National News
India’s CAD surges on gold and silver imports
India’s trade deficit swelled to a three-month peak of $34.6 billion in January, driven by soaring gold and silver imports that inflated the import bill even as exports stagnated amid slumping shipments to the U.S.
Import Surge
Imports climbed 19.1%—the steepest rise since April—to $71.2 billion, marking the second-highest monthly figure on record, with gold inflows rocketing 4.5-fold to $12 billion and silver doubling 2.3 times to $2 billion. This spike overshadowed modest export growth of just 0.8% to $36.6 billion, hampered by declines in gems and jewelry as well as textiles, despite slight gains in electronics and pharmaceuticals.
Export Outlook
Commerce Secretary Rajesh Agrawal expressed optimism for record annual exports, projecting merchandise nearing $860 billion and services surpassing $410 billion for the first time, buoyed by sustained upward momentum. Confidence partly hinges on rebounding U.S. demand for gems, jewelry, and textiles following the early-February withdrawal of punitive 25% secondary tariffs
National News
Gold and Silver Futures Open Higher Amid Volatility In Currency and Bond Markets.
Strong Investment Demand and Continued Gold Buying By Central Banks, Especially China’s Central Bank, Further Supported Prices.
Gold and silver futures opened higher on Friday as investors turned to safe-haven assets amid volatility in currency and bond markets.
Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,60,630 per 10 gram, up Rs 1,205 from the previous close of Rs 1,59,425.
Silver futures also opened higher. The benchmark September silver contract on MCX opened at Rs 2,44,988 per kg, up Rs 1,745 from the previous close of Rs 2,43,243.
Rising crude oil prices, following the US move to impose wider sanctions on Iran, also raised concerns about inflation. Strong investment demand and continued gold buying by central banks, especially China’s central bank, further supported prices.
In global markets, gold was trading near $4,590 per ounce on Comex, while silver was around $69 per ounce. On MCX, gold futures were near Rs 1,59,700 per 10 grams and silver futures around Rs 2,44,600 per kg at the time of writing.
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