Search Result for : Gold Trade

Sreenivasa Rao Dasari The first 8 months in 2016 witnessed an upward journey for the yellow metal as prices surged 29% from $1,060.20 an ounce on January 1, 2016, to $1,366.33 on July 8. Last four months of 2016 recorded a decline in gold price. Indicating a 10-month low against the US dollar, the precious metal is trading at $1,160.18 as on December 30, 2016. Gold price this year so far indicated a 9.33% rise from $1,061.10 on December 31, 2015, and almost 40% lower from the record high of $1,920.30 on September 6, 2011. Gold imports fell 30.5% to $15.74 billion during April-November.  Multiple factors including increased investments in gold ETFs and other financial instruments are influencing gold prices. The positive outlook ...

The Dollar Business Bureau India's vast gold market seems to be losing its sheen this year as the domestic demand could fall as much as 24% in 2016 due to higher prices and increased smuggling of the metal. The World Gold Council (WGC) said the lower demand of gold in India, the world’s second largest gold consumer market, could hurt global spot prices, which have been on a constant rise this year, but will help the economy reduce its trade deficit. Gold continues to be one of the country’s biggest expenses on its import bill. India's domestic demand during the first three quarters of 2016 nosedived 29% from a year ago to 441.2 tonnes as it was hit by price rises and the government’s restrictive measures such as the mandatory disclose of ...

PTI Taking comfort from firm global developments and increased buying by jewellers at the domestic market, gold rose for the second straight day by surging Rs 220 to Rs 31,250 per 10 grams today. Silver bounced by Rs 470 to Rs 47,820 per kg backed by increased demand from coin makers and other consuming industries. Marketmen said that besides a firming trend overseas, more buying activity by jewellers to meet retailer demand at domestic spot markets mainly kept the precious metals higher. Globally, gold rose 0.11 per cent to USD 1,364.30 an ounce and silver by 0.07 per cent to USD 20.58 an ounce in Singapore today. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs 220 each to ...

Aamir H Kaki The industry has welcomed the government decision to relax the norms for one percent excise duty on the sale of gold jewellery but wants to get it totally removed. “We appreciate the relaxation given by the government for easing the norms of the excise duty for jewellers having a turnover of up to Rs.150 million,” Lala Satish Chand Singhvi, President of Delhi Jewellers Association told The Dollar Business Bureau. “But we want the custom duty of one percent to be dropped completely,” he added. In an attempt to address concerns raised by the industry, the government had announced on Wednesday that it has eased the norms for the excise duty on the sale of gold jewellery that was announced earlier this year. As per ...

The Dollar Business Bureau Global gold prices declined on Thursday after rising almost 1% during the previous session, as the effect of Brexit began to fade with most of the global markets heading towards normalisation. Spot gold had fallen by 0.3% to $1,314.30 per ounce. On Wednesday, gold prices raised for three out of four sessions. US gold was down 0.7% at $1,317.40. Silver climbed about 3% to reach a 1-1/2 year high on Wednesday, but was nearly flat at $18.27 per ounce. Asian stock markets went up on Thursday, while the dollar remained near a 3.1/2 month high against other global currencies. Several global analysts said the market has moved away from the Brexit saga, as there have been no more shocks in the global market ...

The Dollar Business Bureau Global gold demand has increased 21 percent to 1,290 tonnes in the first quarter of 2016, up from 1,070 tonnes during the same period last year, a World Gold Council (WGC) report said. “This rise in demand was driven by vast inflows into ETFs (exchange-traded funds), fuelled by the concerns of investors with regard to economic instability and an uncertain financial landscape,” the report said. The global demand for jewellery was earlier down by 19 percent due to higher prices and subdued industrial action in India. A softening of the Chinese economy further meant that many consumers have delayed the purchases. “Two main themes appeared in the first quarter of this year. Driven by the ambiguity raised by negative rates ...

The Dollar Business Bureau E-retailers are betting big time on Akshaya Tritiya, the auspicious day for buying precious metals. Retailers like Bluestone and Amazon are expecting a boost in their gold and diamond jewellery on this special day. Amazon Fashion Category leader Mayank Shivam said that they are seeing a six- time growth in the sales on their offerings on Akshaya Tritiya compared to last year. Talking about the website traffic he said that they have grown 100 times compared to the previous year. He also added that the demand is more for the 22 carat gold, especially for necklaces and plain gold chains. This demand is apart from the bullion sale of gold which is under the top-selling category at this time. Arvind Singhai, ...

PTI Gold prices ticked up by Rs 25 to Rs 30,125 per 10 grams in the bullion market today on scattered buying by jewellers driven by the ongoing wedding season amid firm global cues. However, silver eased Rs 60 to Rs 41,040 per kg on lack of buying support from industrial units and coin makers. Traders said buying by jewellers to meet ongoing wedding season demand and a rising trend in the global market mainly led to the rise in gold prices. Globally, gold rose 0.16 per cent to $1,279.70 an ounce in London. In the national capital, gold of 99.9 per cent and 99.5 per cent purity inched up by Rs 25 each to Rs 30,125 and Rs 29,975 per 10 ...