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Gold prices suffered more lossesby falling another Rs 130 to trade at a fresh 10-month low ofRs 28,450 per 10 grams today, mirroring a weak trend overseasamid slack demand from jewellers
Gold prices slipped at the domestic bullion market here today on subdued offtake from stockists and jewellers coupled with lack of local buying interests as well as weak global cues.
gold, including three foreign lenders, according to the Shanghai Gold Exchange.
Average jewelley and gold coin sales during November to January are likely at around 100-110 tonnes, said Sanjeev Agarwal, CEO of Gitanjali Export in an interview to CNBC-TV18.
In futures trade, gold for delivery in February was trading Rs 37, or 0.13 percent lower, at Rs 27,740 per 10 gram, in a business turnover of 416 lots at the Multi Commodity Exchange.
According to Achiievers Equities, Gold dropped after the dollar rebounded on the back of a decision by the ECB to extend monthly asset purchases until next December.
The Income Tax department has seized at least Rs 106 crore in cash, including Rs 10 crore in new currency, and gold bars weighing 127 kg in searches at multiple locations in the city to check tax
Gold Finance companies have been the worst hit by demonetisation. However, George Alexander Muthoot, MD of Muthoot Finance feels the pain is reducing. Speaking to CNBC-TV18, he said 65 percent of pre
Spot gold was down 0.3 percent at USD1,167.40 an ounce by 0054 GMT, on track for a fifth consecutive weekly decline.
RBI today said the Sovereign GoldBonds (SGBs) issued on November 17 will become eligible fortrading on stock exchanges from tomorrow.
Over a longer timeframe though, higher inflation expectations tend to be supportive of gold which means that gold could eventually benefit in an inflationary environment once the short term jitters
According to Achiievers Equities, gold prices edged higher as a weaker dollar pushed investors to lock in gains on the metals recent decline.
At the Multi Commodity Exchange, gold for delivery in far-month April declined by Rs 59, or 0.21 percent to Rs 27,855 per 10 grams in a business turnover of six lots.
Spot gold had risen 0.2 percent to USD 1,175.49 an ounce by 0043 GMT. It gained 0.4 percent in the previous session
According to Achiievers Equities, gold prices dropped as a possible U.S. rate hike as early as next week weighed on prices.
Watch the interview of Dharmesh Bhatia of Emirates NBD with Manisha Gupta on CNBC-TV18. He spoke about the current trend in commodities market.
Spot gold was down 0.2 percent at USD 1,167.56 an ounce by 0036 GMT. The yellow metal ended the previous session nearly flat.
Manisha Gupta of CNBC-TV18 gives us a roundup of the commodities and currency action.
"There is a good chance that the government will introduce another tranche of gold bonds towards the end of December or early January. It is best to wait for the issue and buy the bonds if one
Watch the interview of Ram Pitre, commodities and currencies expert with Ekta Batra on CNBC-TV18, in which he shared his reading and outlook on commodity markets.
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