Breaching a psychological barrier, gold prices in mumbai touched a new high of a little over Rs 40,000 per 10 gm, on Monday, industry players said. "This is indeed an unprecedented high, but lower by at least 20 per cent in US Dollar terms. Presently, it is $1,545 on the Comex, lower than $1,920 in September 2011," expert and former All Indian Gems & Jewelry Federation Chairman Bachhraj Bamalwa told.
According to Bamalwa, if the current global political crisis and the trade wars continue to escalate, then the gold prices may shoot up further, crossing Rs 41,000 per 10 gms in the next few months. However, he said optimistically that despite the zooming prices, demand for gold may be marginally affected, around 10 per cent or so, as the wedding and festival seasons begin next month, which are incomplete without gold in india.
"Instead of fresh purchases, people may opt for recycling of old gold, at least up to 25 per cent, in view of the higher prices," Bamalwa said. Seconding this, mumbai Jewelers' Federation President Rakesh Shetty said the incidence of recycling of old gold is actually as high as 70 per cent and sales have declined by over 65 per cent.
IMF projected India's growth rate at 6.1% in 2019 The IMF on Tuesday slashed India's GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 % down from its April projections. The International Monetary Fund (IMF) in April said India will grow at 7.3% in 2019. However, three months later it projected a slower growth rate for India in 2019, a downward revision of 0.3%.
- IMF projected India's growth rate at 6.1% in 2019
- 80% of customers of Punjab & Maharashtra Co-operative Bank will get their money back: Amit Shah
- Gold demand could improve in October due to Diwali festival and discounts could narrow
- Banks started using credit score of potential buyers to fix interest rate on loans
- Mukesh Ambani richest Indian Adani claimed second position
- India likely to limit palm oil import from Malaysia over J&K remark
- Oil companies to Air India: pay monthly or will cut fuel supply
- Niti CEO to decide on private rails, stations, not railway
- RSS and BJP lock horns over regional trade grouping
- Malvinder Singh former CEO of Ranbaxy arrested
- SBIs one year MCLR brought down from 8.15% pa to 8.05% pa
- Johnson & Johnson fined 8 billion dollars for not informing consumer of some drugs that grows Male breast
- Former PMC BANK MD kept in Police custody till October 17
- Ravi Prakash arrested now khaidi no. 4412
- US said it would slap 10% tariffs on European-made Airbus