Gold prices on Wednesday gained Rs 85 to Rs 41,505 per 10 gram in futures trade as speculators increased their bets tracking positive trend overseas. On the Multi Commodity Exchange, gold contracts for April traded higher by Rs 85, or 0.21 per cent, to Rs 41,505 per 10 gram in a business turnover of 3,191 lots. The yellow metal for June delivery edged up by Rs 98, or 0.24 per cent, to Rs 41,685 per 10 gram in a business turnover of 49 lots. Fresh positions built up by participants on positive cues from global markets mainly led to rise in gold prices, analysts said. Globally, gold prices rose 0.25 per cent to $1,607.60 per ounce in New York. Silver Silver prices on Wednesday rose by Rs 242 to Rs 47,505 per kg in futures trade as participants widened their bets amid a firm trend in precious metal overseas. On the Multi Commodity Exchange, silver contracts for March delivery gained Rs 242, or 0.51 per cent, to Rs 47,505 per kg in 6,109 lots. Similarly, the white metal for … [Read more...] about Precious Metals: Gold, silver shine in futures trade amid strong demand
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Gold prices eased on Wednesday after crossing the key $1,600 level in the previous session, as global shares climbed in cautious trade following a slight dip in new coronavirus cases, while palladium hit a fresh peak on supply issues. FUNDAMENTALS Spot gold was down 0.1 per cent at $1,600.67 per ounce, as of 0037 GMT. In the previous session, bullion prices surged 1.3 per cent to their highest since Jan. 8 at $1,605.10. US gold futures remained unchanged at $1,603.60. New coronavirus cases in the Chinese province at the epicentre of the outbreak fell for a second straight day to 1,693, but deaths rose after the World Health Organization had cautioned there was not yet enough data to know if the epidemic had slowed. Asian shares and US stock futures edged cautiously higher on Wednesday as investors tried to shake off worries about the epidemic. Providing a fillip to investor confidence was China's decision to grant exemptions on retaliatory duties imposed against 696 US goods, … [Read more...] about Gold eases as drop in virus cases lifts risk appetite
Energy and metal counters were trading with gains on Wednesday in the domestic market amid relatively low new cases of coronavirus in China. Crude oil gained over 1.5 per cent, while nickel and copper jumped 0.69 per cent and 0.37 per cent, respectively. On NCDEX, oilseeds were trading with gains, while chana and coriander slipped in early trade. Here is how SMC Global expects commodities to trade today: Bullion: Bullion counter can remain on a firm path. Gold can move towards Rs 41,600 while taking support near Rs 41,200, while silver can improve towards Rs 47,600 while taking support near Rs 47,000. Base metals: Base metals may trade with a positive bias. Copper may move towards Rs 435 while taking support near Rs 430. Zinc can move towards Rs 172 while taking support near Rs 164. Lead may remain sideways taking support near Rs 143 while facing resistance near Rs 148. Nickel may move towards Rs 950 while taking support near Rs 962. Aluminium may trade sideways taking support … [Read more...] about Commodity outlook: Oilseeds gain; here’s how others may fare today
NEW DELHI: The minimum import price imposed on cashew kernels are not applicable for units in special economic zones (SEZs) and export oriented units (EoUs), according to a trade notice of the directorate general of foreign trade (DGFT). In June last year, the directorate, under the commerce ministry, had sharply increased the minimum import price (MIP) for whole and broken cashew to Rs 680 per Kg from Rs 288 per kg. Similarly for whole cashew, it was enhanced to Rs 720 per kg from Rs 400 per kg earlier. Below these prices, imports of the commodity is prohibited. In a trade notice, the directorate said it has received references from importers seeking clarification on application of MIP on import of cashew kernels in SEZ or EoU units. "The matter has been examined in this directorate. It is clarified that MIP on cashew kernels is not applicable for imports by 100 per cent EoUs and units in the SEZs," Deputy Director General of Foreign Trade Gagandeep Singh has said in the … [Read more...] about MIP imposed on cashew kernels not applicable for units in SEZs, EoUs: DGFT
Though, right now, there are no estimates about how much Covid-19 is going to cost the global economy in total, businesses, big and small, are suffering its effects. Handset manufacturer Vivo and chipset maker Intel, along with some other prominent brands, have pulled out of the Mobile World Congress 2020 due to the Covid-19 outbreak. This is an important event that creates over 14,000 part-time jobs in Barcelona. Giants like Airbnb and Apple have also been impacted. Airbnb has suspended check-ins to all Beijing listings until March and Apple’s prime manufacturer Foxconn is producing under 50% until the end of February. Lack of tourism and fall in demand of general commodities because of quarantine efforts has also adversely affected small business in China. … [Read more...] about What makes Covid-19 a global public health enemy?