China accumulates gold at a rapid pace, buys a whopping 50 tonnes in February and 5 tonnes in March; here's why Xi Jinping is stockpiling the precious metal
Gold price has been soaring and it seems that China is stockpiling the precious metal.
Exclude precious metals from FTA ambit: GTRI
India's gold imports surged to a record $14.9 billion in November 2024, surpassing crude oil. Free trade agreements, like the one with the UAE, are blamed for fueling this increase through duty-free gold imports. A think tank recommends excluding precious metals from future FTAs to protect India's trade balance and forex reserves.
India says UAE will look into issue of higher precious metal exports to India
India has urged the UAE to address concerns over a significant rise in exports of silver, platinum alloy, and dry dates, following the 2022 Comprehensive Economic Partnership Agreement. The UAE has agreed to investigate the compliance with the rules of origin norms to prevent circumvention.
Silver surges to highest since 2012 as precious metals rally
Silver reached its highest level since 2012, while gold hit a new record as expectations for further Federal Reserve interest-rate cuts boosted precious metals. Silver climbed to $32.71 an ounce, extending this year's gain to 37%. Gold hit a record of $2,685.58 an ounce before paring gains to trade at $2,664.85.
175,000 businesses but 9,500 registered: FATF calls for stricter checks on India’s precious metal deals
India needs to tighten checks on transactions involving precious metals and stones, as many deals are conducted in cash and evade typical monitoring. The Financial Action Task Force highlights that only a fraction of businesses in this sector are registered, raising concerns about money laundering and terrorist financing risks.
Central banks will continue to be buyers of precious metal: Juerg Kiener
Basel III, which is basically the International Bank of Settlement, was introducing basically restrictions on selling gold short in the market. So, you needed to have actually full collateral. That has been forcing a lot of short people actually to buy back their shorts and then we used to have now this war zone coming up where your third-party risk increased and that meant gold moved back to home countries instead of staying away in other exchanges.
Duty cut on precious metals to help contain smuggling, but cost govt Rs 28,000 cr in revenues: GTRI
India's 2024 Budget has significantly reduced customs duties on precious metals, reducing them from 15% to 6% for gold bars, 14.35% to 5.35% for gold dore, 15.4% to 6.4% for platinum, 15% to 6% for silver bars, and 14.35% to 5.35% for silver dore. The reductions are expected to help reduce smuggling but will result in an annual revenue loss of over Rs 28,000 crore for the government based on 2023-24 import levels.
Commodity Talk: How to trade precious metals this week
This week, focus on buying gold, silver, and crude oil, selling on the rise for Natural Gas and Copper. Gold's support is at Rs 71,200 and resistance at Rs 72,900 levels.
Precious Metals Future Prices
Precious Metals Spot Details
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