Gold prices have started declining from last week and the trend seems to continue this week as well. Gold on MCX has been weakening since the last four trading session while Silver too has seen downwards slide.
READ MORE : J&K records highest COVID-19 spike of 2021
Gold prices on MCX fell by Rs 57 to Rs 47,405 per 10 gram in futures trade on Tuesday as speculators reduced their positions amid low demand. On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 57, or 0.12 per cent, at Rs 47,405 per 10 gram in a business turnover of 10,887 lots. Analysts attributed the fall in gold prices to trimming of positions by participants, a PTI report quoted.
Sold held steady on Tuesday as market awaits a U.S. Federal Reserve meeting for cues on its monetary policy outlook, while a firmer dollar weighed on the metal`s appeal. Spot gold was flat at $1,780.86 per ounce by 0724 GMT. U.S. gold futures were little changed at $1,780.70 per ounce. Silver fell 0.2% to $26.17 per ounce. Platinum was down 0.3% at $1,240.01, said Reuters report.
Gold range last week (April 19-23) on MCX June futures
Monday: Rs 47,393/10 grams
Tuesday: Rs 47,857/10 grams
Wednesday: Rs 48,228/10 grams
Thursday: Rs 47,772/10 grams
Friday: Rs 47,532/10 grams
Gold range last week (April 19-23) on MCX June futures
Monday: Rs 46,419/10 g
Tuesday: Rs 46,975/10 grams
Wednesday: Rs 46,608/10 grams
Thursday: Rs 47,175/10 grams
Friday: Rs 47,353/10 grams
Gold range (week of 5-9 April)
Monday: Rs 44,598/10 grams
Tuesday: Rs 45,919/10 grams
Wednesday: Rs 46,362/10 grams
Thursday: Rs 46,838/10 grams
Friday: Rs 46,593/10 grams
Gold cheaper by Rs 8770 per 10 grams
Last year, due to the Corona crisis, people had invested heavily in gold. In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191 per 10 grams. Last year, gold gave a return of 43%. As compared to the highest level, gold has declined upto 25%. Gold is at the level of Rs 47420 per 10 gram on MCX, which means that it is still cheaper by Rs 8770 per 10 grams.
Silver cheaper by Rs 11380 from its highest level
The highest level of silver was at Rs 79,980 per kg. As compared to its highest level, silver is also cheaper by Rs 11380. Silver trading for May futures of are at Rs 68600 per kg.
Gold rate today May 8: Gold price goes up by Rs 5,100
Gold prices once again saw an increase on Saturday, as it went up by Rs 5,100 per 100 gram, the Good Returns website showed. This comes a day after the yellow metal hit a two-month high on Friday, boosted by a weaker dollar and a pullback in Treasury yields.
On Saturday, the gold rate per 10 gram rose by Rs 510, following which 10 gram of 22-carat gold price in India is Rs 44,800 and the 100 gram 22-carat gold price is Rs 4,48,000.
On Friday, gold was priced at Rs 44,290 per 10 grams. Notably, gold has been witnessing a hike for the past few days. However, the precious metal is still down Rs 9,000 from August highs of Rs 56,200.
Gold rate in Delhi for 22-carat has remained at Rs. 45,910 and that of 24-carat gold is at Rs. 49,950 with Rs 310 hike and Rs. 210 hike on both the metals respectively.
In Chennai, the gold rate is at Rs 44,970 per ten grams of 22 carats with Rs. 470 hike and 24-carat gold are at Rs. 49,060 with Rs. 570 surge.
The gold rate in Kolkata is at Rs. 46,850 per 10 gram of 22 carats with Rs. 510 hike and the rate of ten grams of 24 carat is at Rs. 49,640 with Rs. 510 hike.
In Mumbai, the gold rates have been at Rs. 44,800 and Rs. 45,800 per ten grams of 22 carat and 24 carat with Rs. 510 hike.
The prices of gold and silver vary across the country owing to the excise duty, state taxes, and other levies. Gold prices also vary in jewellery shops.
Bank customers alert! SBI, PNB, ICICI issue THIS important warning – Check here
Know what Bank are sharing with their customers.
India is currently faced with the second wave of Covid-19 pandemic, which is far more ruthless than the first one. While Indians are already facing issues related to mental, physical or financial health, scamsters are cashing in on their plight with their dubious tactics that are hard to catch in the first place.
Even last year, many fraudsters milked the plight of many, sometimes in the name of help, sometimes in the name of treatment and sometimes in the name of giving help. To protect their customers from falling into the trap, three big banks of the country have issued alerts. The aim here is to make their customers aware of the ways thugs can cheat them.
SBI : Beware of QR code scams
PNB : Don’t fall for fake calls or SMS
Similarly, the Punjab National Bank in the public sector warned the customers that if someone tries to call you or tries to mislead you in one or another way, do not fall for it. Do not get involved in any fake call or SMS. PNB has said that fraudsters have all the ways to mislead you.
ICICI Bank : Share with extra care
ICICI Bank has warned customers not to share banking or any financial information with anyone. ICICI Bank has said that its customers should always remember that bank employees do not ask for details of their account by calling or sending SMS. Only a fraudulent person tries to ask you for a bank detail by phone or by sending an SMS or any link.
RBI announces loan moratorium to individuals, small borrowers – Check eligibility
RBI on Wednesday allowed certain individual and small borrowers more time to repay debt and allowed banks to give priority loans to vaccine makers, hospitals and COVID-related health infrastructure as it announced support measures to cushion the pandemic’s blow on the economy.
The moratorium of up to two years will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, RBI Governor Shaktikanta Das in an unscheduled address. This facility will be available to borrowers with a total exposure of Rs 25 crore.
RBI will give Rs 50,000 crore of liquidity support to banks for providing fresh lending “to a wide range of entities including vaccine manufacturers; importers/suppliers of vaccines and priority medical devices; hospitals/dispensaries; pathology labs; manufactures and suppliers of oxygen and ventilators; importers of vaccines and COVID related drugs; logistics firms and also patients for treatment,” he said.
These loans of up to 3 years tenor will be obtainable at repo rate and will be available till March 31, 2022. He also announced a calendar for bond-buying.
Just as the economy appeared to be inching back to normalcy, India was hit by a second wave of infections in early April, prompting states and cities to restrict public movements and impose lockdowns, which have hit some businesses hard.
India added 3,82,315 virus cases over the last 24 hours to reach a total of 2.06 crore, while death rose by a record 3,780 to 226,188, health ministry data showed.
RBI has been meeting with bankers and shadow lenders (NBFCs) in recent weeks to discuss the economic situation, possible stress to balance sheets and credit flow in the system.
Bankers had reportedly asked the RBI for a three-month moratorium, particularly for retail and small borrowers, as the world’s fastest rising pandemic curve began hurting businesses and jobs, with potential to inflate bad loans (defaults).
“The devastating speed with which the virus affects different regions of the country has to be matched by swift-footed and wide-ranging actions that are calibrated, sequenced and well-timed so as reach out to various sections of society and business, right down to the smallest and the most vulnerable,” Das said.
RBI will buy Rs 35,000 crore of bonds under ”Government Securities Acquisition Programme” (G-SAP) — India’s version of quantitative easing — on May 20. It has also allowed banks to dip into their floating provisions to set aside money for bad loans.
Das said the central bank sees outlook ”highly uncertain” and clouded with downside risks, but doesn’t see a major change to inflation forecast.
“As the financial year 2020-21 (April 2020 to March 2021) – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills of a strong recovery, having regained positive growth, but more importantly, having flattened the infection curve. In a few weeks since then, the situation has altered drastically,” he said.
While a battle is mounted to deal with the unprecedented crisis, shoring up livelihoods and restoring normalcy in access to workplaces, education and incomes has become an imperative, he said.
“As in the recent past, the RBI will continue to monitor the emerging situation and deploy all resources and instruments at its command in the service of the nation, especially for our citizens, business entities and institutions beleaguered by the second wave.”
On the economic outlook, the governor said the global economy is exhibiting incipient signs of recovery but activity remains uneven across countries and sectors.
In India, the record foodgrains production and buffer stocks in 2020-21 provide food security and support to other sectors of the economy in the form of rural demand, employment and agricultural inputs and supplies, including for exports. But aggregate demand conditions, particularly in contact-intensive services, are likely to see a temporary dip.
A normal south-west monsoon, as forecast by the IMD should help to contain food price pressures, especially in cereals and pulses, he said adding the inflation trajectory over the rest of the year will be shaped by the COVID-19 infections and the impact of localised containment measures on supply chains and logistics.
Das said under the Rs 50,000 crore term liquidity facility, banks are expected to create a COVID loan book under the scheme.
RBI will also conduct special three-year long-term repo operations (SLTRO) of Rs 10,000 crore at repo rate for small finance banks (SFBs) which will be deployed for fresh lending of up to Rs 10 lakh per borrower. This facility will be available till October 31, 2021.
Das also announced rationalisation of certain components of the extant KYC norms including extending the scope of video KYC for new categories of customers.
Other measures included relaxation in overdraft facility for state governments.
“The second wave, though debilitating, is not unsurmountable,” Das said. “At the RBI, we stand in battle readiness to ensure that financial conditions remain congenial and markets continue to work efficiently. We will work in close coordination with the government to ameliorate the extreme travails that our citizens are undergoing in this hour of distress.”
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