Bullion Dealers Gold

Donald Trump's tariff threats spark huge gold rush from London to New York as prices surge 11% in the US

The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week

The price of 22-carat gold also witnessed a decline of Rs 10, with ten grams of the yellow metal selling at Rs 70,290

The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 76,200

The most affected were the gold brick shops, with workers at three locations saying sales are down by half

Bullion was mostly flat on the week, but extended its run above the $2,000 level to nearly a month. U.S. gold futures settled 1.6% higher at $2,051.60

Under this gold will be imported at a duty lower than applicable to refineries

IIBX has the potential to ease the hassle involved in importing precious metals

The exchange at the international financial services centre (IFSC) will be an additional option for trade for global market participants, says Budget 2020.

The rupee's weakness against the dollar, however increased cost of imports, pushing consumers from buying gold unless necessary.

More than 50 leading bullion dealers of the country spread across 17 states have decided to deal in gold by banking channels only and not have any dealing in unaccounted money.For this purpose, they came together and formed the Bullion Federation of India last month. On Tuesday, they will make a representation to the Ministry of Finance.A spokesperson of the federation said in the past five to six months, when gold import had nose-dived for various reasons, smuggling was high, compared to official imports. According to estimates, in the past few months, 60 per cent gold entered unofficially in the country. Dealers, claim one of the official, account for more than half of India's official gold imports. They place orders with banks and nominated agencies who import gold on their behalf. "The intension behind pledge to sell gold only using banking channels like RTGS or cheque etc is to expose those dealing with cash. There is no other way to expose them," said the spokesperson of the asso