Page 4 - Gold

Gold may touch new high of Rs 62,000 this year on back of dollar weakness

Brokerages expect upside on hedging demand amid global slowdown risk

Commerce Ministry seeks cut in gold import duty in Budget to push exports

The commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewellery sector, sources said. In July this year, the centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The basic customs duty on gold is 12.5 per cent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent. "As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports," the sources said. Every year, the gems and jewellery export industry seeks a reduction in import duty. Former chairman Gems and Jewellery Export Promotion Council (GJEPC

Gold prices rise as dip in $ makes bullion less expensive for buyers

Spot gold was up 0.6% at $1,807.69 per ounce, as of 0704 GMT. U.S. gold futures rose 0.6% to $1,814.80

Gold, silver rates rise in early trade; yellow metal selling at Rs 54,650

Ten gram of 22-carat gold was trading at Rs 50,100 today

Gold to shine amid global recession; soft landing could play spoilsport

But it will lose sheen if the world economy achieves a soft landing

Jordan signs MoU with Arab Mining Company for gold, lithium exploration

Jordan's Ministry of Energy and Mineral Resources has signed a Memorandum of Understanding with the Arab Mining Company to explore lithium and gold in southern Jordan

Gold prices fall, silver rises in early trade; yellow metal at Rs 54,330

Gold prices slipped as investors stayed on the sidelines awaiting US inflation data and the Federal Reserve's rate-hike decision

Enforcement agencies seize 3,083 kg gold till Nov; Kerala saw most seizures

Enforcement agencies have seized 3,083 kg of gold till November this year, with Kerala accounting for the maximum number of seizures, Parliament was informed Monday. Gold seizures across the country have gone up this year when compared to 2,383 kg seized in the 2021 calendar year and 2,154 kg in 2020. In 2019, 3,673 kg of gold was seized. In 2022 (up to November), 3,083.61 kg of gold was seized in 3,588 cases. In Kerala, 690 kg of yellow metal was seized in 2022, up from 587 kg in 2021 and 406 kg in 2020. In 2019, 725 kg was seized. Besides Kerala, states which account for high gold seizures this year till November 2022 are Maharashtra (474 kg), Tamil Nadu (440 kg) and West Bengal (369 kg). Minister of State for Finance Pankaj Chaudhary said the government makes policy interventions and takes operational measures to check smuggling. In the last three years, National Investigation Agency (NIA) has conducted investigations and filed charge sheets in three cases of gold smuggling, h

Gold worth Rs 1.37 crore seized by customs officials at Hyderabad airport

The Customs on Saturday seized gold biscuits and jewellery, totalling 2.9 kilograms valued at Rs 1.37 crore, from a passenger at the international airport here, an official said. Hyderabad Airport Customs intercepted the passenger who arrived by a flight from Dubai, according to an official release. In his baggage, 24-karat gold weighing 1,547 grams and 18-karat jewellery weighing 1,414 grams at a combined value of Rs 1.37 crore was seized, said Dulip Abraham, Deputy Commissioner of Customs (RGIA-Hyderabad), in a release. Further investigation is under progress, the official said.

Gold clings near $1,800 on soft dollar as China relaxes Covid-19 curbs

Spot gold ticked 0.1% lower to $1,796.17 per ounce by 0938 GMT, after touching its highest level since July 5 at $1,809.91

India seized 833 kg gold worth Rs 405 cr in FY22, highest from Myanmar

The highest amount of gold seized was of Myanmar origin, marking a significant shift from 2019-20, when the majority of it was from West Asia

Gold price up by Rs 550, trading at Rs 53,730; silver rises by Rs 700

22-carat gold was trading at Rs 49,250

Customs seizes gold jewellery worth over Rs 94 lakh at IGI airport

The airport customs preventive officers, seized 1849 grams of gold jewellery worth over 94 lakhs from two passengers at the IGI Airport, the Customs department informed

Youth World Boxing: Ravina strikes gold; India ends campaign with 11 medals

Ravina emerged victorious in her finals bout and added another gold to India's total medal tally of 11 at the IBA Youth Men's and Women's World Boxing Championships 2022 in La Nucia, Spain

Gold prices fall on US Fed rate hike prospects, bound for weekly dip

Markets currently see an 87% chance of a 50-basis point hike at the Fed's December meeting

Gold prices retreat as dollar steadies, focus stays on US Fed rate hikes

But gold could drift higher into year-end if the dollar remains weak overall and yields continue to drift lower

Gold firms on softer dollar, jitters over projectile strike off Oman cost

Spot gold rose 0.3% to $1,783.59 per ounce by 1008 GMT, while U.S. gold futures gained 0.6% to $1,786.90

MCX Gold may scale Rs 53,350 as trend turns positive; Silver eyes Rs 63,725

The near-term support for MCX Gold futures now shifted higher to Rs 52,000-level, whereas Silver futures likely to seek support near 200-DMA at Rs 60,800.

Gold trading at Rs 52,580 per 10 grams, silver selling at Rs 61,700 per kg

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai was Rs 48,350, Rs 48,250, and Rs 48,920, respectively

Gold set for best week in over two years on smaller rate hike hopes

The dollar index extended its decline, falling to its lowest in nearly three months, making gold more attractive for overseas buyers