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 Prices Decline On Strengthening Dollar
The Dip Comes As Investors Weigh A Complex Geopolitical Backdrop Against The Federal Reserve’s “Higher-For-Longer” Interest Rate Stance
Gold prices retreated on Monday as a strengthening dollar and persistent inflation anxieties outweighed the cautious optimism surrounding a new diplomatic overture from Tehran. Futures for the precious metal on the Multi-Commodity Exchange (MCX) slipped 0.15% to 1,51,119 rupees per 10 grams in morning trade, while silver followed suit, declining 0.08%. The dip comes as investors weigh a complex geopolitical backdrop against the Federal Reserve’s “higher-for-longer” interest rate stance, which continues to bolster the greenback.
The primary catalyst for market volatility remains the dual blockade in the Persian Gulf. While crude oil prices eased slightly on Monday, they remained supported above the $100-per-barrel mark.
The slight cooling in energy markets followed a series of posts from President Donald Trump, who announced that the U.S. Navy would begin “Project Freedom”—a humanitarian operation to escort nearly 900 commercial vessels currently stranded in the Strait of Hormuz.
For gold investors, the tug-of-war between safe-haven demand and a hawkish dollar is reaching a fever pitch. While the conflict in the Middle East provides a floor for bullion prices, the inflationary pressure of $100-plus oil is keeping the U.S. Federal Reserve on the offensive.
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