Yellow Metal Prices Show Rise, Silver – Latest news headlines

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Gold Price Today: Yellow Metal Prices Show Rise, Silver Falls

Gold Price Today: Yellow metal prices rose on Monday while silver prices fell on MCX

Yellow metal prices rose on Monday in the domestic market as on MCX, gold October futures rose by 0.64 per cent to trade at Rs 46,940 per 10 gram mainly due to rupee depreciation.

Silver prices however fell as on the MCX, September futures slid by 2.7 per cent to touch Rs 63,238 per kg. Silver prices were hit by weak base metals and lower demand outlook.

Meanwhile at COMEX, gold prices were up and trading higher as spot yellow metal prices shot up by 0.95 per cent to reach $1780 per ounce for the week.

Spot silver prices at COMEX fell by 2.39 per cent to touch $23.75 per ounce for the week. 

Gold ETF holdings witnessed outflows as holdings at SPDR Gold Shares fell to 1,022 tonnes from the previous week’s 1,025 tonnes for the week. The CFTC data showed that money managers decreased their net long positions by 55,649 lots in last week.

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Latest News Today – Yellow Metal Shows Nominal Rise, Silver Moves Up

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Gold Price Today: Yellow Metal Shows Nominal Rise, Silver Moves Up

Gold Price Today: Yellow metal prices showed a nominal rise

Yellow metal prices witnessed a nominal rise on Monday as on the Multi-Commodity Exchange (MCX), August gold contracts jumped 0.25 per cent to Rs 47,653 for 10 grams. Silver also moved upwards as September futures climbed 0.04 per cent to reach Rs 67,194 per kilogram.

Meanwhile in the international market, gold prices witnessed a fall as spot gold dropped by 0.1 per cent to $1,799.89 per ounce. US gold futures fell by a meagre margin of 0.2 per cent to $1,798.90 per ounce.

Globally, investors are keeping a close watch on the Federal Open Market Committee’s meeting this week. It is generally being speculated that the US central bank will keep the policy rates and stance unchanged during the meeting. 

“COMEX gold trades marginally higher near $1,807 per ounce after a 0.2 per cent decline in previous session. Gold inched up amid choppiness in US dollar, increasing virus concerns, US-China tensions and China’s crackdown on technology firms. However, weighing on price is continuing ETF outflows, weaker consumer demand and uncertainty ahead of the Fed meeting this week. Gold may remain supported near $1,800 per ounce until dollar is steady,” said Ravindra Rao, Head Commodity Research at Kotak Securities.

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Latest News Today – Foreign Exchange Reserves Rise By $835 Million To Hit

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Forex Reserves Rise By $835 Million To Record High Of $612.73 Billion: Report

Foreign currency assets include the effect of appreciation or depreciation of non-US units

The country’s foreign exchange reserves rose by $835 million to touch a record high of $ 612.73 billion in the week ended July 16, 2021, RBI data showed. In the previous week ended July 9, 2021, the reserves had surged by $ 1.883 billion to $ 611.895 billion.

In the reporting week ended July 16, 2021, the increase in forex reserves was on account of the rise in foreign currency assets (FCA), Reserve Bank of India’s (RBI) weekly data released on Friday showed. The FCA, a major component of the overall reserves, rose by $ 463 million to $ 568.748 billion in the reporting week.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves were up by $ 377 million to $ 37.333 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) were up by USD 1 million at $ 1.548 billion.

The country’s reserve position with the IMF declined by $ 7 million to $ 5.1 billion in the reporting week, the data showed.

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Latest News Today – US Issues “Do Not Travel” Advisory For UK Amid Rise In

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US Issues 'Do Not Travel' Advisory For UK Amid Rise In COVID-19 Cases

UK allows American visits but requires a 10-day quarantine on arrival and two Covid tests. (File)

Washington:

The US State Department and the US Centers for Disease Control and Prevention (CDC) both issued on Monday their highest warnings against travel to the United Kingdom because of a rising number of COVID-19 cases in that country.

Each raised the UK to “Level Four,” telling Americans they should avoid travel there.

“If you must travel to the United Kingdom, make sure you are fully vaccinated before travel,” the CDC said in an advisory, while the State Department said: “Do not travel to the United Kingdom due to COVID-19.”

In May, the US government had lowered the UK to a “Level 3” advisory rating.

COVID-19 cases are rising by more than 50,000 a day in the UK and hundreds of thousands of Britons are being asked to self-isolate for 10 days.

The United States since March 2020 has barred nearly all non-US citizens who have recently been in the UK from the United States.

Britain allows American visits but requires a 10-day quarantine on arrival and two COVID-19 tests.

In June, the Biden administration said it was forming expert working groups with Britain, Canada, Mexico and the European Union to determine how best to restart travel safely after more than a year of restrictions.

US and airline officials do not expect the restrictions on UK travelers to be lifted until August at the earliest – and warn it could be pushed back further.

Airlines and others have pressed the administration to lift the restrictions that bar most non-US citizens who have been in Britain, the 26 Schengen nations in Europe without border controls, Ireland, China, India, South Africa, Iran and Brazil within the past 14 days from the United States.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Latest News Today – Rise Of Covid Cases Among Unvaccinated Population

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Rise Of Covid Cases Among Unvaccinated Population Concerning: Indian-American Doctor

Dr Vivek Murthy says, “the good news is the vaccinated are still highly protected.” (File)

Washington:

America’s Surgeon General Dr Vivek Murthy on Sunday expressed concern over the “significant increase” in COVID-19 cases in the US, especially among the unvaccinated population, urging people to get vaccinated and assuring them that the current set of vaccines are highly effective against coronavirus.

The Indian-American doctor said the vaccinated people are “highly protected” and 99.5 per cent of the deaths recorded from the COVID-19 infection are among those who are unvaccinated.

This is an issue of concern especially given the Delta variant, Dr Murthy told CNN in an interview.

“What we’re seeing in LA County is concerning, this rise in cases. Unfortunately, we are seeing rises particularly among the unvaccinated in many parts of the country now and especially given the Delta variant,” he said.

“What the CDC did in its guidance about – close to two months ago now, is based on the science saying that your risk of getting sick or transmitting the virus was low if you were fully vaccinated. They gave communities and individuals the flexibility to make decisions about what to do with masks,” he said.

“I’m concerned about what we’re seeing in the country right now. We are seeing increases in cases, particularly in parts of the country where the vaccination rates are low,” he said.

Dr Murthy, however, said the good news was that among those who are fully vaccinated, there is still a high degree of protection, particularly from hospitalisations and deaths.

“In fact, 99.5 per cent of the deaths that we’re seeing right now from COVID-19 are among those who are unvaccinated,” Dr Murthy told Fox News in another interview.

“So worry that we are seeing, in fact, significant increases among the unvaccinated. But the good news is the vaccinated are still highly protected,” he said.

In areas where there are low numbers of vaccinated people or where cases are rising, it is very reasonable for counties to take more mitigation measures, like the mask rules that you see coming out in Los Angeles, he told CNN in response to a question

“And I anticipate that will happen in other parts of the country, too,” he said.

“Should also say that for individuals, as well, depending on their circumstances, some people may choose to continue wearing masks such as those who may be immunocompromised or people who have those – family members at home who are unvaccinated.

“So people can make these decisions. Counties certainly have the right to put mitigation measures back in place, and that”s not contradictory to the guidance the CDC has issued,” said the Indian-American surgeon general,” he said.

Dr Murthy said the current set of vaccines were highly effective against COVID-19.

In the case of the mRNA vaccines, more than 90 per cent effective in preventing symptomatic infection, but they’re not 100 per cent perfect, he said.

“No vaccine is. That means you will see some numbers of people who have breakthrough cases. But there are two things to know about that. One is that these numbers will be small,” he said.

So far, more than 160 million people in the US have been fully vaccinated.

“So, you will see numbers, a minority, a small minority of people who do have breakthrough infections. But here’s the other thing to know, is that when you’re fully vaccinated, even if you do have a breakthrough infection, it’s much more likely that infection will be either asymptomatic or mild.

“And that’s really good news that continues to tell us that these vaccines are highly effective, and that”s one of the reasons we are recommending them for people across the country,” he said.

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Latest News Today – Foreign Exchange Reserves Rise By $1.013 Billion To

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Forex Reserves Rise By $1.013 Billion To Record High Of $610.012 Billion: Report

FCA surged by $748 million to $566.988 billion, as per weekly data by RBI

The country’s foreign exchange reserves swelled by $1.013 billion to touch a lifetime high of $610.012 billion in the week ended July 2, RBI data showed on Friday. In the previous week ended June 25, 2021, the reserves had jumped by $5.066 billion to reach $608.999 billion.

During the reporting week, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA surged by $748 million to $566.988 billion, as per weekly data by the Reserve Bank of India (RBI).

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves climbed $76 million to $36.372 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $49 million to $1.548 billion. The country’s reserve position with the IMF too increased by $139 million to $5.105 billion in the reporting week, the data showed. 

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Latest News Today – Power Grid Sheds Over 2% Even After Reporting 6% Rise In

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Power Grid Reports 6% Rise In Profit In March Quarter, Stock Edges Lower

Shares of Power Grid Corporation settled 2.80 per cent lower at Rs 233 apiece on the BSE.

Share price of Power Grid Corporation of India Limited edged lower by more than two per cent on Friday, June 18, after the company announced its January-March quarter results for the financial year 2020-21. On Friday, Power Grid Corporation opened on the BSE at Rs 247, inching to an intra day high of Rs 247, and an intra day low of Rs 230.20, throughout the trading session. According to a regulatory filing by the company to the stock exchanges, Power Grid reported a net profit of Rs 3,526 crore, on a consolidated basis in the March quarter of fiscal 2020-21.

The state-owned electricity board reported a net profit of Rs 3,313.47 crore in the corresponding quarter of the previous fiscal year, marking a growth of six per cent for the fourth quarter of fiscal 2021.

The company’s board of directors recommended a final dividend of Rs. 3.00 per share, which is 30 per cent on the paid-up equity share capital for the financial year 2020-21, upon the approval of shareholders. The final dividend will be paid within 30 days from the date of its declaration at the company’s annual meeting. 

This dividend is in addition to the first interim dividend of Rs 5 per share paid on January 8, and the second one of Rs 4 per share paid on March 30, this year, for the fiscal 2020-21.

On the NSE, Power Grid Corporation opened at Rs 244, registering an intra day high of Rs 245 and an intra day low of Rs 230.10, in the trading session today. On the NSE, shares of Power Grid Corporation settled 2.33 per cent lower at Rs 234.25 apiece.

Shares of Power Grid Corporation settled 2.80 per cent lower at Rs 233 apiece on the BSE.

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Latest News Today – Funds Parked By Indians In Swiss Banks Rise To Over Rs

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Indians' Funds In Swiss Banks Rise To Over Rs 20,000 Crore: Here's How

The funds rose on a sharp surge in holdings through securities and similar instruments

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland’s central bank showed on Thursday.

The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.

It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.

The total amount of CHF 2,554.7 million (Rs 20,706 crore), described by the SNB as ”total liabilities” of Swiss banks or ”amounts due to” their Indian clients at the end of 2020, included CHF 503.9 million (over Rs 4,000 crore) in customer deposits, CHF 383 million (over Rs 3,100 crore) held via other banks, CHF 2 million (Rs 16.5 crore) through fiduciaries or trusts and the highest component of CHF 1,664.8 million (nearly Rs 13,500 crore) as ”other amounts due to customers” in form of bonds, securities and various other financial instruments.

While the funds classified as ”customer account deposits” have actually declined from CHF 550 million at the end of 2019 and those through fiduciaries also more than halved from CHF 7.4 million, the money held via other banks rose sharply from CHF 88 million in this period.

However, the biggest difference has been a surge in ”other amounts due to customers” from India, which rose over six times from CHF 253 million at 2019-end. All four components had declined during 2019.

These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.

According to the SNB, its data for ”total liabilities” of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.

On the other hand, the ”locational banking statistics” of the Bank for International Settlement (BIS), which have been described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, show an increase of nearly 39 per cent during 2020 in such funds to $ 125.9 million (Rs 932 crore).

This figure takes into account deposits as well as loans of Indian non-bank clients of Swiss-domiciled banks and had shown an increase of 7 per cent in 2019, after declining by 11 per cent in 2018 and by 44 per cent in 2017. It peaked at over $ 2.3 billion (over Rs 9,000 crore) at the end of 2007.

Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as ”black money” and they actively support India in its fight against tax fraud and evasion. An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018.

Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is to be followed every year.

In addition to this, Switzerland has been actively sharing details about accounts of Indians suspected to have indulged in financial wrongdoings after submission of prima facie evidence. Such exchange of information has taken place in hundreds of cases so far.

Overall, customer deposits in all Swiss banks rose in 2020 to nearly CHF 2 trillion, which included over CHF 600 billion of foreign customer deposits. While the UK topped the charts for foreign clients’ money in Swiss banks at CHF 377 billion, it was followed by the US (CHF 152 billion) at the second spot — the only two countries with 100-billion-plus client funds. Others in the top 10 were West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands, and Bahamas.

India was placed at 51st place, ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh and Sri Lanka. Among BRICS nations, India stood below China and Russia, but above South Africa and Brazil.

Others placed above India included Netherlands, UAE, Japan, Australia, Italy, Saudi Arabia, Israel, Ireland, Turkey, Mexico, Austria, Greece, Egypt, Canada, Qatar, Belgium, Bermuda, Kuwait, South Korea, Portugal, Jordan, Thailand, Seychelles, Argentina, Indonesia, Malaysia and Gibraltar.

The countries for which Swiss banks reported a decline in amounts due to clients included the US and UK, while the money parked by individuals and enterprises from Bangladesh also declined during 2020. However, the amount almost doubled in the case of Pakistan to over CHF 642 million.

Just like India, the issue of alleged black money in Swiss banks has been a political hot potato in the two neighbouring countries as well. As per the SNB, there were 243 banks in Switzerland at the end of 2020. 

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Latest News Today – Funds Parked By Indians In Swiss Banks Rise To Over Rs

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Funds Parked By Indians In Swiss Banks Rise To Over Rs 20,000 Crore

The funds rose on a sharp surge in holdings through securities and similar instruments

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland’s central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.

It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.

The total amount of CHF 2,554.7 million (Rs 20,706 crore), described by the SNB as ”total liabilities” of Swiss banks or ”amounts due to” their Indian clients at the end of 2020, included CHF 503.9 million (over Rs 4,000 crore) in customer deposits, CHF 383 million (over Rs 3,100 crore) held via other banks, CHF 2 million (Rs 16.5 crore) through fiduciaries or trusts and the highest component of CHF 1,664.8 million (nearly Rs 13,500 crore) as ”other amounts due to customers” in form of bonds, securities and various other financial instruments.

While the funds classified as ”customer account deposits” have actually declined from CHF 550 million at the end of 2019 and those through fiduciaries also more than halved from CHF 7.4 million, the money held via other banks rose sharply from CHF 88 million in this period.

However, the biggest difference has been a surge in ”other amounts due to customers” from India, which rose over six times from CHF 253 million at 2019-end. All four components had declined during 2019. These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.

According to the SNB, its data for ”total liabilities” of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.

On the other hand, the ”locational banking statistics” of the Bank for International Settlement (BIS), which have been described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, show an increase of nearly 39 per cent during 2020 in such funds to USD 125.9 million (Rs 932 crore).

This figure takes into account deposits as well as loans of Indian non-bank clients of Swiss-domiciled banks and had shown an increase of 7 per cent in 2019, after declining by 11 per cent in 2018 and by 44 per cent in 2017. It peaked at over USD 2.3 billion (over Rs 9,000 crore) at the end of 2007.

Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as ”black money” and they actively support India in its fight against tax fraud and evasion. An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is to be followed every year.

In addition to this, Switzerland has been actively sharing details about accounts of Indians suspected to have indulged in financial wrongdoings after submission of prima facie evidence. Such exchange of information has taken place in hundreds of cases so far.

Overall, customer deposits in all Swiss banks rose in 2020 to nearly CHF 2 trillion, which included over CHF 600 billion of foreign customer deposits. While the UK topped the charts for foreign clients” money in Swiss banks at CHF 377 billion, it was followed by the US (CHF 152 billion) at the second spot — the only two countries with 100-billion-plus client funds. Others in the top 10 were West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands and Bahamas.

India was placed at 51st place, ahead of countries like New Zealand, Norway, Sweden, Denmark, Hungary, Mauritius, Pakistan, Bangladesh and Sri Lanka. Among BRICS nations, India stood below China and Russia, but above South Africa and Brazil. Others placed above India included Netherlands, UAE, Japan, Australia, Italy, Saudi Arabia, Israel, Ireland, Turkey, Mexico, Austria, Greece, Egypt, Canada, Qatar, Belgium, Bermuda, Kuwait, South Korea, Portugal, Jordan, Thailand, Seychelles, Argentina, Indonesia, Malaysia and Gibraltar.

The countries for which Swiss banks reported a decline in amounts due to clients included the US and UK, while the money parked by individuals and enterprises from Bangladesh also declined during 2020. However, the amount almost doubled in the case of Pakistan to over CHF 642 million. Just like India, the issue of alleged black money in Swiss banks has been a political hot potato in the two neighbouring countries as well. As per the SNB, there were 243 banks in Switzerland at the end of 2020. 

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Latest News Today – Yellow Metal Trades Flat, Silver Shows Rise

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Gold Price Today: Yellow Metal Trades Flat, Silver Shows Rise

Gold price today: Yellow metal traded flat as investors wait for US Federal Reserve meeting outcome

Gold prices showed a meagre jump on Wednesday, as on MCX, the yellow metal August futures traded at Rs 48,460 per 10 grams. On the other hand, silver showed a decent jump as its July futures were at Rs 71,475 per kg, showing a jump of Rs 227 over the previous session.

The flat trajectory of gold prices continued for the second day today as investors across the world awaited the result of the US Federal Reserve meeting.

Globally, spot gold was down at $1,861.96 per ounce, after falling to its lowest since May 17 at $1,843.99 on Monday. US gold futures meanwhile eased to $1,863.10.

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