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Gold prices hit two-week low on optimism around reopening of economies
Posted on 27th May 2020
Gold prices touched a two-week low on Wednesday due to optimism around reopening of several economies, but increasing Sino-US frictions over Beijing's proposed security law for Hong Kong tempered losses.

Spot gold dipped 0.3 per cent to $1,705.94 per ounce by 0502 GMT, after hitting its lowest level since May 13 of $1,703.40 earlier in the session. US gold futures were down 0.6 per cent to $1,695.80, the Reuters reported.

On Tuesday, gold had dropped as much as 1.3 per cent, to touch $1,707.10, a near two-week low.

"What we saw over the preceding 24 hours was a break of relatively meaningful support at about $1,715," said DailyFx currency strategist Ilya Spivak.

"The positive story seems to be easing of restrictions and (that) there will be some sort of rebound in economic activity... but, there is (also) a lot of negativity. Tension between the US and China is a huge risk."

US President Donald Trump said on Tuesday that Washington was working on a strong response to China's planned national security law for Hong Kong, adding it would be announced before the end of the week.

Asian shares slipped on concerns about the rising Sino-US tensions.

Despite the pullback in bullion prices, the outlook remains positive for gold, which is seen as a safe-haven asset during political and economic uncertainties, analysts said.

"The biggest risk is people getting complacent and forgetting that the long-term consequences of this lockdown are not going away anytime soon and we aren't going to have the perfect economy," Spivak added.

Economic prospects for the developed world this year have darkened again in the past month, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters.

Other Latest News
Gold prices slump to Rs 48,900 per 10 gm, Silver rallying at Rs 51,950 a kg
Posted on 11th July 2020
Gold prices on Saturday fell to Rs 48,900 from Rs 49,100 per 10 gram, while silver climbed to Rs 51,950 from Rs 51,900 per kilogram, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

Facebook plans to ban political ads before US Presidential election: Report
Posted on 11th July 2020
Facing intense criticism from all quarters, Facebook is planning to ban political ads on its platform like Twitter does as the US inches closer towards the presidential election in November, the media reported on Saturday.

According to a report in CNN Business citing sources, the potential ban on political ads to reduce the spread of disinformation has been under consideration since last fall.

RIL closes four Jio stake sale deals, receives Rs 30,062 cr from investors
Posted on 11th July 2020
After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over Rs 30,062 crore.

In a regulatory filing, Reliance said it has closed the sale of 6.13 per cent stake in Jio Platforms with L Catterton, The Public Investment Fund, Silver Lake and General Atlantic.

Kolkata: Eden Gardens to be used as COVID-19 quarantine facility for police personnel
Posted on 11th July 2020
Kolkata Police can now use the galleries of Eden Gardens stadium as a makeshift quarantine facility, the Cricket Association of Bengal (CAB) on Friday said.

A meeting at Kolkata Police Headquarter, Lal Bazaar, took place at the Chamber of Special Commissioner Jawed Shamim. It was attended by CAB president Avishek Dalmiya.

India sees 27,114 new coronavirus cases, tally crosses 8 lakh-mark
Posted on 11th July 2020
In another highest single-day spike of coronavirus cases, India on Saturday reported 27,114 new cases in the last 24 hours. As many as 519 deaths were reported during this period.

With this, the country's total count has crossed the eight lakh-mark.

The total number of positive cases in the country stands at 8,20,916, including 2,83,407 active cases, 5,15,386 cured/discharged/migrated and 22,123 deaths, according to the Ministry of Health and Family Welfare.

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