India’s gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India’s gold demand in value…
Central banks across the world continued their gold buying spree this year, adding 290 tonnes in the March quarter, even as record high prices hit consumer demand. Also read:Gold soars on geopolitical risks, central bank buying In fact, central banks accounted for 23 per cent of the overall gold demand at 1,238 tonnes in the…
Gold and silver prices saw a correction over the last week. In terms of dollars, gold and silver depreciated 1.5 per cent and 2.4 per cent as they closed at $2,302 and $26.5 per ounce respectively. Similarly, on the Multi Commodity Exchange, gold futures lost 1.2 per cent to end at ₹70,668 (per 10 gram),…
Investors seem to have shrugged off price rises to put money in sovereign gold bonds (SGBs). Their preference for paper/demat gold is highlighted because 30 per cent of investments in SGB units issued since 2015 were made in FY24. This is despite the issue price of an SGB going up 2.33 times from ₹2,684 per…
For many, the auspicious occasion of Akshaya Tritiya holds great significance to start something new in their life, be it personal or any other new initiative. Purchasing gold on Akshaya Tritiya is believed to bring prosperity, good fortune and is seen as a way to receive the blessings of Goddess Lakshmi. Furthermore, gold has proven…
Quick commerce platforms Bigbasket, Blinkit, SwiggyInstamart, and Zeptoare offering to deliver gold and silver coins in 10 minutes on the occasion of Akshaya Tritiya. Unicorn startup Zepto has partnered with Nek Jewellery, while Swiggy Instamart has partnered with Malabar Gold & Diamonds and Muthoot Exim (Muthoot Pappachan Group) to allow customers to purchase gold and…
Notwithstanding the rising gold price, the demand for the yellow metal was up for Akshaya Tritiya, according to jewellers. Kumar Jain from Indian Bullion and Jewellers Association (IBJA) said, “Despite the high prices, people are buying gold right now because they think it will be of good use to them. The next auspicious beginning that…
Reserve Bank of India’s gold holding increased by 27.46 metric tonnes in FY24 to 822.10 metric tonnes as at end-March 2024, according to its “Half Yearly Report on Management of Foreign Exchange Reserves”. In value terms (USD), the share of gold in the total foreign exchange reserves increased to about 8.15 per cent as at…
Silver rallied sharply and hit multi-year high last week. It appreciated 11.7 per cent for the week as it ended at $31.5 per ounce. Gold continued its upward trajectory as well and posted a weekly gain of 2.3 per cent as it ended at $2,414.7 per ounce on Friday. Similarly, on the Multi Commodity Exchange,…
At a time when sharp increase in yellow metal price is posing a challenge to the gold jewellery companies, Malabar Gold and Diamonds, has been able to cushion its impact by cutting costs, through automation, and attracting new buyers. The price volatility, has not prevented the company from pursuing its global expansion plans. The healthy…
