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.
Due to spread of omicron, US business payrolls fell the most last month, since early days of pandemic. Meanwhile, US govt has given a stronger military message of support for Ukraine.
Weddings and celebrations picked up in full swing in the December quarter, more than doubling full-year imports to about 925 tonnes, the highest since 2011.
As US tackles the hottest inflation since the 1980s, officials this month floated raising rates in March and the potential need to hike as many as five times this year.
By turning a blind eye to the snakes in his own backyard, Trudeau is setting the stage for a disaster of epic proportions for his country, his people, and the world at large.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
Using this technology, IDF carried out fully robotic combat missions, drastically reducing risk to Israeli troops. The robotic combat task force also enhanced situational awareness.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
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