High Prices Take Sheen off Gold Sales on Dhanteras

Agencies
November 5, 2018

Nov 5: Gold and jewellery sales in the morning trade remained subdued this Dhanteras Monday owing to sluggish demand from consumers amid high prices, according to industry players.

However, organised players like P C Jewellers are expecting better sales later in the day as quality and better designs at competitive prices are likely to attract more footfalls.

Unorganised jewellery players in India -- the world's second biggest buyer of the precious metal -- make up for roughly 70 percent of the country's gold sales.

Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India.

"Footfalls are good but sales are moderate so far. Till few days back, we were thinking gold demand on the day of Dhanteras would be down 10-15 percent, but looking at the pre-booking and footfalls, there should be least 5-7 percent jump in sales today," the All India Gem and Jewellery Domestic Council (GJC) rpt Council (GJC) Chairman Nitin Khandelwal told PTI.

Both gold and silver are being purchased. Most buyers are restricting their purchase to tokens as gold prices are ruling high over Rs 32,000 per ten grams, he said.

Gold prices are ruling at Rs 32,690 per 10 grams today in the national capital as against Rs 30,710 per 10 grams on the Dhanteras day in 2017.

According to Delhi Bullion Association's Surender Jain, gold demand is sluggish because of higher prices. Consumers are buying gold and silver coins.

Stating that the market is subdued, gold refiner MMTC-PAMP India Managing Director Rajesh Khosla said: "There is a general reluctance to enter the market. Much of our demand for coins is from corporate this time."

Ideally, gold rates should have been around Rs 30,000 per ten grams, but the prices are ruling over Rs 32,000 per ten gram because of rupee depreciation. "The market is not able to adjust the increase of Rs 2,000 per ten gram," he added.

World Gold Council India Managing Director Somasundaram PR said, "millions of Indians believe that purchasing gold during the auspicious occasion of Dhanteras brings good fortune. However, the recent sharp increase in prices could weigh on the consumers, limiting purchases during this season."

Anecdotal feedback from the industry suggests that though footfalls seems to be good, demand could be moderate, he said.

Organised players seem better placed, a trend that has become evident in recent years after a spate of transparency measures. Digital wallets and online buying also seem to be growing in popularity, though they are relatively small, he added

P C Jewellers chief operating officer R K Sharma said the company expects better sales this Dhanteras when compared to the last year on the same day.

At its stores, maximum gold jewellery is being bought, while 25 percent is diamond jewellery. Some are buying wedding jewellery on this auspicious day, he added.

More footfalls are expected later during the day as many consumers will enter the market after the office hours. The buying today will continue till late night, he added.

Meanwhile, state-run Bureau of Indian Standards (BIS) has urged consumers to buy only hallmarked gold from its licensed outlets to ensure guarantee of purity or fineness which is consumers' right.

There are more than 4 lakh jewellers in the country. Around 22,000 jewellers have taken hallmarking licences so far.

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Agencies
January 6,2020

Lucknow, Jan 6: Undeterred by the large scale protests that claimed as many as 20 lives in the state, Uttar Pradesh government has started the process of implementing the controversial Citizenship (Amendment) Act.

According to sources in the government, the district magistrates have been directed to identify the migrants from Pakistan, Bangladesh and Afghanistan, who have been living in their districts.

Sources said that the state home department has given oral instructions to the district magistrates. ''No written orders have been issued,'' said a senior official here preferring anonymity.

The official said that the district magistrates would be preparing a list containing names of those minorities, who had migrated from these countries following their persecution and had been living without obtaining the citizenship of India.

According to sources, the government expected that the migrants, who could be eligible for the Indian citizenship in accordance with the CAA, could be more in number in the districts, including Rampur, Ghaziabad, Shahjahanpur, Lucknow and some others.

''The list will be sent to the union home ministry,'' the official added.

Sources said that the state government will also inform the centre about the ''illegal Muslim migrants'' for their ultimate deportation to their countries of origin.

Different parts of UP had witnessed large scale violence last month during the protests against the CAA. At least 20 people, mostly youngsters, were killed allegedly in police firing and many others were injured. The state government had denied the charge. 

Alleged police excesses during and after the protests triggered a nationwide outrage with several rights organisations and activists slamming the BJP government and demanding a high-level probe into the allegations.

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News Network
March 20,2020

New Delhi, Mar 20: The government on Thursday said one Indian who tested positive for coronavirus has died in Iran while the other citizens infected with the disease are being provided treatment and taken care of by the Iranian government.

Noting that the virus tends to be more fatal for those whose immunity levels are low, a senior MEA official said the deceased, an elderly person, belonged to the vulnerable age group and had health-related complications.

The death was not because of lack of medical attention or care, he said.

"We have evacuated 590 people from Iran where the situation is very severe. The Indians infected with coronavirus in Iran have been segregated and taken care of very well by the government there. We believe they will recover and we will bring them back," the MEA official said, adding that 201 Indians were evacuated from Iran on Wednesday.

The official said closely knit families required some persuasion and counselling during the process of segregation to prevent the spread of the contagion.

The Indian ambassador and other officials explained the consequences of infected people not being separated from their families and were successful to a large extent in segregating the positive cases from the negative ones, he said.

"Some pilgrims and students are still there and our embassy and mission are in control (of the situation)," the official said.

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News Network
January 22,2020

Jan 22: Microsoft Corp’s chief executive officer said he worries that mistrust between the US and China will increase technology costs and hurt economic growth at a critical time.

Using the $470 billion semiconductor industry as an example of a sector that is already globally interconnected, Satya Nadella said the two countries will have to find ways to work together, rather than creating different supply chains for each country.

“All you are doing is increasing transaction costs for everybody if you completely separate,” Nadella said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at Bloomberg’s The Year Ahead conference in Davos. That’s a concern as the executive said the world is on the cusp of a revolution around technology and artificial intelligence.

“If we take steps back in trust or increase transaction costs around technology, all we are doing is sacrificing global economic growth,” he said.

The agreement signed last week between the US and China was “not sufficient,” said Nadella, but represented “progress” on the issue of intellectual property protections for US technology companies working with China.

Nadella said he worries about the development of two separate internets, noting that to some degree they already exist “and they will get amplified in the future” with massive technology companies already in place in China.

The viewpoint clashes with Microsoft co-founder Bill Gates, who has been sceptical about the idea that ongoing US-China trade tensions could ever lead to a bifurcated system of two internets.

China and the US are the two leading AI superpowers, however the cooling political relations between them have slowed the international collaboration.

Nadella also warned that countries that fail to attract immigrants will lose out as the global tech industry continues to grow. The CEO has previously voiced concern about India’s Citizenship Amendment Act, calling it “sad.”

“However, Nadella said he remained hopeful.

“The fact that there is a 70-year history of nation-building, I think it’s a very strong foundation. I grew up in that country. I’m proud of that heritage. I’m influenced by that experience.”

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