International gold prices dipped over 2 per cent on Friday, with analysts largely attributing the decline to stronger-than-expected job gains in the US and weak buying from key buyer, China.
In an about-turn from the economic liberalisation days of 1991 when India shipped out gold and pledged it overseas to avert a looming financial crisis, the country has now shipped in a little over 100 tonnes of its gold reserves held in the UK.
Benefiting from strong sales, organised gold jewellery retailers are set to clock 17-19 per cent revenue growth in the current financial year 2024-25, according to Crisil.
Gold, considered a safe haven asset for investment, has been in demand for considerable period of time, with its prices rallying to hit record highs every now and then.
Kishore Narne, Commodity head, and executive director, Motilal Oswal group said, "As we embark on the new financial year, commencing with the auspicious occasion of Akshaya Tritiya, both Gold and Silver have shown significant gains, with Gold up by 13 per cent and Silver by 11 per cent Year-
In April 2024, Brent Crude Oil prices hovered around USD 89.4 per barrel, experiencing a slight ease due to concerns over global demand and a stronger dollar index.
Global gold demand was up 3 per cent year-on-year at 1,238 tonne in the first quarter of 2024, marking the strongest first quarter since 2016, according to World Gold Council's Gold Demand Trends report.
The yellow metal Gold faced its first weekly loss in prices in six weeks as hopes for interest rate cuts by the Federal Reserve seem to be delayed and amid an ease in geopolitical tensions in West Asia.
Even as international gold prices fell relatively on Monday with relative ease in geopolitical tensions in the Middle East, the prices of the safe haven yellow metal are seen rallying towards USD 2,500 in case of further escalation in the war situation.
Amid the economic crisis in Pakistan, the rate for 10-gram gold has climbed to an all-time high of Pakistan currency (PKR) 216,221, while one tola gold (12.5 gram) has now touched PKR 252,200 on Saturday, Dawn reported.
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