INDIAS PHYSICAL GOLD DEMAND
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
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
Gold gains on dollar retreat, focus on US inflation data
Gold prices rose on Monday, helped by a pullback in the dollar, while investors looked forward to U.S. inflation data due later this week that could offer more clarity on the Federal Reserve's monetary policy.
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.
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.
AAP, Congress slam Centre over irregularities in NEET exam, demand investigation
Taking to X, AAP shared a video that described the NEET exam scam, "The National Testing Agency (NTA) released the scorecard of NEET UG results on June 4- the same day the counting of votes for the Lok Sabha was held. A total of 67 students secured rank 1 in the exam. Six students, among the candidates who achieved rank 1, have taken the exam at the same centre. Many students secured 720 out of 720 or 718 or 719 out of 720. The government that cannot able to conduct examinations transparently is corrupt."
India imports more silver in 4 months of 2024 than in all of 2023
India's silver imports in the first four months of 2024 have surpassed the total for all of 2023, driven by rising solar panel demand and investor interest. The country imported a record 4,172 metric tons, up from 455 tons a year ago. This surge supports global prices and outperforms gold.
Manappuram Finance Q4 Results: Profit beats Street estimates on healthy loan growth
Indian gold-loan provider Manappuram Finance reported a better-than-expected fourth-quarter profit on Friday, helped by strong loan growth at both its gold and non-gold segments.
Gold demand expected to primarily revolve around festive period: Kavita Chacko, WGC
After a generally weak March and April, gold demand was resurgent ahead of and around the Akshaya Tritiya festival on 10 May. Considered one of the two most important days for buying gold traditionally, anecdotal evidence suggests that demand exceeded expectations, with strong activity observed in both urban and rural areas; some industry participants even hinting at record buying in value terms.
Gold heads for second weekly gain, silver hits 11-year high
Gold prices were on track for a second consecutive weekly gain on Friday due to improved interest rate cut expectations, providing support to silver which broke through the $30 milestone and hit an 11-year high.
Akshay Tritiya: Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers report strong sales
Jewellers from South India such as Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers saw strong demand during this year's Akshay Tritiya. Malabar Gold and Diamonds reported a 39% increase in sales, totaling Rs. 1361 crore. Kalyan Jewellers also noted robust revenue growth, with Bhima Gold experiencing over 50% sales growth compared to last 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.
19% annual returns in 10 years on buying gold on Akshaya Tritiya; should you invest in gold this year too?
Gold price has increased by 18% to Rs 71,502 for 10 grams with 999 purity since the last Akshaya Tritiya. Investing during this period has historically yielded attractive returns due to various factors such as price cyclicality, holding period, and discipline in investment. Safe havens like gold may see increased demand amidst global uncertainties and currency depreciation impacting prices. Experts recommend a 15% allocation to gold for a balanced risk profile.
Akshaya Tritiya today: Gold ETF AUM doubles in 3 years to Rs 33,000 crore
Gold ETFs have seen exponential growth, with assets doubling to Rs 33,000 crore in three years. In the last one year, gold ETFs have offered an average return of 15.47%.
Akshaya Tritiya 2024: Why gold rates vary across cities?
On Akshaya Tritiya, Hindus globally celebrate by purchasing gold, symbolizing prosperity and new beginnings. However, understanding the fluctuating gold prices across Indian cities is crucial. Factors such as local demand, transportation costs, taxes, market competition, and global trends influence these variations. Despite the timeless allure of gold, its pricing reflects the intricate dynamics of each urban center, shaping the experience for buyers.
Intrinsic opportunity for jewellery business very strong: CK Venkataraman, Titan Company
The businesses like eyecare in the last few months have really picked up and we are very bullish on those as well. Taneira continues to do well, international business is doing well. So, from a growth side, everything is really doing well and we just need to execute to generate the profit growth. We are all committed to that and we will know when the results actually come out, of course.
India's gold demand up 8 pc in Jan-Mar to 136.6 tonne despite high rate
India's gold demand increased 8% to Rs 75,470 crore in March quarter, supported by strong economic environment and aggressive gold buying by RBI. Jewellery demand rose 4%, investment demand grew 19%. RBI plans to continue gold purchase.
Consumers in India are likely to temper demand for gold, here's why
World Gold Council (WGC) predicts subdued consumer demand for gold due to high prices, fewer weddings, and election-related restrictions. However, stability in prices before Akshaya Tritiya could boost demand. Gold's remarkable performance may encourage investment, despite challenges in the market. Domestic prices rise swiftly, impacting consumption but investment demand rises.
During Covid times, investors in India's most vulnerable districts mostly preferred 'golden mask'
A study by IREF reveals that Indians in COVID-19 vulnerable districts allocated more savings to gold than those in other regions. Gold share in household savings was 6.9 percentage points higher in vulnerable districts. Financial holdings decreased by 4.1 percentage points. Poorer households in these districts allocated more to gold.
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