Gold
Gold prices expected to reach Rs 52-53k mark in next 12 months: MOFS
In 2021, prices of the precious metal have been trading between Rs 47,000 and 49,000 mark per 10 grams.According to Motilal Oswal Financial Services note, bullion have been in a consolidation mode from last Diwali to this Diwali, and in the past few months have witnessed some choppiness amidst volatility in US Dollar and bond yields.
India's Q3CY21 YoY gold demand up 47%: WGC
Accordingly, the demand for gold in India for Q3CY21 rose 139.1 tonnes from 94.6 tonnes reported for the corresponding quarter of the previous year. Besides, the country's Q3FY21 gold demand value rose 37 per cent to Rs 59,330 crore on a YoY basis.
'Gold Bond' VII to be issued at Rs 4,765 per gram
According to the Ministry of Finance, the Sovereign Gold Bond Scheme 2021-22 (Series VII) will be opened for subscription during the period October 25-29, and the settlement date has been set at November 2. "For such investors the issue price of 'Gold Bond' will be Rs 4,715 per gram of gold."
India's gold imports surge in Apr-Jun, silver imports fall
This rise in gold imports can be attributed to low imports during the same period last year owing to the nationwide lockdown and the revived consumer demand in this financial year. During the same period last fiscal, gold imports stood at $687.83 million. As per data from the Commerce Ministry, import of the yellow metal in July also registered a nearly 60 per cent rise to $969.87 million.
Gold futures rise on global cues, rising concerns of Covid-19 'Delta' variant
Kshitij Purohit of CapitalVia Investment Adviser said: "LBMA Gold spot has resumed slightly gapped higher at $1,817.50, trading with positive momentum after sustaining above the support low of $1,795 in previous session. However, lower US Treasury yields in addition to concerns over the rising number of COVID-19 cases globally and its impact on the global economic recovery capped losses for the yellow metal."
GST payable only on profit earned from resale of gold jewellery
The ruling was made in reference to the application filed by Aadhya Gold Pvt Ltd seeking clarity whether goods and services tax (GST) is to be paid only on the difference between the selling price and purchase price as stipulated under Rule 32(5) of CGST Rules, 2017, if the applicant purchases used or second-hand gold jewellery from individuals.
Gold futures decline on global cues, US Fed's tapering concerns
HDFC Securities' Senior Analyst for Commodities, Tapan Patel, noted that gold prices traded weak with COMEX spot gold prices were trading down near $1,823 per ounce on Friday. "We expect gold prices to trade sideways to down for the day with COMEX gold support at $1,810 and resistance at $1,840 per ounce. MCX Gold August support lies at Rs 48,000 and resistance at Rs 48,500 per 10 gram," Patel added.
DRI seizes 100 kg Gold Potassium Cyanide worth Rs 32 crore
The Directorate of Revenue Intelligence (DRI) has seized a consignment of 100 kg of Gold Potassium Cyanide (GPC) worth Rs 32 crore at the Air Cargo Complex here. The consignment was being exported to Dubai by a Mumbai based firm. Based on prior intelligence, the DRI seized the consignment on Sunday.
Global gold ETF flow subdued in June at 2.9 tonne
A report by World Gold Council (WGC) said that inflows into North American and Asian funds were primarily offset by outflows from European funds. "Overall, the positive flows came in spite of significant gold price weakness in the latter half of the month on the heels of a relatively hawkish Federal Reserve (Fed) outlook, suggesting that investors may have taken advantage of the lower price level to gain long gold exposure," it said.
Gold futures near Rs 48K/10 gm, silver above Rs 70K/kg
Currently, the August contract of gold on MCX is at Rs 47,882 per 10 gram, higher by Rs 583 or 1.23 per cent from its previous close. Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said that international gold prices rallied, giving breakout of short term resistance above $1,800 per ounce. The weaker dollar and economic growth concerns over higher oil prices.
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