Explore Business Standard
Gold
India's forex reserves dropped USD 7.052 billion to USD 709.759 billion during the week ended March 13, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped USD 11.683 billion to USD 716.81 billion. The kitty had expanded to an all-time high of USD 725.727 billion during the week ended February 13 this year. For the week ended March 13, foreign currency assets, a major component of the reserves, fell USD 7.678 billion to USD 555.568 billion, the data released by the central bank showed. Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves. Value of gold reserves increased USD 664 million to USD 130.681 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down USD 23 million to USD 18.697 billion, the apex bank said. India's reserve position with the IMF was also down by USD 15 millio
Gold prices declined Rs 853 to Rs 1.62 lakh per 10 grams in futures trade on Wednesday tracking a bearish sentiment in the international markets amid mixed signals surrounding the ongoing conflict in West Asia. According to the Multi Commodity Exchange, the yellow metal for April delivery depreciated by Rs 853, or 0.52 per cent, to Rs 1,62,450 per 10 grams in a business turnover of 7,529 lots. Analysts said the recent gains in the precious metal prices faded as developments surrounding the conflict involving the US, Israel and Iran remained uncertain, keeping the investors cautious. In the international markets, gold futures on the Comex for April delivery slipped USD 30.15, or 0.58 per cent, to USD 5,211.95 per ounce. "Part of the gains faded amid conflicting developments surrounding the ongoing US-Israel conflict with Iran. The evolving geopolitical situation continues to cloud the outlook for Washington's monetary policy, particularly expectations for potential interest rate cut