A customer looks at gold jewellery at a shop in Bengaluru, India. File/Agence France-Presse
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.
India’s foreign exchange reserves rose by $4.483 billion during the week ending Jan.1. According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $585.324 billion from $580.841 billion reported for the week ended December 25.
Physical gold demand in second-biggest bullion consumer India was negligible this week with most jewellery stores still shut by COVID-19 lockdowns, forcing dealers to offer steep discounts.
The decision comes as part of the Dubai government's continuous incentives to promote economic growth in the emirate, and its continuous support for its investment and government environment, with the aim of easing the financial burdens on the businesses in Dubai, and its residents.
Etisalat Group consolidated revenues amounted to Dhs26.4 billion representing year-over-year (YoY) increase of 3.2 per cent while consolidated net profit
The Central Bank of the UAE (CBUAE) has maintained the base rate applicable to the overnight deposit facility (ODF) at 15 basis points, effective from Thursday (July 29).