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.
Bullion has gained 12% in 2022 and is closing in on a record as investors seek a store of value amid the threat of an inflationary shock to the global economy.
Bullion dipped after jumping almost 2% in the previous session. It rose by the most since May last year amid concern over the penalties against Russia could dim global growth.
The dynamics between Europe and Russia have gone so south that mending fences looks like an uphill task—even as the US swings between sanctions and olive branches.
Centre for Science and Environment in new report makes case for rationalising GST on waste material, saying most informal operators can’t afford high tax & it also hinders recycling.
President of India has honoured 16 BSF personnel with gallantry medals for show of exemplary courage in the 87-hour ‘war’ between India and Pakistan that followed the launch of Op Sindoor.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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