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.
Elevated prices and a weak economy have deterred gold buyers in India, the second-biggest bullion consumer in the world, even on the auspicious day of Dhanteras.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
PTC Industries is investing Rs 1,000 cr in 4 manufacturing plants in UP, has already started supplying titanium parts to BAE Systems for its M-777 howitzers that India also uses.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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