Page 59 - Gold

Gold declines Rs 153 amid fall in precious metal prices globally

Gold price in the national capital declined Rs 153 to Rs 55,650 per 10 grams on Friday amid a fall in precious metal prices globally, according to HDFC Securities. The yellow metal had ended at Rs 55,803 per 10 grams in the previous trade. Silver also fell Rs 7 to Rs 68,700 per kilogram. "Gold price fall was extended after stronger than expected US job market data allowed US Fed to continue with higher interest rate," said an analyst at HDFC Securities. In the overseas market, gold was quoting lower at USD 1,839.6 per ounce while silver was flat at USD 23.46 per ounce. The US job market data pushed US dollar to a fresh one-month high. Rising interest rates and higher dollar index tend to weigh on yellow metals, the analyst added.

Gold declines Rs 153 amid fall in precious metal prices globally

Gold price in the national capital declined Rs 153 to Rs 55,650 per 10 grams on Friday amid a fall in precious metal prices globally, according to HDFC Securities. The yellow metal had ended at Rs 55,803 per 10 grams in the previous trade. Silver also fell Rs 7 to Rs 68,700 per kilogram. "Gold price fall was extended after stronger than expected US job market data allowed US Fed to continue with higher interest rate," said an analyst at HDFC Securities. In the overseas market, gold was quoting lower at USD 1,839.6 per ounce while silver was flat at USD 23.46 per ounce. The US job market data pushed US dollar to a fresh one-month high. Rising interest rates and higher dollar index tend to weigh on yellow metals, the analyst added.

Gold slips from near 7-month peak as caution sets in before US jobs data

Market focus now turns to the ADP National Employment Report due at 1315 GMT, followed by the U.S. Labor Department's nonfarm payrolls (NFP) data on Friday

Gold trading at Rs 55,750 per 10 grams, silver selling at Rs 72,000 per kg

The price of ten grams of 24-carat gold in Delhi, Chennai, and Bangalore is Rs 55,900, Rs 57,140, and Rs 55,800, respectively

Gold prices rise to mid-June highs as markets look to US Fed minutes

The market now awaits the 2 p.m. EST release of the minutes from the Fed's Dec. 13-14 policy meeting

Gold trading at Rs 55,200 per 10 grams, silver selling at Rs 71,300 per kg

The price of ten grams of 24 carat gold in Delhi, Bengaluru, and Chennai is Rs 55,350, Rs 55,250, and Rs 55,960, respectively

Gold may touch new high of Rs 62,000 this year on back of dollar weakness

Brokerages expect upside on hedging demand amid global slowdown risk

Commerce Ministry seeks cut in gold import duty in Budget to push exports

The commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewellery sector, sources said. In July this year, the centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The basic customs duty on gold is 12.5 per cent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent. "As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports," the sources said. Every year, the gems and jewellery export industry seeks a reduction in import duty. Former chairman Gems and Jewellery Export Promotion Council (GJEPC

Gold prices rise as dip in $ makes bullion less expensive for buyers

Spot gold was up 0.6% at $1,807.69 per ounce, as of 0704 GMT. U.S. gold futures rose 0.6% to $1,814.80

Gold, silver rates rise in early trade; yellow metal selling at Rs 54,650

Ten gram of 22-carat gold was trading at Rs 50,100 today

Gold to shine amid global recession; soft landing could play spoilsport

But it will lose sheen if the world economy achieves a soft landing

Jordan signs MoU with Arab Mining Company for gold, lithium exploration

Jordan's Ministry of Energy and Mineral Resources has signed a Memorandum of Understanding with the Arab Mining Company to explore lithium and gold in southern Jordan

Gold prices fall, silver rises in early trade; yellow metal at Rs 54,330

Gold prices slipped as investors stayed on the sidelines awaiting US inflation data and the Federal Reserve's rate-hike decision

Enforcement agencies seize 3,083 kg gold till Nov; Kerala saw most seizures

Enforcement agencies have seized 3,083 kg of gold till November this year, with Kerala accounting for the maximum number of seizures, Parliament was informed Monday. Gold seizures across the country have gone up this year when compared to 2,383 kg seized in the 2021 calendar year and 2,154 kg in 2020. In 2019, 3,673 kg of gold was seized. In 2022 (up to November), 3,083.61 kg of gold was seized in 3,588 cases. In Kerala, 690 kg of yellow metal was seized in 2022, up from 587 kg in 2021 and 406 kg in 2020. In 2019, 725 kg was seized. Besides Kerala, states which account for high gold seizures this year till November 2022 are Maharashtra (474 kg), Tamil Nadu (440 kg) and West Bengal (369 kg). Minister of State for Finance Pankaj Chaudhary said the government makes policy interventions and takes operational measures to check smuggling. In the last three years, National Investigation Agency (NIA) has conducted investigations and filed charge sheets in three cases of gold smuggling, h

Gold worth Rs 1.37 crore seized by customs officials at Hyderabad airport

The Customs on Saturday seized gold biscuits and jewellery, totalling 2.9 kilograms valued at Rs 1.37 crore, from a passenger at the international airport here, an official said. Hyderabad Airport Customs intercepted the passenger who arrived by a flight from Dubai, according to an official release. In his baggage, 24-karat gold weighing 1,547 grams and 18-karat jewellery weighing 1,414 grams at a combined value of Rs 1.37 crore was seized, said Dulip Abraham, Deputy Commissioner of Customs (RGIA-Hyderabad), in a release. Further investigation is under progress, the official said.

Gold clings near $1,800 on soft dollar as China relaxes Covid-19 curbs

Spot gold ticked 0.1% lower to $1,796.17 per ounce by 0938 GMT, after touching its highest level since July 5 at $1,809.91

India seized 833 kg gold worth Rs 405 cr in FY22, highest from Myanmar

The highest amount of gold seized was of Myanmar origin, marking a significant shift from 2019-20, when the majority of it was from West Asia

Gold price up by Rs 550, trading at Rs 53,730; silver rises by Rs 700

22-carat gold was trading at Rs 49,250

Customs seizes gold jewellery worth over Rs 94 lakh at IGI airport

The airport customs preventive officers, seized 1849 grams of gold jewellery worth over 94 lakhs from two passengers at the IGI Airport, the Customs department informed

Youth World Boxing: Ravina strikes gold; India ends campaign with 11 medals

Ravina emerged victorious in her finals bout and added another gold to India's total medal tally of 11 at the IBA Youth Men's and Women's World Boxing Championships 2022 in La Nucia, Spain