Page 3 - Gold

Senco gold shines with Rs 1,000 cr festive sales despite record high prices

Senco Gold dazzles with over Rs 1,000 crore in October sales, defying record-high gold prices with strong rural demand and festive cheer

Gold dips Rs 10 to Rs 75,640; silver down Rs 100, trading at Rs 89,400

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bengaluru, Chennai and Hyderabad at Rs 75,640

Gold dips Rs 10 to Rs 76,840; silver down Rs 100, trading at Rs 90,900

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bengaluru, Chennai and Hyderabad at Rs 76,840

Gold likely to be under pressure in near-term; check support levels

Spot gold tumbled to the lowest level in nearly 7 weeks on November 12 as investors piled into risk assets on optimism over the US growth prospects with Trump at the helm

Gold price climbs Rs 10 to Rs 79,480, silver jumps Rs 100 to Rs 94,100

The price of 22-carat gold also climbed Rs 10, with ten grams of the yellow metal selling at Rs 72,860

Gold prices rise Rs 500, silver jumps Rs 800 amid wedding festivities

Gold prices rose Rs 500 to reclaim the Rs 80,000 mark in the national capital on Friday amid fresh buying by local jewellers and retailers for the wedding festivities, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had settled lower at Rs 79,500 per 10 grams on Thursday. Silver also jumped Rs 800 to Rs 94,600 per kg against the previous close of Rs 93,800 per kg. The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 79,600 per 10 grams. It had closed at Rs 79,100 per 10 grams on Thursday. Traders said demand from local jeweller businesses has picked up for the wedding season. Besides, gold prices witnessed an uptick as investors bet on this asset class as a safe haven, owing to depreciation in the rupee against the US dollar (USD). In future trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery slipped Rs 198 or 0.26 per cent to trade at Rs 77,213 per 10 grams. "Gold traded weak amid strength in the d

Gold rate today: Analyst advises 'Sell on rally' for Gold post Fed rate cut

Gold price: The yellow metal faces risk from fickle bond yields as deficit concerns loom large. Near-term upside is limited, says Praveen Singh of Sharekhan

Gold price dips Rs 10 to Rs 78,550, silver falls Rs 100 to Rs 92,900

The price of 22-carat gold also fell Rs 10, with ten grams of the yellow metal selling at Rs 71,990

Fitch affirms IIFL Finance's rating after RBI lifts ban on gold-loan biz

Fitch Ratings on Monday affirmed IIFL Finance's ratings with a stable outlook, saying that after the lifting of the ban on new gold-backed lending imposed by the Reserve Bank of India (RBI), the firm's franchise will gradually stabilise. The RBI in September, had lifted regulatory restrictions it had imposed in March on IIFL Finance's gold-backed lending business. Fitch Ratings has affirmed India-based IIFL Finance Ltd's long-term issuer default rating (IDR) and medium-term note programme rating at 'B+', and removed the ratings from 'Rating Watch Negative'. The outlook on the IDR is stable. The affirmation and stable outlook reflect expectation that IIFL Finance's franchise will gradually stabilise after the lifting of the ban. "Funding towards the gold-backed lending entity remains tentative, which could continue to restrain growth in the product. Nonetheless, funding volume for the housing finance and microfinance subsidiaries has been more resilient, which should support the cre

Gold expected to give 15-18% returns in Samvat 2081, say analysts

Gold is expected to deliver a stellar 15-18 per cent return in Samvat 2081, driven by positive economic factors and safe-haven demand, analysts said. Samvat 2081 marks an important period for Indian investors as it signals the start of a new financial year in the Hindu calendar, coinciding with the auspicious festival of Diwali. Gold and silver have delivered a robust performance in Samvat 2080, and the outlook remains positive for Samvat 2081, though investors may see moderate gains amid possible shifts in global market factors, they added. "The outlook for gold in Samvat 2081 remains positive. We expect a base performance of 10 per cent with potential for 15-18 per cent gains if the import duty cut continues to drive buying momentum. "However, any hike in import duties could push gold's performance beyond 15 per cent. A stable interest rate environment could also support a gradual upward trend," Jateen Trivedi, Vice President of Research for Commodities and Currency at LKP ...

Gold trades at Rs 80,400; silver remains steady at Rs 97,000 post Diwali

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bengaluru, Chennai and Hyderabad at Rs 80,400

Gold dips Rs 10 to Rs 80,550; silver down Rs 100, trading at Rs 96,900

The price of 22-carat gold also witnessed a drop of Rs 10, with ten grams of the yellow metal selling at Rs 73,840

Govt revises wastage, input-output norms for gold, silver jewellery exports

The government on Friday revised norms related to the permissible amount of wastage with regard to the export of gold, silver and platinum jewellery. The wastage norms are the permissible amount of gold or silver that can be lost during the manufacturing process of jewellery for export. An industry official said the wastage norms have been slightly adjusted from the earlier norms, released on May 27, after the industry urged the government to look into the issue. The industry had expressed concerns over the May rules which reduced the wastage norms across jewellery categories. After their concerns, the Commerce Ministry deferred the implementation of those rules till December 2024. Now, the ministry has come out with the revised norms again, which have been welcomed by the industry. "The wastage permissible and standard input-output norms with regard to export of jewellery have been revised," the Directorate General of Foreign Trade said in a public notice. The new norms will be

Festivities trigger gold buying spree, but volumes lag due to high prices

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

Markets, gold, silver shine in Samvat 2080; ends on high note for investors

India's market cap rose by Rs 124 trillion to Rs 445 trillion. International prices of gold and silver gained 43 per cent and 50 per cent, respectively

Gold surges Rs 1,000 to breach Rs 82k mark as Diwali sparkles demand

Gold prices saw a steep surge of Rs 1,000 and breached the psychological Rs 82,000 per 10 grams-mark for the fist time in the national capital on Wednesday, amid robust buying by jewellers ahead of Diwali. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity soared by Rs 1,000 to hit a fresh peak of Rs 82,400 per 10 grams in Delhi. The precious metal of 99.5 per cent purity also climbed Rs 1,000 to hit an all-time high of Rs 82,000 per 10 grams in the local markets. In the previous session, gold of 99.9 per cent and 99.5 per cent purity had closed at Rs 81,400 and Rs 81,000 per 10 grams, respectively. Traders attributed the sharp jump in gold prices to massive buying by local jewellers in order to meet the rising demand during Diwali as well as firm global trend due to uncertain geopolitical situation ahead of the US presidential elections. At Rs 82,400 per 10 gram, gold price has recorded a 35 per cent surge since October 29 last year when it wa

India's gold imports jump 21.78% to $27 bn in Apr-Sep due to strong demand

The country's gold imports, which have a bearing on the country's current account deficit (CAD), rose by 21.78 per cent to USD 27 billion during April-September this fiscal due to strong domestic demand, according to the government data. The imports stood at USD 22.25 billion in April-September 2023-24. An industry expert said that the ongoing festival demand is helping the increase in imports. In 2023-24, India's gold imports surged 30 per cent to USD 45.54 billion. Switzerland is the largest exporter of gold, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country's total imports. The jump in gold imports pushed the country's trade deficit (difference between imports and exports) to USD 137.44 billion during the first half of the current fiscal compared to USD 119.24 billion during April-September 2023. India is the world's second-biggest gold consumer after China.

Gold, silver ETF volumes up 5-fold in Dhanteras compared to last year

Gold and silver ETFs from Nippon India Mutual Fund, the largest in the category, alone recorded a combined volume of Rs 228 crore

Duty cut boosts India's gold demand to 248.3 tonne, up 18% in Q3: WGC

India's gold demand witnessed an 18 per cent on-year growth during the July-September quarter of this year to 248.3 tonnes, as the reduction in gold import duty resulted in a revival in jewellery demand, the World Gold Council (WGC) said in a report on Wednesday. The overall gold demand during the corresponding quarter of last year stood at 210.2 tonnes, according to the WGC's Q3 2024 Gold Demand Trends report. However, with gold prices ruling at all-time highs, there might be an increased trend for investors to wait for price corrections. The full-year gold demand is likely to be in the range of 700-750 tonnes, slightly less than last year, as Dhanteras and wedding season is likely to boost overall gold demand. In 2023, India's gold demand stood at 761 tonnes. On Tuesday, gold price rose by Rs 300 to Rs 81,400 per 10 grams, near its record high level, in the national capital due to heavy demand for Dhanteras by jewellers and retailers. In terms of value, gold demand went up by 53

India's gold demand to hit 4-year low amid price rally: World Gold Council

Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons