The value of India’s gold reserves increased by $315 million to $37.026 billion.
Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore.
Rising trade deficit along with chances of a populist budget might dampen rupee’s prospects during the coming week. Nevertheless, persistent interest of Foreign institutional investors (FIIs) in India’s equity market will arrest any sharp depreciation moves.
The year 2021 is likely to add to the shine of the gold as consumer demand which has largely been subdued amid the pandemic may rise on the back of economic recovery of the emerging markets, said a report by the World Gold Council (WGC).
The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay. India's directive to state-run banks to withdraw foreign currency funds sitting overseas showed the government is worried that Cairn may move quickly to seize assets.
Global stocks rose and the dollar dipped on Friday after US Federal Reserve officials said there would be no imminent move to tighten monetary policy in the world’s biggest economy.
Standing before the breathtaking beauty of the Balos lagoon in Crete on Friday, three German tourists couldn’t believe their luck at being there. “We searched for a location to go for our first holiday post-Covid and we...