Gold

October 29, 2024 10:38 PM

India’s festive gold buying spree continues, defying record price

Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters. Robust demand in the world's second-biggest gold consumer could further support global prices, which hit record highs last week. Rising demand for imports of gold could also widen India's trade deficit and put pressure on the rupee. "P...

October 28, 2024 11:19 PM

High gold rates dampen Dhanteras festivities on 29 October

Hallmark gold in the Nepal market is selling at NPR 1,43,175 per 10 grams. The price of 24-carat gold has steadily risen from NPR 1,29,030 in August to its current value. This local rate exceeds the international gold price, which stands at NPR 1,16,951.66. The difference in rates is attributed to dealer margins, transportation costs, exchange rate fluctuations, import duties, and taxes. The surge in gold prices has dampened the festive spirit of communities preparing to celebrate the Dhanteras...

October 27, 2024 10:14 AM

Silver set to outshine gold with target of Rs 1.25 lakh by 2025: MOFSL report

The financial landscape for precious metals appears set for an exciting shift, with silver poised to potentially outperform gold in the coming year, according to the latest report from Motilal Oswal Financial Services Ltd (MOFSL). The firm predicts that silver prices could climb to Rs 1,25,000 per kilogram on the Multi Commodity Exchange (MCX) and reach USD 40 per ounce on the COMEX over the next 12 to 15 months. This forecast comes as silver has already demonstrated remarkable growth in 2024, a...

September 27, 2024 6:40 PM

Gold may touch Rs 77,000, Silver Rs 1 lakh this festive season: experts

Gold and silver prices are trending upward due to strong demand, and experts predict this momentum will continue through the festive season. So far this financial year, gold and silver have seen price increases of nearly 10% and 24%, respectively. Sachin Jain, Regional CEO of the World Gold Council in India, said, "From the Indian perspective, with the customs duty cut in July, that has and will give a big boost to consumption of gold. We broadly foresee that the October-December quarter would ...

September 6, 2024 12:59 PM

Markets on tenterhooks ahead of key US jobs data

Asian shares struggled for direction while the yen jumped on Friday, as investors remained on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world's largest economy. Oil prices are staring down their worst week in more than a year to hover just above a critical chart level, with their near-term fate depending on the payrolls report due later in the day. Europe is set for a lower open, with both EUROSTOXX 50 futures and FTSE futures off 0.2...

September 16, 2024 3:30 PM

Paris Paralympics: President Murmu, PM Modi congratulate Harvinder Singh following his historic gold in archery

President Droupadi Murmu and Prime Minister Narendra Modi extended wishes to para-athlete Harvinder Singh, who claimed a historic gold medal in the men's individual recurve open final at the Paris Paralympics. Harvinder got his hands on India's first-ever gold medal in para archery at the Paralympics. In a one-sided final, Harvinder ousted Poland's Lukasz Ciszek with a straight-set win, 6-0. President Murmu took to X and congratulated the 33-year-old for his splendid performance in the final un...

September 16, 2024 4:27 PM

Paris Olympics: “I gave my best, but it was Arshad’s day”: Neeraj Chopra reflects on missing gold

Javelin thrower Neeraj Chopra, who earned a silver medal at the Paris Olympics, said on Friday that while he gave his best, it was Pakistan's Arshad Nadeem's day to win gold. Chopra said it was time to assess his performance and focus on future improvements. "We all feel happy whenever we win a medal for the country. It's time to improve the game now. We will sit and discuss and enhance our performance," Chopra told. Chopra said that the competition was tough and that every athlete has their da...

September 16, 2024 6:16 PM

Asia shares nudge higher as US, EU inflation data loom

Asian shares firmed on Monday as investors braced for a busy run of inflation data that could set the scene for a European rate cut as soon as next week and a U.S. policy easing within just a few months. Holidays in Britain and the United States made for thin trading ahead of Friday's figures on core personal consumption expenditures (PCE), the Federal Reserve's preferred measure of inflation. Median forecasts are for a rise of 0.3% in April, keeping the annual pace at 2.8%, with risks on the ...

May 10, 2024 2:01 PM

Asia stocks rally on renewed global rate cut optimism

Asian stocks rose on Friday, on course for a third week of gains, while the dollar was steady as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data. Sterling was steady at $1.2515, having touched a more than two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.66% a...

April 30, 2024 5:53 PM

Global gold demand stays strong, supporting record-high prices

The allure of gold remains unwavering as global demand for the precious metal surged 3% year-on-year to 1,238 tonnes in the first quarter of 2024, according to the World Gold Council's latest Gold Demand Trends report. This marks the strongest first-quarter demand since 2016, defying the record-high average price of $2,070 per ounce during the period. Healthy investment, persistent buying by central banks, and higher demand from Asian buyers helped drive the gold price to a record quarterly ave...