The Watches & Wearables domestic growth was 13 per cent Y-o-Y, with analog watches clocking a robust 19 per cent growth
Goldman Sachs expects gold prices to reach $3,150 per ounce (bull-case scenario; base case: $3,000/oz) by December 2025, an upside of around 17 per cent from the current levels
In India, prices jumped to a record high of Rs 79,775 per 10 grams earlier this week, marking a nearly 33 per cent increase since last year's Diwali
Gold prices today: Spot gold hit a fresh record high of $2,773.53 on October 29, 2024. Buying the dips is the preferred strategy
Gold rate today: As gold prices are expected to be highly volatile, especially due to Brics headlines, buying the dips is the preferred strategy
UBS analysts have raised gold's target to $2,750 per oz by end-2024 (from $2,600 per oz), $2,850 per oz by mid-2025 (from $2,700 per oz), and $2,900 per oz by end-3Q25 (from $2,750 per oz)
In the previous session, the precious metal of 99.9 per cent purity had settled at Rs 72,350 per 10 grams on Monday
Gold trading strategy today, July 31: Unless the US Fed is outrightly dovish, Gold is expected to fall in the coming days. Support for MCX October Gold contract is at Rs 67,600/Rs 66,200
Gold demand India: Gold prices, meanwhile, surged 18 per cent year-on-year (YoY) in the June 2024 quarter to $2,338.2 an ounce (oz), and were up nearly 13 per cent when compared with the December 2023
In dollar terms, gold prices hit $2,331/oz at the end of H1-CY24, according to WGC data, rising 12.1 per cent during this period
The gold jewellery industry is advocating a 'One Nation, One Rate' policy, starting with a unified rate for Eastern India from August, an official said. All stakeholders have shown interest in the idea of a unified gold rate across the country, said Samar Kr De, President of the Swarna Silpa Bachao Committee. "We will begin with a single rate for Bengal and eastern India from August and have onboarded bullion sellers for this initiative," De said. Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said, "The idea is to create a level playing field for all stakeholders and prevent undercutting." De said that they aim to extend the 'One Gold Rate' policy nationwide within the next six months and are in discussions with large national jewellery retail chains. He also noted that the recent 9 per cent duty cut was unexpected by the industry. Union Finance Minister Nirmala Sitharaman in her budget proposals slashed import duties on gold and silver from 15
The price of 22-carat gold rose Rs 10, with ten grams of the yellow metal selling at Rs 67,860
The dollar held steady, while long-dated U.S. bond yields rose, as investors weighed whether the assassination attempt on Trump increased his chances of victory
Kalyan Jewellers on Friday reported a 27 per cent year-on-year increase in consolidated revenue for the first quarter of the financial year 2024-25, driven by strong performance in both Indian and Middle Eastern markets. The company had reported a consolidated net revenue of Rs 4,376 crore in the first quarter (April-June) of the 2023-24 fiscal year. India operations saw a 29 per cent revenue growth during the first quarter of this fiscal, compared to the corresponding quarter of the previous fiscal year, with a 12 per cent same-store-sales growth, the company said in a regulatory filing. The revenue from Middle East operations was up 16 per cent, contributing 15 per cent to the consolidated revenue. The company said 13 new franchisee-owned-company-operated (FOCO) showrooms were opened during the April-June period this year in India, while the digital platform Candere recorded a 13 per cent revenue growth. The company said it plans to convert its Candere business into a wholly-own
Spot gold traded with a bearish bias on Tuesday as most of the commodities were under pressure due to the rise of far-right parties in the recently concluded European elections
The metal was changing hands at $2381 at the time of the MCX closing, which is down 0.20 per cent from Wednesday's closing level
Spot gold was up nearly 1 per cent Thursday on rate cut bets as the weekly US job data disappointed
The gold price was Rs 28,430 per 10 gram a decade ago, up 141 per cent, giving a 9.2 per cent compounding annual return
Global gold demand declined 5 per cent to 4,448.4 tonnes in 2023, compared to the previous year, mainly due to continuing Exchange-Traded Fund (ETF) outflows, according to the World Gold Council (WGC) report. The overall global gold demand was 4,699 tonnes in 2022, according to WGC's Gold Demand Trends report 2023. According to the report, global gold ETFs saw a third consecutive annual outflow, losing 244.4 tonnes compared to 109.5 tonnes in 2022. Losses were most marked in Europe, where holdings fell by 180 tonnes - the worst annual performance since 2013. The pace of outflows slowed markedly into year-end, but October's hefty outflows dominated the fourth quarter (October-December), it added. Outflows from European funds have continued in the opening weeks of 2024, and North American-listed funds have resumed their decline after a two-month respite in November and December, the report said. Strong equity performance and continually shifting expectations surrounding the timing
The price of 22-carat gold slipped Rs 100, with the yellow metal selling at Rs 58,050