IndiaCatalog.com
India News
Search Web Directory
News Home
Gold prices in India come off record highs
Posted on 8th July 2019
Gold prices in India were marginally higher today but sharply off their record highs hit on Friday. On MCX, August gold futures were trading marginally higher at ₹34,608. On Friday, gold futures hit a record high of ₹35,100, before paring some gains. In Budget 2019, which was presented on Friday, Finance Minister Nirmala Sitharaman increased import duty on gold to 12.5%, from 10%, leading to a spike in domestic gold prices. But record high gold prices could not be sustained amid weak global prices and sluggish demand at higher levels.

Dealers in India, the world's second biggest gold consumer after China, were offering discounts to the landed price of gold amid lacklustre demand in the physical market, say analysts.

"The move to rise import duty on gold came as a surprise, which lead to a spike in domestic gold prices which were trading discount to the landed price on the back of lacklustre demand in physical market. Domestic gold prices have risen by 15% since December 18," said Kishore Narne, head of commodities and currency at MOFSL.

Narne continues to hold to his bullish view on gold on the back of trade war, falling interest rates and rising geo-political concerns.

Pritam Patnaik, head of commodities at Reliance Securities, said he also expects gold prices to remain firm. “We see physical demand for gold coming down due to high prices. However prices of gold will continue to remain firm," he said.

In global markets, spot gold prices remained sluggish below $1400, trading 0.1% lower at $1,398.33 an ounce. Gold had seen a sharp fall in Friday after US jobs growth rebounded strongly in June. Now, analysts are lowering the possibility of an interest rate cut by the Federal Reserve this month. Gold is highly sensitive to interest rates and a lower chance of a cut would increase the opportunity cost of holding the non-interest-bearing bullion. Adding pressure on gold, the dollar has also been on an uptrend against a basket of six major currencies.


Other Latest News
Auroinbo recalls heartburn drug ranitidine, two others from US market
Posted on 6th December 2019

Aurobindo Pharma Limited has initiated a nationwide recall of three drugs from the US, two of them due to manufacturing issues. The development comes close on the heels of the regulatory compliance issues being faced by several of its manufacturing facilities back home.

These three products include heartburn drug Ranitidine that the US Food and Drug Administration(US FDA) had recently asked the companies to withdraw from the market owing to the presence of carcinogenic nitrosodimethylamine (NDMA) compound above the daily acceptable intake limits in the formulation.


MTPL to set up off-highway tyre facility in Gujarat, invest $107 million
Posted on 6th December 2019

Mahansaria Tyres Private Limited (MTPL) will set up a $107-million facility to manufacture off-highway tyres in Gujarat, backed by International Finance Corporation (IFC) through equity and loan.

IFC will provide a loan of up to $30 million and it will buy a stake in MTPL for up to $7.74 million.


Growth of world cities to decline in 2020-21 amid global slump: Research
Posted on 6th December 2019

The blockbuster growth in the world's major cities in recent years will slow sharply in 2020 and 2021 as the global trade slowdown takes its toll, according to new research.

Nine of the top 10 biggest global cities will slow next year, with the stars of the US Silicon Valley showing the most dramatic signs of slamming on the brakes, Oxford Economics researchers found in a report provided to AFP.


Mahindra & Mahindra nears 52-week low; stock slips 12% in one month
Posted on 6th December 2019

Shares of Mahindra & Mahindra (M&M) slipped 2 per cent to Rs 512 on the BSE on Friday and was trading close to its 52-week low level. The car & utility vehicles maker's stock is less than 2 per cent away from its 52-week low price of Rs 503, touched on August 14, in intra-day trade.

In past one month, M&M has underperformed the market by falling 12 per cent as the company's tractor sales delivered disappointing performance.


Vodafone Idea will shut shop if govt doesn't provide relief: KM Birla
Posted on 6th December 2019
Vodafone Idea Ltd, India's third largest mobile service provider, will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday. "If we we are not getting anything then I think it is end of story for Vodafone Idea," Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Gold prices in India come off record highs
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Gold prices in India come off record highs

Most Read News

Adani Group shares rally; Adani Gas, Adani Transmission surge 12%

India's banks wrote off Rs 2 trillion worth of bad loans in 2018-19

Month after results, Uddhav Thackeray takes oath as Maharashtra CM

Dilip Buildcon bags Bundelkhand Expressway Project worth Rs 1,362 cr in UP

Piramal Capital borrows Rs 1100 crore for 4 months from Barclays: Report

More India News

Photo Gallery

Renault Scala(14 Images)Renault Scala.
Parvathi Menon(12 Images) Parvathi Menon
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement