The gold market has seen a rise following Federal Reserve Chairman Jerome Powell's comments on inflation, which caused a decline in the value of the US dollar.
In the wake of recent economic uncertainty and a growing concern over inflation, many investors are turning to gold as a safe haven asset. With gold prices reaching new highs, demand for the precious metal has skyrocketed, as investors look to protect their wealth and ensure long-term stability.
The gold market in India saw a significant rally as prices rose by Rs 770 per 10 grams. The increase in prices was attributed to strong global trends and a weak US dollar.
Global gold demand reached an 11-year high in 2022, fueled by both retail and central bank purchases. This surge in demand is attributed to a number of factors, including economic uncertainty and low-interest rates, which have caused investors to seek safe-haven assets such as gold.
The Fed's decisions regarding interest rates can impact the demand for gold, which is often seen as a safe-haven asset during times of economic uncertainty. Market participants are closely monitoring the Fed's meeting for any changes to interest rate policy, which could affect the value of gold.
The gold market has recently seen stability in prices, with the precious metal experiencing a negligible change in prices.
According to Goldman Sachs, Gold is less likely to be influenced by tighter financial conditions which makes it "a useful portfolio diversifier" in comparison to Bitcoin.
According to the bank officials, over 1.8 kg of gold worth about ₹1 crore has been stolen.
Kashmir: The president of Pahalgam taxi stand said that Akash Farooq Wani, a taxi driver in the tourist resort has returned gold worth Rs 10 lakh to a tourist from Hyderabad.
This unique ATM machine was launched on December 3 in Hyderabad. This is India's first as well as the world's first real-time Gold ATM.
Madhya Pradesh: The customs and police personnel conducted a search of the Gwalior-bound passengers on the basis of a tip-off from the Directorate of Revenue Intelligence.
The gold was seized under Section 110 of Customs Act. Both the passengers were placed under arrest in terms of violation of Section 104 of the Customs Act.
In a similar incident, the AIU seized 2219.94 grams of gold worth 94 lakhs at Kochi airport on Saturday.
Maharashtra: According to customs officials, a special type of cavity was made in belts and shirts of the accused people for them to bring back the materials. The police further said that the accused had no previous criminal records.
PhonePe customers can buy 24K gold and silver of the highest 99.99 per cent purity from the platform along with purity certification. The user could be benefited from the Dhanteras offers and avail of cashback of up to Rs 2,500 on gold and Rs 500 on silver. You can avail of doorstep delivery.
PM Modi birthday: The PM’s birthday will also be marked as a coastal clean-up day. A special race will also be announced that will be flagged off by Home Minister Amit Shah.
When inflation remains above the tolerance level for a long time, it impacts the value of savings, thus decreasing the purchasing power of the money.
In addition to agencies nominated by the RBI and by DGFT, Qualified Jewellers as approved by International Financial Services Centers Authority were permitted to import gold in January.
Within the jewellery retail industry, revenues of organised retailers are likely to grow at a higher pace of 14 per cent, backed by their aggressive store expansion plans and a gradual shift from the unorganised segment towards the organised one, Icra Ratings said in a report.
Brides usually opt for red, pink, or pastel for their weddings. But now, it has become a trend of sorts to wear something in gold and ivory. Have a look at 8 celebrity brides who outshined their bridal look in subtle shades.
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