rise by Rs 700 this week, silver at Rs 91,420/kg
MCX August futures for gold started the week at Rs 72,693 per 10 grams, marking a gain of Rs 720 (1%). Meanwhile, MCX July futures for silver opened at Rs 91,420/kg, increasing by Rs 2,300 (2.6%) over the week.
Jewellery business shift to organised market: What's the way to do it?
The jewellery sector in India is experiencing a shift towards formalisation, with the organised market growing rapidly. Players need to focus on inventory management and customer experiences for success. Top retailers are expanding into new geographies, with a franchise model proving successful. Market trends indicate a significant move towards branded jewellery purchases.
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Gold Price Today: Yellow metal opens at Rs 71,657 per 10 grams, silver at Rs 88,856/kg
While trading within a range so far this week, MCX gold August contracts opened lower on Wednesday, down by 0.11% or Rs 82 at Rs 71,657 per 10 grams. Similarly, MCX silver July contracts also saw a decline, down by 0.25% or Rs 224 to Rs 88,856 per kilogram.
Elevated gold prices to restrain jewellery consumption growth to 6-8% in FY25: ICRA
ICRA forecasts a slowdown in India's jewellery consumption growth to 6-8% in FY2025, down from 18% in FY2024, citing elevated gold prices dampening consumer sentiment. Volume is expected to contract after marginal growth in previous years. Despite stable gold prices post-April 2023, a 14% rise in FY2024 boosted revenues amid muted volumes. Operating margins are projected at 7-8% amidst rising competition, with retailers expanding cautiously amid subdued consumer demand.
Everything you expect from physical gold can be done faster, better with digital gold: SafeGold CEO
SafeGold, a digital platform, redefines gold investment with innovative ways to buy, sell, and store vaulted gold. Founder Gaurav Mathur envisions a global standard for digital gold transactions using a technology-driven ecosystem. The company's revenue grew by 35% to Rs 6,100 crore in FY24, maintaining profitability and aiming for faster profit growth.
Gold Price Today: Yellow metal dips by Rs 3,500 from all-time high, silver down by Rs 3,300 in June
Gold and silver prices on MCX reacted to market trends influenced by the USD index, Fed comments on inflation, jobless claims, and specific support and resistance levels, with buying recommendations for investors.
Gold price movement: Fed action impact & what history suggests in a falling rate regime?
Gold investors await the outcome of the Federal Open Market Committee (FOMC) meeting for insights on the US Federal Reserve's interest rate cut impact. The European Central Bank and Bank of Canada have already reduced policy rates.
Gold rush grips Asia despite near-record prices
Gold demand in Asia is increasing despite near-record high prices, driven by geopolitical and economic uncertainty. Spot gold trades over $2,300 per ounce, up 12% year-to-date, and 6% below the record high. Lower confidence in real estate and equities also fuels the demand.
Gold Price Today: Yellow metal prices fall by Rs 3,400/10 grams in 20 days; silver drops Rs 6,000/kg
Gold prices on MCX fell by Rs 3,400 in 20 days, opening at Rs 71,012 per 10 grams. Silver contracts on MCX also dropped sharply. The decline was triggered by a strong US jobs report impacting the USD and Federal Reserve decisions.
Gold slides 3% on double blow of strong jobs report, China data
Gold prices fell 3% to $2,304.54 after a strong U.S. jobs report dampened expectations for rate cuts, exacerbated by China's pause in gold purchases in May.
Gold Price Today: China pulls plug on buying, yellow metal plunges Rs 1,200/10 gram, silver by Rs 3,300/kg
Gold prices fell on Friday due to Chinese central bank halting purchases after hitting record highs. According to analysts, the record rally in gold has been a trigger behind the move.
Mega millions drawing winner: Illinois player bags jackpot worth whopping $560 million. Check how much he will get
Mega millions jackpot winner have emerged after the cycle of three times. The player is from Illinois.
Gold Price Today: Yellow metal opens flat at Rs 72,100 while silver down by Rs 1,080
Gold Price Today: Gold and silver futures open mixed on MCX ahead of US data. MCX Gold shows potential downside with support at Rs 71,700. Neha Qureshi recommends selling MCX gold at Rs 72,200 and silver at Rs 94,000.
Gold Price Today: Yellow metal opens below Rs 72,000/10 grams, while silver flat at Rs 90,591kg
Gold prices on the MCX for June futures contracts slipped by Rs 126 or 0.18% to reach Rs 71,451 per 10 grams amid a backdrop of escalating treasury yields and profit booking.This decline in gold prices marks its most significant weekly drop of the year, following a record high earlier in the week.
RBI buys 1.5 times more gold in January-April than whole of 2023
The Reserve Bank held 827. 69 tonnes worth of gold as a part of its foreign exchange reserves as of April 26,2024, up from 805 tonnes as of end December according to the latest Reserve bank of India data.
Gold Price Today: Gold prices rise by Rs 1,350 in 10 days to Rs 72,010/ 10 grams, silver rates shoots above Rs 85,000 mark
Gold prices on MCX surged Rs 1,347 in 10 days, opening at Rs 72,010/10 grams today, up 0.22% or Rs 155. Silver also rose. Despite challenges, gold soared 13% this year.
High gold prices unable to dampen consumer sentiment during Akshaya Tritiya
On Friday, gold prices were ruling at over Rs 71,000 per 10 grams as against about Rs 60,000 in April last year, registering an increase of 15-17 per cent. World Gold Council Regional CEO Sachin Jain said there was little growth in jewellery demand during the January-March period while April was also a very quiet month.
Kalyan Jewellers Q4 Results: Cons PAT zooms 97% YoY to Rs 137 crore
Jewellery major Kalyan Jewellers recorded a consolidated revenue of Rs 18,548 crore in FY24 as against Rs 14,071 crore in the previous year, a growth of 32%. Consolidated profit after tax (PAT) for FY24 stood at Rs 596 crore, a 36 per cent rise over FY23.
Akshaya Tritiya: Five lucky items to buy for good fortune
In 2024, Akshaya Tritiya, falling on May 10, carries immense religious significance for Hindus. It is revered as one of the most auspicious days, symbolizing new beginnings and prosperity. Known as Akha Teej, it marks the Tritiya Tithi of Shukla Paksha. Here, we will highlight 5 special purchases that can make your day extraordinary.
Akshaya Tritiya 2024: Jewellery, coin or ring? Here is what you should buy as per your Zodiac sign
Akshay Tritiya 2024: As Akshaya Tritiya nears on May 10, 2024, people anticipate the auspicious day celebrated for new beginnings. Traditionally, individuals invest in jewellery and precious items to attract happiness and prosperity. Each zodiac sign is advised specific purchases aligned with their celestial influences: Aries - gold jewellery, Taurus - silver coins, Gemini - tortoise ring, Cancer - diamond accessories, Leo - gold locket of Lord Ganesha, and so forth.
Akshaya Tritiya 2024 shubh muhurat: When is the best time to buy gold this Akshaya Tritiya? Check city-wise list here
Gold is associated with riches and purity, and purchasing it on this day is believed to increase its blessings, signifying the endless character of the profits. As the term ‘Akshaya’ means ‘never diminishing’, it is believed that buying gold at this festival guarantees endless wealth.
Not all gold actually glitters
Can anything be done to curb gold smuggling? If there's no import tax, there would be no financial incentive to smuggle gold (even as other reasons will still be there). However, even smugglers have financial costs of 2-3%. As such, the break-even level of import tax where the financial incentive to smuggle gold would be negated could be guesstimated at 3%.
Sovereign gold bonds no threat to physical trade of the precious metal, says World Gold Council CEO
Gold demand and prices are expected to rise in 2024 due to geo-political uncertainties, debt crisis, and central bank purchases. India's sovereign gold bonds will encourage investors to see gold as an alternative asset class. Efforts are being made to bridge the trust deficit and improve transparency in the gold industry.
RBI’s gold purchases in 2023 fell to lowest level in 6 years
The Reserve Bank of India (RBI) reduced its gold purchases in 2023, marking the lowest level since it began accumulating gold in 2017, due to a strong US dollar. By December 2023, the RBI's gold holdings increased to 25.84 million troy ounces, up from 25.32 million troy ounces a year earlier. This slight increase contrasts with previous years when larger quantities were added. The RBI's gold accumulation strategy, initiated in 2017, aimed to diversify its foreign exchange reserves.
Global gold demand at all-time high in 2023 backed by central bank purchases
The global demand for gold reached a record high of 4,899 tonnes in 2023, driven by robust over-the-counter purchases and buying by central banks. Gold exchange-traded funds experienced outflows for the third consecutive year. The average price of gold in 2023 was $1,940.54 per ounce, an all-time high. Geopolitical uncertainty and trade tensions are expected to continue driving gold demand in 2024. Central banks purchased 1,037 tonnes of gold in 2023, the second highest amount ever. Global gold jewelry demand remained stable, with increased demand from China offsetting a decline from India. Prices in India reached a lifetime high of over Rs 63,000 per 10 grams in December.
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