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.
MoSPI proposes to remove closed factories from IIP sample, aiming for truer picture of India’s industrial health in upcoming 2022–23 base series. Plan open to public feedback until 25 November.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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