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.
State Bank of India , the country’s largest lender, on Friday said its quarterly profit surged a better-than-expected 68.5% to a record high, boosted by better interest income and a drop in bad loan provisions.
Chinese-owned steelmaker British Steel, currently in pursuit of UK state aid, is mulling up to 1,200 job cuts according to the Unite trade union.
America’s employers added a sizzling 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates.