Gold Rate in Ranchi Today

News About Gold rate in Ranchi

• You Might Want to Stop Investing in Gold Savings Schemes For a While After Reading This

  The India Bullion & Jewellers Association recently stated that in February this year, the Union Cabinet approved a bill banning the unregulated deposit scheme as many cases of deposit scheme fraud was deducted. One has to figure out if gold saving schemes offered by leading jewellers in the country falls under the Ponzi Scheme category and if it will be banned too.

  The India Bullion & Jewellers Association has asked all their members to take note of this bill and take measures before this bill is enforced as law. Meanwhile, many jewellers who are members of All India Gem & Jewellery Trade Federation have currently stopped enrolling their customers in the 11-month gold saving schemes until the Union Cabinet sheds some clarity on this matter. So, if you have an existing gold savings scheme, talk to your jeweller about it. If you are planning to apply for one, it is better to pause it till this issue is clarified.

  7 March 2018

• Gold rates remain flat amid outlook for faster Fed rate hikes

  With investors cautious after the US Federal

  Reserve Chairman Jerome Powell’s comments to increase interest rates more than expected during the year, gold rates remained nearly unchanged following a decline of more than 1% in the previous session. The US dollar index also recorded its highest in near-three weeks and gained against a basket of other emerging currencies. During the congressional testimony, Jerome Powell indicated that the Federal Reserve may raise the number of interest rate hikes from three to four during the year.

  In the Asian markets, equities dropped significantly after poor macroeconomic manufacturing data added worries to the negative sentiments after the Fed chairman’s speech.

  28 February 2018

• Gold Down to Rs. 29,226 After US Announces Strong Manufacturing Figures

  Gold rates on the Multi Commodity Exchange fell by 0.97 percent to Rs. 29,226, after rising on Tuesday. The precious metal is expected to trade between Rs. 28,765 to Rs. 30,069 on Wednesday. The loss was driven by better manufacturing data from the US, leading to hopes that the Federal Reserve will revise its rates. US dollar rates also improved after this news was announced. Gold is currently being supported by rise in exchange traded funds, with assets in the world’s leading gold ETF SPDR Gold Trust increasing by 1.15 percent to 786.20 tonnes on Tuesday. Despite the 10 percent import duty on gold, India’s gold imports in January were 62 percent higher than the corresponding period last year. In an effort to curb gold demand, in its recent budget, the country also reinstated local sales tax on gold jewellery.

  2 March 2016

• India is the world’s 2 largest market for gold, and is offering huge discounts.

  Dealers in India, the second largest market in the world, have increased their discounts offered by jewelers. After the escalated global prices of cooled off, and the speculation of the government import taxes. The discounts have fallen below the cash prices in London for gold, as much as $30 for an ounce. The markdowns are as large as $55 on sales without invoices. Gold has increased by 17% in the year so far, proving to be a safe haven of assets.

  26 February 2016

• Gold Prices Recover To Rise 1 Per Cent

  Gold recovered on Tuesday and rose by nearly 1 percent in the wake of a drop in global equities as well as low inflows into bullion funds. The drop ensured that gold prices recovered from price drops that took place over past sessions. Commerzbank analyst Eugen Weinberg stated that while gold continues to be well supported by inflows in exchange-traded funds (ETFs), another setback could be around the corner before the precious metal rallies any further. The assets in the top gold-backed ETF, SPDR Gold Trust, hit their highest mark since March 2015 following a rise of more than 19 tonnes to close at 752.29 on Monday.

  24 February 2016

• Indian government to auction 3 gold mines this year

  At least 3 gold mines may be auctioned by the government this year. The government is planning to open up the sector to private firms. This is being don’t in order to slash import of metals that cost the government $36 billion in the previous year. Out of the mines to be auctioned, one was shut 15 years ago in Karnataka and the other two are new and located in Jharkhand and Chhattisgarh. The analysts believe that the gold mining will be profitable to the country.

  Government is hoping to raise Rs.6,000 crore from selling the gold dust from Kollur, Karnataka.

  18 February 2016

• Gold importing tariff increased by the government

  On Monday, the government increased the tariff value of gold from $ 363 for 10 grams to $ 403 per 10 grams. The tariff value also was hiked for silver from $ 443 to $510 per kg. The Central Board of Excise and Customs, have been notified of these revised rates. The rate are in lieu of the current price trend of the precious metal in the global market and rupee situation.

  16 February 2016

• Gold prices increase, owing to wedding season

  Gold prices surged by Rs 175 to Rs 27,875 per 10 grams at the bullion market on Monday on persistent buying by jewellers, driven by rising wedding season demand even as the metal weakened overseas. Silver also regained the Rs 36,000-mark by rising Rs 250 to Rs 36,050 per kg on increased offtake by industrial units and coin makers.

  9 February 2016

• Gold holds on to its 3-month high

  After ample and on-going speculation about US rate hike for the past few months, the yellow metal has managed to hold onto its three-month rate which is the highest since October 30th. Gold rallied by 1.2 per cent overnight which is a huge gain in one stroke for the metal. US markets have slowed owing to weakening of the global economic conditions.

  The price of gold were boosted by two significant things; one is the weakening of the US Dollar and two is the hopes that US interest rates will remain unchanged for the upcoming few months.

  4 February 2016