Tag: Gold

Yellow metal climbs on firm global trend

Yellow metal climbs on firm global trend

04/09/2017 13:23

Gold futures were trading in the red in the domestic market on Monday as after speculators raised their bets, tracking a firm global trend.

Analysts attributed the rise in gold prices at the futures trade here to a firm trend overseas where it hit 10-month high on escalating geopolitical tensions after North Korea’s latest nuclear test drove investors towards safe-haven assets.

At the MCX, gold futures for October 2017 contract was at Rs 30214 per 10 grams, up by 1.31 per cent, after opening at Rs 30011 against a previous close of Rs 29823. It touched the intra-day high of Rs 30267 (13:22 hours).

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Gold futures rise on firm global cues

Gold futures rise on firm global cues

28/08/2017 13:27

Gold futures were trading up in the domestic market on Monday on speculative buying amid a firm global trend.

Analysts said a firm trend in global markets, as a weak dollar boosted the demand for safe-haven investment, influenced gold prices at the futures trade.

At the MCX, gold futures for October 2017 contract was at Rs 29247 per 10 grams, up by 0.27 per cent, after opening at Rs 29195 against a previous close of Rs 29167. It touched the intra-day high of Rs 29290 (13:25 hours).

Gold futures rise on firm global cues

Gold futures rise on firm global cues

23/08/2017 13:38
Gold futures were trading up in the domestic market on Wednesday as speculators took fresh positions on positive cues from global markets.

Analysts said a firm trend in global market influenced the gold prices at the futures trade here.

At the MCX, gold futures for October 2017 contract was at Rs 29127 per 10 grams, up by 0.08 per cent, after opening at Rs 29106 against a previous close of Rs 29105. It touched the intra-day high of Rs 29145 (13:39 hours).

Gold up on safe-haven demand

Gold up on safe-haven demand

10/08/2017 17:34

Gold futures were trading in the green in the domestic market on Thursday due to the safe haven demand triggered by the rising tension in the Korean peninsula.

At the MCX, gold futures for October 2017 contract is trading at Rs 29079 per 10 grams, up by 0.81 per cent, after opening at Rs 28900, against a previous close of Rs 28844. It touched the intra-day high of Rs 29084 (at 17:32 hours).

Gold futures falls amid weak trend in overseas markets

Gold futures falls amid weak trend in overseas markets

08/08/2017 13:08

Gold prices fell 0.04 per cent to Rs. 28447 per 10 grams at the futures trade today as participants trimmed their positions, tracking a weak trend overseas.

At the MCX, gold futures for October 2017 contract opened at Rs 28462, against a previous close of Rs 28457. It touched the intra-day low of Rs 28432 (at 13:07 hours).

Yellow metal up on rising demand

Yellow metal up on rising demand

02/08/2017 13:40

Gold futures were trading in the green in the domestic market on Wednesday on account of buying in precious metal by jewellers, retailers and investors.

Analysts said that the gold prices are expected to trade range bound for the day, as downbeat US data weakened the prospect of the Federal Reserve pursuing an aggressive rate hike stance.

At the MCX, gold futures for August 2017 contract is trading at Rs 28430 per 10 grams, up by 0.09 per cent, after opening at Rs 28420, against a previous close of Rs 28404. It touched the intra-day high of Rs 28509 (at 13:38 hours).

Yellow metal shines as dollar, US Treasury yields weaken

Yellow metal shines as dollar, US Treasury yields weaken

22/06/2017 14:17

Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal after rising safe-haven demand on the back of easing greenback and weakness in US Treasury yields.

The US Treasury yield curve flattened to almost 10-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating.

At the MCX, gold futures for August 2017 contract is trading at Rs 28680 per 10 grams, up by 0.36 per cent, after opening at Rs 28645, against a previous close of Rs 28577. It touched the intra-day high of Rs 28716 (at 14:06 hours).

Yellow metal little changed ahead of Fed decision

Yellow metal little changed ahead of Fed decision

14/06/2017 14:08

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators awaited further cues on market direction ahead of the outcome of a US Fed’s policy meeting later in the day, which could provide further clues over the timing of interest rate hikes this year.

Further, the US central bank is widely expected to raise interest rates at its two-day meeting. Meanwhile, the focus will be on any fresh hints on the pace of further tightening in the months to come and next year, and any further details on its plans for trimming its balance sheet.

At the MCX, gold futures for August 2017 contract is trading at Rs 28920 per 10 grams, down by 0.08 per cent, after opening at Rs 29050, against a previous close of Rs 28944. It touched the intra-day low of Rs 28912 (at 14:01 hours).

Yellow metal little changed on global cues

Yellow metal little changed on global cues

29/05/2017 14:16

Gold futures were little changed during afternoon trade in the domestic market on Monday as investors and speculators remained on the sidelines in the precious metal as safe-haven demand faded after report of a North Korean missile test fizzed out.

Meanwhile, yellow metal held a narrow range on Monday as Chinese markets are closed on Monday and Tuesday for the Dragon Boat festival.

At the MCX, gold futures for June 2017 contract is trading at Rs 28,868 per 10 grams, down by 0.07 per cent, after opening at Rs 28,870, against a previous close of Rs 28,888. It touched the intra-day low of Rs 28,832 (at 14:08 hours).

Tax burden on gold should reduce under GST regime: WGC

Tax burden on gold should reduce under GST regime: WGC

25/05/2017 17:17

The World Gold Council today urged the government to reduce the tax incidence on gold and gold products under the new Goods and Sevices Tax regime.

“In the GST regime, we urge and expect that the total tax burden on gold be halved from the current level of around 12 per cent,” WGC managing director Somasundaram PR said here today during launch of a new comprehensive India gold report in Bengali.

The report is published after 15 years and is also available in English, Hindi, Malayam and Tamil for a ready reference to Indian gold industry.

Currently, total taxation comes to between 12 and 13 per cent. Custom duty is 10 per cent, excise is one per cent and VAT of 1-1.5 per cent depending upon states.

“In the GST regime, we demand the total tax burden on gold to be not more than 6-7 per cent. But, we have to wait for a few days more when the GST rates on gold is expected to be announced,” Somasundaram said.

He tried to convince that gold import was not as bad as was perceived to be when asked why government should offer low tax on gold which is an idle asset and contribute a lot for current account deficit.

“According to a 2014-15 report of PWC, value addition in gold is to the tune of USD 30 billion with a lot more scope. Gold loan is also to the tune of around USD 10 billion with about 1,250 tonne as collateral allowing persons access to credit be it formal or informal,” Somasundaram said.

Hoping GST will bring lot of transperency in the gold industry including check on illgeal imports which is about 120 tonnes a year now. But it will take few months industry to get stabilised, the WGC official said.

Somasundaram said government should promote gold investment through ETF with tax breaks rather than physical gold.

He reteriated that the country needed a gold policy that would help all stakeholders.

Meanwhile, the gold demand during Q1 (January-March, 2017) grew by 15 per cent to 123 tonnes, but it was 18 per cent down compared to the corresponding period in the last five years on average.