Gold
Gold prices go up on Friday
According to Navneet Damani, Senior Vice President, Commodity Research, Motilal Oswal Financial Services, gold and silver prices witnessed profit booking after gaining by more than 1 per cent, on the back of steady dollar. "Broader trend on COMEX could be in the range of $1,970-1,995 (per troy ounce) and on domestic front prices could hover in the range of Rs 59,500-60,300 could be expected," Damani said.
Gold is bankable, shines more than some western banks
"Gold prices have risen almost 7-8 per cent in the past month. The rally in the yellow metal is primarily due to the banking crisis in the west. The liquidity infused by the central banks and the expectations of lower to no rate hikes is pushing gold prices up. Gold is a safe haven, historically it has gained in periods of uncertainty," Colin Shah, MD, Kama Jewelry, said.
Gold demand in India in Feb improved: WGC
According to WGC, the unchanged custom duty in the Union Budget also bolstered wholesale restocking. Anecdotally, official gold imports are expected to rise in February following the anaemic 28-month low in January of just 11 ton. Anecdotally, official gold imports are expected to rise in February following the anaemic 28-month low in January of just 11 ton.
Gold demand in India in Feb improved: WGC
According to WGC, the unchanged custom duty in the Union Budget also bolstered wholesale restocking. Anecdotally, official gold imports are expected to rise in February following the anaemic 28-month low in January of just 11 ton.Improved market sentiment bumped local prices back into premium.
Mumbai gold, diamond players react cautiously to Union Budget
World Gold Council Regional CEO Somasundaram P.R. said that while the reduction in custom duty on gold from 12.5 per cent to 10 per cent is a right step, the hike in Agriculture Infrastructure & Development Cess has brought the overall duty to 15 per cent, same as before.
No great sheen for gold in budget
"While the reduction in custom duty on gold from 12.5 per cent to 10 per cent is a step in the right direction, the hike in the Agriculture Infrastructure and Development Cess has brought the overall duty to 15 per cent, same as before," Somasundaram P.R., Regional CEO, India at World Gold Council, said.
US becomes largest export market for Indian gold jewellery
According to WGC, the US became the largest market for Indian gold jewellery due to additional tariffs on Chinese jewellery to the US, which made the Indian exporters more competitive. Secondly, the UAE's implementation of a 5 per cent import duty in 2017 and 5 per cent Value Added Tax (VAT) in 2018 have negatively impacted its competitiveness.
'Gold prices on the upward trend, to touch Rs 60,000/10 gms soon'
"The price of 24 carat gold is expected to touch Rs 60,000/10 grams in couple of days. On Monday, the price was Rs 58,550/24 carat 10 grams including taxes," Madras Jewelers and Diamond Merchants Association President and Challani Jewellery Mart partner Jayantilal Challani told IANS.
Gold shines brighter on Friday as prices rise
According to Quantum AMC's Fund Manager- Alternative Investments Ghazal Jain, gold prices are on uptrend since November 2022 amid moderating US CPI numbers and anticipation of a less aggressive Federal Reserve. The US dollar as well as US yields have begun to cool off, which has been supporting gold.
'In 2022 Gold had more ups and downs than a roller-coaster ride'
According to Damani, the Comex Gold has made a high of about $1,935 and a low of about $1,630, while silver on other hand made a high of about $25 and low of about $18. There are few factors which triggered volatility in the market like, move in Dollar Index & yields, aggressive monetary policy stance from major central banks, rising inflationary concern, geo-political tension, which led to this volatility.
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