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
Gold Futures Rise To Rs1.55 Lakh As Demand Strengthens
Gold Prices Also Moved Higher Internationally. Gold Futures In New York Advanced 0.40% To $4,394.01 An Bounce, Reinforcing The Positive Trend In Domestic Markets.
MCX Gold futures extended their gains supported by firm spot-market demand and fresh buying by market participants.
On the MCX), gold contracts for October delivery rose Rs 676, or 0.44%, to Rs 1,55,182 per 10 grams. Trading volume stood at 1,111 lots.Analysts attributed the rise to the creation of fresh positions by speculators, alongside steady demand in the physical market.
Gold prices also moved higher internationally. Gold futures in New York advanced 0.40% to $4,394.01 an ounce, reinforcing the positive trend in domestic markets.The latest move keeps bullion firmly in focus as traders track physical demand and shifts in speculative positioning for further direction.
On the other hand, crude oil prices corrected but stayed elevated. US WTI crude is volatile but above $82 per barrel and Brent crude is marginally up and near $89 per barrel. Natural gas price plunged by 2.5%, while gasoline prices have also corrected.
Data released last week pointed to tame US inflation, while consumer sentiment and retail sales weakened. Markets now see roughly a one-in-three chance of a Fed rate hike in September, down from nearly 50% before the data. Investors are now awaiting the FOMC’s latest meeting minutes and Fed Chair Kevin Warsh’s speech at the Jackson Hole symposium for further guidance
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National News1 hour agoGold Futures Rise To Rs1.55 Lakh As Demand Strengthens
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National News3 days agoGJEPC Thanks Commerce Secretary For Tax Bill Passage
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National News3 days agoSenco Gold & Diamonds Brings An Exclusive Jewellery Exhibition To Bikaner, Celebrating Rajasthani Craftsmanship And Senco’s Kolkata Karigari Heritage
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National News3 days agoIAGES and SPJIMR Launch ‘Advanced Leadership Programme In Gold Entrepreneurship’ To Build India’s Next Generation of Gold Business Leaders
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