National News
Gold imports up 40.79 pc to USD 2.68 bn in Jan
The country’s gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data.Gold imports stood at USD 1.9 billion in January 2024.Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year.
The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and cut in customs duties.Prices of the yellow metal have increased 11 per cent so far this year to ₹88,200 per 10 gram in the national capital.
National News
MCX Gold, Silver Decline On Weak Global Cues
Global Spot Gold Just Touched An Eight-Month Low, Dipping Below The $4,000 Psychological Barrier
India’s MCX gold prices took a heavy hit, dropping over Rs 1,650 (1.2%) to hover around Rs 140,750 per 10 grams. Silver didn’t escape the pressure either, sliding below the Rs 218,600 per kg mark.
What’s driving the sell-off? A weak international market. Global spot gold just touched an eight-month low, dipping below the $4,000 psychological barrier, while spot silver tumbled under $58 per ounce. Both metals are currently down up to 1.5%.
Meanwhile, energy markets are playing it cool. Crude oil remained virtually flat, with Brent scraping $74 per barrel and US WTI holding steady near $71.
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