Latest News Today – Gold, Silver Prices Decline Marginally On MCX


Gold futures for delivery on August 5 fell as much as 0.25 per cent.

Gold, Silver Price Today: Gold futures for delivery on August 5 fell as much as 0.25 per cent to hit an intraday low of Rs 48,162 on the Multi Commodity Exchange (MCX). In the spot market, 24 carat gold also known as fine gold was retailed at Rs 48,358 per 10 grams, according to India Bullion & Jewellers Association. 22 carat gold was priced at Rs 48,164, 18 carat gold was being sold at Rs 44,289 per 10 grams, gold with purity of 16 carat was retailed at Rs 36,269 per 10 grams and gold with 14 carat purity was priced at Rs 28,289 per 10 grams.

In international markets, Gold was set on Friday for its best week in more than two months on renewed signs that the US Federal Reserve might not taper economic support and hike interest rates in the near term.

Spot gold was steady at $1,827.20 per ounce by 10:06 am, having hit its highest since July 15 at $1,832.40 on Thursday. It was on track for its biggest weekly gain since May 21, having risen 1.4 per cent so far.

US gold futures eased 0.2 per cent to $1,831.80 per ounce.

Gold jumped as much as 1.4 per cent on Thursday following Fed chief Jerome Powell’s remarks that the US job market still had “some ground to cover” and that it was “ways away” from considering interest rate hikes.

Back home, silver was also witnessing a mild selling pressure as silver futures for delivery in September fell as much as 0.48 per cent to hit an intraday low of Rs 67,875 per kilogram on the MCX. In spot market silver was priced at Rs 67,881 per kilogram.



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Latest News Today – COVID-19 Pandemic Hits Swiss Gold Exports To India In


Swiss shipments to China and India plunged after the coronavirus emerged last year

Swiss exports of gold to India edged higher in June, although they remained far below levels earlier this year, and shipments to mainland China fell, Swiss customs data showed on Tuesday.

China and India are the world’s largest consumers of gold, while Switzerland is the world’s largest gold refining centre and transit hub.

Swiss shipments to China and India plunged after the coronavirus emerged last year, and exports to India, which were averaging nearly 60 tonnes a month in the early part of the year, have fallen again in recent months as the Delta variant of the virus spread.
 

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Swiss gold exports to China and India
Photo Credit: Reuters

With demand in Asia weak, more gold has flowed from Switzerland to Britain and the United States, both large trading and storage centres.

Following are numbers for June and comparisons.

Swiss Trade Data (Kg)

EXPORT (kg)

Jun-21 126,851

May-21 82,315

Jun-20 96,414

Shipments To Key Markets (KG)

To China To Hong To India To To the

Kong Britain U.S.

Jun-21 19,000 12,749 6,292 38,396 28,199

May-21 32,750 3,800 2,037 22,308 6,087

Jun-20 0 10 900 4,234 68,265

* Source: Swiss customs. Data subject to revision by source.



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Latest News Today – Sovereign Gold Bonds (SGB) Scheme: Government Sets Issue


Sovereign Gold Bonds: The issue price is set at ₹ 4,807 per unit in the fourth tranche

Sovereign Gold Bond 2021-22 Scheme: The fourth tranche of the government-run sovereign gold bond scheme 2021-22 opens for subscription on Monday, July 12, 2021. According to the schedule set for the gold bond scheme 2021-22 by the Reserve Bank of India (RBI), the fourth tranche window will be open for investors between July 12 – July 16 – for a period of five days. Resident individuals, Hindu Undivided Families trusts, universities, and charitable institutions can invest in the interest-paying gold bonds. (Also Read: What Are Sovereign Gold Bonds? Here’s All You Need To Know )

According to the RBI, an issue price of Rs 4,807 per unit, equivalent to the value of one gram of gold, is applicable for the second installment of the gold bond scheme 2021-22. The date of issuance for the fourth tranche is set as July 20, 2021. The issue price decided for each tranche is calculated using a simple average of the prices given by Mumbai-based India Bullion and Jewellers Association (IBJA), an industry body.

Gold bonds – linked to the market price of the yellow metal, have become a popular option to purchase gold in a non-physical form. Amid the COVID-19 crisis, the gold bond scheme provides a suitable solution for subscribers to invest in digital gold, as it also offers additional returns on investment. After the current series, the gold bond scheme will be available for subscription with two more tranches.

Sovereign Gold Bonds 2021-22 Series IV: July 12-July 16; What You Need To Know

Should You Buy? Here’s what experts say-

“ The price for the third tranche of SGB is fixed at Rs 4,807/gm. The investment in non-physical gold, via digital or paper gold, is picking up pace. The high interest is on account of the recent firmness in the prices of gold in the past few weeks. 

Sovereign Gold Bond is a better alternative to physical gold as there is no risk of theft, storage charge, and to top it up it comes with an interest-bearing coupon,” said Mr. Nish Bhatt, Founder and CEO, Millwood Kane International – an investment consulting firm. 

Discount For Online Subscribers

For those subscribers who are investing in the gold bonds scheme online, in which the payment is made through any of the digital modes, a discount of ₹ 50 per unit is applicable, according to the RBI. For the online subscribers, the issue price is set at ₹ 4,757 per gram of gold in the fourth tranche of sovereign gold bonds 2021-22 scheme.
 

How To Invest

The sovereign gold bonds are sold through the designated post offices, recognised stock exchanges – Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), and the Stock Holding Corporation of India Limited. Gold bonds are held in the RBI books or in a demat form. 



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Latest News Today – Taking A Gold Loan? Read This Before Making A Decision


A loan against gold, a tangible asset, preferred over a personal loan as it offers a lower interest rate.

The pandemic and the resultant lockdown impacted every household’s income, leading to a sense of financial instability. To cope with this uncertainty, most people have no choice but to pull out their savings or take loans. They have mainly two loan options — personal and gold — to meet urgent financial needs, and borrowers can decide which of the two suits them depending on their features. The rate of interest on gold loans is markedly lesser than that on personal loans although they both serve the same purpose.

A loan against gold, a tangible asset, preferred over a personal loan as it offers a lower interest rate. But opt for a gold loan when you are sure to repay the principal and interest dues within the specified duration. There are a few other things that you must consider before applying for a gold loan. They are:

1. Tenure

Gold loans are short-duration loans. Most lenders give gold loans for one year or two years. Before applying for the loan, a borrower must be ready to repay it within the specified duration.

2. Lender And Background Check

Gold loans can be availed from banks, NBFCs, or even jewellers. Banks are trustworthy sources, but the other two types of lenders require a thorough background check. Jewellers and NBFCs may offer a lower interest rate compared to banks but a borrower must trust them before taking a loan from them to minimise their risk of being defrauded.

3. Loan Amount

No lender will give you a 100 per cent loan amount against the gold value. The amount can be as low as 60 per cent or can go up to 85-90 per cent of the actual value of the yellow metal, depending on the lender’s policies.

4. Repayment Process

A general agreement on the process is that a borrower pays regular EMIs. Once the loan tenure ends and all remaining dues are cleared, the gold offered as collateral is returned back to the borrower.

5. Processing Fee

This is the fee the lender charges when processing your loan. It can be around 2 per cent of the loan amount. Some lenders may also charge a flat fee. Borrowers should check with the lender about the fee structure and rate.



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Latest News Today – Gold Price Today In India on June 28,2021:Yellow Metal


Gold Price Today: Yellow metal prices were at two-months low

Yellow metal prices in India were flat due to global cues, as on the MCX, gold futures were at a two months low of Rs 46,970 per 10 grams. Demand for gold remained sluggish last week in the retail market despite the fall in its price.

Silver prices however moved up to trade at Rs 68,049 per kg. 

Gold prices struggled in India today amid weak global cues. On MCX, gold futures were flat at nearly two-months low of Rs 46,970 per 10 gram while silver rates edged up to Rs 68,049 per kg. Despite the price dip, retail gold demand in India remained weak the previous week.

In the international markets, yellow metal rates fell to a week’s low due to a stronger dollar. Spot gold was down to $1,777 per ounce. 



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Latest News Today – Looking To Invest In Gold Through SIP? Read This


SIP or a Systematic Investment Plan is a facility offered to investors through which they can invest fixed amounts into various funds at regular intervals. This fixed amount does not need to be very high, it can be as low as Rs 500 and the timeline an investor chooses can be on a weekly, monthly, annually, and semi-annually basis, as per their convenience. Gold is a very sought-after investment. Earlier, people would invest their money in gold by buying jewelry or coins. However, now it is possible to buy or invest in gold digitally through Gold Mutual Funds and a Gold Exchange Traded Fund (ETF).

So, if you want to invest your money in gold, these 2 reasons would make it a good choice:

1) Gold is a safe investment, as it’s known as a hedge against inflation. In other words, it’s considered an investment that beats inflation.

2) Even when the market is going through turbulence, gold prices usually don’t fall. Having said that, there could be times when the price of gold does actually fall, but those phases don’t last long.

Now, let’s see how you can buy gold digitally!

There are two ways of buying gold digitally — Gold ETFs and Gold Funds.

Gold ETFs: This is basically buying gold digitally through a demat account that is equivalent to a physical sum of gold.

Gold Funds: In this case, you buy or invest in stocks of companies that mine gold. Gold mutual funds include silver, platinum, and other metals. Gold funds are looked after by a mutual fund manager.

Investing in gold through SIP

In this case, you invest a fixed amount regularly into digital gold. Investing through SIP is a convenient option for people who do not have a demat account, which is required for investing in gold ETFs. A SIP in gold is also more affordable because the investor can deposit a fixed amount every month as per convenience and budget. Investing in gold through SIP will enable you to buy gold and build your wealth in a steady manner.

Advantages of a gold SIP

As an investor would have to shell out a certain amount of money at regular intervals, she/he will be disciplined in her/his approach towards investing.

If a person is planning to opt for a long-term investment, then they can choose gold SIPs instead of investing a lump-sum amount.

Since a gold SIP is a periodic investment, a person doesn’t need to keep track of volatility. Investing a fixed sum of money regularly towards gold at specific intervals would reduce your average cost of purchasing the asset in the long run.

Gold SIP allows a person to invest in small denominations at periodic intervals. All that a person needs to do is instruct the bank to auto-debit a certain amount every month, without having to worry about the hassles of missing out on the investment.



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Latest News Today – Gold Trades In Negative Territory Amid Weak Global Cues,


Gold Price Today: Domestic spot gold closed at Rs 48,578 per 10 grams on Friday

Gold Price In India: Gold futures were traded lower on Friday, June 4, as the yellow metal traded in negative territory amid weaker global markets. Gold prices in international markets traded sideways to a moderately bullish trend and are set to record their worst week in three months. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 390 – or 0.8 per cent – at Rs 48,600, compared to their previous close of Rs 48,990. Silver futures for a July 5 delivery were last up 0.9 per cent at Rs 71,450 against a previous close of Rs 70,810.

Domestic spot gold closed at Rs 48,578 per 10 grams on Friday, and silver at Rs 70,167 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  
 

What analysts say:

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited:

”Technically, International Gold is trading in a sideways range during the Asian European session after initial loss, between $1867 – $1871, likely to continue in marginally upside momentum towards the resistance of $1876. MCX Gold future has sustained in the range of 48600 – 48680 today and if it breaks above the resistance of 48715, we may expect a move towards 48840 – 49040.

Like Gold, International Silver is also trading in narrow sideways range of $27.25 – $27.40 since morning. The resistance holds near $27.47 and if the price breaks above this resistance, we may anticipate a move towards $27.75. MCX Silver future has sustained around the level of 70700 and trading back & forth, tested the resistance of 70850. The price is likely to be marginally positive and may move towards the psychological level of 71000 – 71250.”

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades modestly lower near $1869/oz. Gold has fallen sharply as upbeat US economic data has pushed US dollar index and bond yields higher while adding to debate that Fed may tighten monetary policy. US equity markets have also stabilized on President Biden’s tax proposal. Gold’s sharp up move in last few weeks has made it vulnerable to profit taking which may extend further if US dollar strengthens further.”





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Latest News Today – Is It A Good Time To Make Gold Investment? Subscription


Sovereign Gold Bonds are available at an issue price of ₹ 4,889 per unit

Sovereign Gold Bond 2021-22: The third tranche of the government-run sovereign gold bond scheme will close for subscription tomorrow, June 4, 2021. Gold bonds have become a preferred way for subscribers looking to invest in the yellow metal in a non-physical form amid the COVID-19 pandemic. Gold bonds, linked to the market price of gold, provide additional returns and are considered to be safer in view of being a government-run scheme, on behalf of the Reserve Bank of India (RBI). (Also Read: What Are Sovereign Gold Bonds? Here’s All You Need To Know )

After the present series, the gold bond scheme will be available for subscription with three more tranches. According to the Reserve Bank, an issue price of ₹ 4,889 per unit, equivalent to the value of one gram of gold, is applicable for the third tranche of the gold bond scheme 2021-22. The date of issuance for the third tranche is set as June 8, 2021.
 

Sovereign Gold Bonds 2021-22 Series III: May 31-June 4: Here’s All You Need To Know
 

The Reserve Bank stated that the nominal value of the gold bond based on the simple average closing price, published by the Mumbai-based India Bullion and Jewellers Association Limited or IBJA for gold of 999 purity of the last three working days of the week preceding the subscription period.
 

Should You Buy?

“The price for the third tranche of SGB is fixed at Rs 4,889/gm. Investment in Sovereign Gold Bond is picking up pace, as per data the Tranche-1 of SGB saw investment in excess of Rs 2500 crores. The high interest was also due to lower prices of Gold which reflected in the subscription price for the SGB,” said Mr. Nish Bhatt, Founder and CEO, Millwood Kane International – an investment consulting firm.

”The advice and aim of the government, that investment should move from physical to paper gold is picking up pace. The subscription figures for FY21 were impressive and FY22 is likely to mirror it. Investment in SGB is a superior alternative to physical gold. Investment in SGB saves the cost of buying, storing, and selling the physical gold bar or coins,” he added.

”Gold prices show promise of upside from current levels in the near future, but heavy flows in equities may affect the rally for the yellow metal. As we move forward, the economic data, monetary policy, and stance by RBI & US Fed, any further stimulus package from India, the US, and other advanced nations will guide the gold prices along with the concerns related to the virus,” said Mr Bhatt.

Discount For Online Subscribers

For those subscribers who choose to invest in gold bonds online by making payment through any of the digital methods, a discount of ₹ 50 per unit is applicable on the issue price, according to the central bank. For the online subscribers, the issue price is set at ₹ 4,839 per gram of gold. 

How To Invest In Sovereign Gold Bonds

According to the RBI, subscribers can invest in the gold bond scheme through nationalised or private banks (excluding small finance banks and payments banks), designated post offices, stock exchanges – Bombay Stock Exchange and National Stock Exchange, and the Stock Holding Corporation.

The process for buying gold bonds is similar to that of the gold exchange-traded funds or ETFs through a stock exchange. Once the full transaction is complete, the bonds are transferred to the buyer’s account in a demat form. 



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Latest News Today – Gold Futures Trades Higher To Make 4-Month High, Yellow


Gold Rates Today: Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday

Gold Price In India: Gold futures were traded higher on Wednesday, May 26, showing strength and a safe-haven demand as the rally in yellow metal smashed the Rs 49,000 mark earlier today to make a four-month high. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading higher by Rs 172 – or 0.35 per cent – at Rs 49,039, having swung between Rs 48,908 and Rs 49,220 during the session so far, compared to their previous close of Rs 48,867. Silver futures for a July 5 delivery were last down 0.35 per cent at Rs 71,891, against a previous close of Rs 72,140. (Also Read: Second Tranche Of Gold Bonds Scheme Opens On May 24: Check Issue Price )

Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday, and silver at Rs 71,866 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  
 

Gold Price Today: 26 May 2021: Gold Smashes Rs 49,000 Mark; Should You Buy?

Here’s what analysts say:


 

Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:

“The yellow metal has continued to show strength and the safe-haven demand will remain intact in general. While, DXY is struggling to extend recovery moves. MCX gold has hit the higher end of the range around 49000, further upside is possible only if prices hold on to these areas for few sessions. Else a correction towards 48000/47500 should be seen.”

Mr. Nish Bhatt, Founder & CEO, Millwood Kane International – an investment consulting firm.

“Gold prices have been steadily rising in the past few sessions tracking international gold futures prices. The rally in the yellow metal continued past Rs 49,000/10gm earlier today to make a four-month high. The rise in the yellow metal has been on account of the fall in US Treasury yields, softer US dollar which pushes up the gold prices.”

”The current scenario combined with the rising number of cases due to the second wave will lead to investors turning to a safe haven and help further rally in gold prices,” added Mr Bhatt.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited. 

”Technically, International Gold is trading with bullish momentum. Psychological levels of $1900 were breached earlier today and market is sustaining above them. On the domestic front, MCX Gold June gave a gap up opening and is trading positive bias since morning.”

”Like gold, international silver is also trading with bullish momentum. Prices breached $28.00 levels and are trading above them. In the upcoming sessions, market may take a pullback before a rally is initiated. MCX Silver July gave a gap up opening and is trading in a sideways range of 72319-72681 since morning.”

Meanwhile, in the international markets, gold prices firmed above the key $1,900 level today, boosted by weaker U.S. Treasury yields and amid expectations that the U.S. Federal Reserve will maintain a dovish monetary policy stance.

Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:

“Gold prices continue to trade higher, as it breached the physiological level of $1900 hovering around 4-1/2-month high amidst a drop in U.S. Treasury yields and a weaker dollar. The dollar index was pinned near almost a 4-1/2- month low against its rivals…Broader range on COMEX could be between $1870- 1920 and on the domestic front prices could hover in the range of Rs 48,800- 49,360.”

Ravindra Rao, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades 0.4 per cent higher near $1906/oz after a 0.7 per cent gain yesterday. Gold has jumped to Jan. highs amid mixed US economic data, dovish Fed comments, weaker US dollar, choppy equities and pickup in ETF buying.”

”However, weighing on price are concerns about Indian demand and easing geopolitical tensions. Building on the gains noted in the last few weeks, gold has breached the key $1900/oz level indicating strong upward momentum however any stability in the equity market or US dollar may be enough to trigger a profit taking move,” added Mr Rao.





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Latest News Today – RT-PCR Share Cut, “Gold Standard” Becomes “Standard” In


RT-PCR tests are considered the most reliable test for COVID-19.

New Delhi:

RT-PCR tests – widely believed to be the most accurate method to detect COVID-19 – will be cut to 40 per cent of total tests by the end of next month, far from Prime Minister Narendra Modi’s plan to raise it to 70 per cent, the government announced on Thursday.

Instead, the government will depend up to 60 per cent on the less reliable antigen tests – in a significant departure from its earlier target – as it aims to double its testing capacity to 45 lakh per day by June end.

The announcement comes just two months after PM Modi advised states that RT-PCR should be 70 per cent of all tests and said there was “no pressure” if positive numbers were high.

Inexplicably, the government also pared down its stated RT-PCR testing capacity to 12-13 lakh-a-day – from around 16 lakh last week.

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Last week, the government said it had 16 lakh RT-PCR test capacity. Today it said 12-13 lakh.

The revision makes the centre’s goal of increasing RT-PCR numbers to 18 lakh-a-day by June end seem bigger – 50 per cent now versus only 12.5 per cent over last week.

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From 63% last week, RT-PCR tests will be 40% by June-end.

Curiously, it re-classified RT-PCR as “the standard test” in its new information presentation instead of “the gold standard test”.

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Last week, the government said RT-PCR tests were the “gold standard”. Today it said it was just “standard”.

At Thursday’s news briefing, the government also revealed that through the second wave in April-May, the daily mix of RT-PCR and antigen was about 50-50.

In the last 24 hours, of the 20.55 lakh tests that India conducted, over 10.5 lakh tests were RTPCR (51.3 per cent), 8.92 lakh were rapid antigen tests (43.4 per cent) and over 1 lakh tests were conducted by TrueNat/CBNat (5.3 per cent).

The wobbliness of the data when using the lower quality tests is reflected in the vastly different share of positive results.

While RT-PCR reported a 17.2 per cent positivity rate, antigen tests found 8.3 of samples to be positive and TrueNat/CBNat 10.1 per cent.

A rough calculation suggests that if all tests were RT-PCR, there would be approximately 75-80,000 more cases reported. The government logged 2.76 lakh new infections officially this morning.

The government has explained its change in plans to efforts at “rationalising” RT-PCR tests to increase antigen testing for early detection, isolation and home care.

This is in response to cases rising in rural areas, they said, adding there are plans to deploy mobile testing vans which can cover 10 villages in a day.



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