Central bank communication now holds as much significance as central bank action. A single clause in a press conference can move markets more than a 25-basis-point adjustment.
The dollar index traded near a one-week low, making gold more affordable to holders of other currencies. The yield on the benchmark 10-year Treasury note also hit a one-month low.
Sovereign Gold Bond scheme was meant to reduce physical gold imports & provide govt a cheaper borrowing option. But gold imports haven’t gone down while govt liability has surged.
In Episode 1612, Editor-in-Chief Shekhar Gupta looks at how ongoing global financial uncertainty, inflation & weakening dollar are making gold the preferred asset for long-term security.
Duty cut brought down domestic prices of gold last week to Rs 67,500 ($806.20) per 10 grams, their lowest in 4 months, from a record high of Rs 74,777 earlier this month.
A well-oiled nexus of carriers, receivers, airline & airport personnel keeps the racket running. As import duties & gold prices increase, the smuggling market becomes more lucrative. Read ThePrint investigation.
Global media also reports declining gold sales amid soaring prices in India and predicts a drop in LNG imports as rain cools homes & reduces power demand.
In the first eight months of the current fiscal year, New Delhi’s net tax intake didn’t even hit the halfway mark of what it expects to collect by March 31.
As Visakhapatnam readies a mega airport, the Andhra Pradesh government has revived its shelved Dagadarthi project, aiming to boost cargo and connectivity on the south coast.
ThePrint was first to report, on 1 February 2023, India & US were in talks for co-production of 8-wheel-drive infantry fighting vehicle developed by General Dynamics Land Systems.
UK, EFTA already in the bag and EU on the way, many members of RCEP except China signed up, and even restrictions on China being lifted, India has changed its mind on trade.
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