The gold weighing over 30 kg was seized from baggage, carrying the name of a diplomatic person, that had landed by air cargo at Thiruvananthapuram international airport.
Though gold has done well in the past and investors are chasing it, you have to be prudent with your allocation to gold.
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Damani expects the yellow metal to trade in a range of $1,780-1,835 per troy ounce on COMEX. "Domestic prices could hover in the range of Rs 48,900-49,600/10 gram."
On the domestic front, prices could hover around Rs 48,550-49,920 per 10 gm, Damani said
The assets under management from SIPs rose to Rs 3 lakh crore from Rs 2.76 lakh crore
Spot gold was steady at $1,793.56 per ounce by 0031 GMT after hitting its highest since November 2011.
Axis Securities has advised its clients to sell gold around Rs 48,250 level for a target of Rs 48,170 on an intraday basis
SGBs are government securities, denominated in grams of gold, and are substitutes for holding physical gold.
Spot gold was almost unchanged at $1,783.67 per ounce by 0303 GMT, just $5.29 shy of a near eight-year high hit last week. U.S. gold futures were flat at $1,793.50 per ounce.
Gold Mini Option August 2020, September 2020 and October 2020 contracts will be available for trading with effect from July 10, it added.
The broader trend on the COMEX could be in the range of $1750-1795/oz and on the domestic front, prices could hover in the range of Rs 47,670-48,300 per 10 gram, Damani said
The recommendations also include channelising household savings into mutual funds for long term wealth creation.
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SGBs are certificates scheme in which the central bank issues bonds on behalf of the government.
We also see that safe-haven appeal for gold will remain intact amid concerns of a rise in COVID-19 cases and geopolitical concerns. Investment demand in the form of gold ETF is at a 7-year high.
Spot gold was down 0.1 percent to $1,773.49 per ounce by 0306 GMT. US gold futures fell 0.4 percent to $1,782.30.
As gold is expected to witness a correction, we suggest investors should go for buying in a staggered manner.
The central bank in April had announced that the government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20 till September.
The decline in gold imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $9.91 billion during the period, against $30.7 billion a year ago.
The gold/silver ratio currently stands at 99.58 to 1, which means the amount of silver required to buy one ounce of gold.
Gold has given close to 24 per cent returns so far this year
Spot gold was unchanged at $1,775.12 per ounce by 0232 GMT. U.S. markets are closed on Friday for observing Independence Day on July 4.
Navneet Damani, Vice President, Motilal Oswal, sees gold trading in a range of $1,750-1,788 internationally and between Rs 48,060 and Rs 48,550 domestically
Spot gold fell 0.2% to $1,767.11 per ounce by 0034 GMT, after touching $1,788.96 on Wednesday” its highest since October 2012.