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.
Bullion is heading for its first annual loss in 3 years, after rallying to an all-time high in 2020, as central banks start to dial back pandemic-era stimulus to fight inflation.
Newspapers are filled with ads of gold jewellery auction amid indications of economic distress faced by Indian households. But resurgence in gold prices could stem the auctions.
The rise showed the first year-on-year increase in first half of the year. However, gold demand is forecast to slide to record low as virus-related restrictions left million jobless.
Amid mounting tensions in the Middle East, gold registered its biggest annual gain in almost a decade, also aided by a weaker dollar and lower real rates.
From Mughal ports to Dutch wars to Bombay’s merchant dynasties, Gujarati Muslims once shaped the Indian Ocean world — long before one of their descendants took New York.
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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