India's 2020 gold demand may hit 26-year low as prices rally: WGC

Agencies
July 30, 2020

New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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News Network
June 23,2020

New Delhi, Jun 23: The meeting between Indian Army's 14 Corps Commander Lt Gen Harinder Singh and his Chinese counterpart got over after around 11 hours, sources said.

"Today's meeting between the Corps Commander-level officers of India and China is over. The meeting which started at 11:30 am went on for around 11 hours. More details awaited," sources said.

The meeting started at around 11:30 am at Moldo on the Chinese side of Line of Actual Control (LAC) opposite Chushul to defuse the tensions in Eastern Ladakh sector due to Chinese military build-up, the sources said.

This is the second meeting between the two corps commanders. They had met on June 6 and had agreed to disengage at multiple locations. India had asked the Chinese side to go back to pre-May 4 military positions along the LAC.

The Chinese side had not given any response to the Indian proposal and not even shown intent on the ground to withdraw troops from rear positions where they have amassed over 10,000 troops.

India is also likely to discuss the change in rules of engagement on the LAC where the forces have been empowered to use firearms in extraordinary circumstances, sources had said.

They said India will also ask China to honour the commitment given during June 6 talks to disengage in the Galwan valley completely and other places.

The build-up of Chinese air assets including strategic bombers by the PLA Air Force in fields near Indian territory close to Ladakh is also likely to figure in discussions.

India and China have been involved in talks to ease the ongoing border tensions since last month.

However, last week as many as 20 Indian soldiers lost their lives in the face-off in the Galwan Valley after an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.

The Indian intercepts have revealed that the Chinese side suffered 43 casualties including dead and seriously injured in the violent clash.

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News Network
April 25,2020

New Delhi, Apr 25: Neighbourhood and standalone shops, including those selling garments, mobile phones, hardware and stationery items have been allowed to open but those located in market places, malls and COVID-19 hotspots and containment zones, will continue to remain shut till May 3.

In rural areas, all shops, except those in single and multi-brand shopping malls, are allowed to open.

However, a Home Ministry official said the final decision of whether to allow the additional shops to open or not will be taken by the state governments and Union Territory administrations depending on their respective COVID-19 situation.
 
While allowing opening of more shops, a move seen as a relief to people who have been under lockdown since March 24, the government order issued on Friday night said the shops will be functioning with 50 per cent of workforce and after adhering strictly to precautions which include social distancing and wearing of masks.

The Union Home Ministry also said malls, liquor and cigarette shops, sale of non-essential items through e-commerce platforms continue to remain shut.

Restaurants, hair salons and barber shops will not be allowed to open as these render services and do not fall under the shop category.

Amending its April 15 order, Union Home Secretary Ajay Bhalla said in the Friday night order that "all shops, including neighbourhood shops and standalone shops, shops in residential complexes, within the limits of municipal corporations and municipalities, registered under the the Shops and Establishment Act of the respective State and UT" will be allowed to open during the lockdown.

The ministry also said shops located in registered markets located outside the municipal corporations and municipalities can open after following the drill of social distancing and wearing of masks but with 50 per cent of strength.

However, single and multi-brands shall continue to remain closed in these areas also.

"All shops registered under the the Shops and Establishment Act of the respective State/UT, including shops in residential complexes and market complexes, except shops in multi-brand and single brand malls, outside the limits of municipal corporations and municipalities, with 50 per cent strength of workers with wearing of masks and social distancing being mandatory" will be allowed to function, the order said.

In a statement on Saturday, the Home Ministry said the order implies that in rural areas, all shops, except those in shopping malls are allowed to open.

In urban areas, all standalone shops, neighbourhood shops and shops in residential complexes are allowed to open.

Shops in markets and market complexes and shopping malls are not allowed to open.

"It is clarified that sale by e-commerce companies will continue to be permitted for essential goods only," the order said and also added that sale of liquor and other items continues to be prohibited as specified in the national directives for COVID-19 management.

The ministry said that liquor shops were given licence under the Excise Act of the states and the establishments thrown open from Saturday were covered under the Shops and Establishment Act of the states.

Sale of cigarettes, gutka are continue to be prohibited during the lockdown.

"As specified in the consolidated revised guidelines, these shops will not be permitted to open in areas, whether rural or urban, which are declared as containment zones by respective States and Union Territories," the statement said.

The lockdown was first announced by Prime Minister Narendra Modi on March 24 in a bid to combat the coronavirus pandemic. It was further extended till May 3.

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Agencies
August 7,2020

New Delhi, Aug 7 : Congress leader Rahul Gandhi on Friday slammed the Central government as India crossed the 20 lakh COVID-19 positive cases.

Taking to Twitter, the Congress leader reiterated his earlier tweet, sent out on July 17, which stated "The 10,00,000-mark has been crossed.

With the rapid spread of COVID-19, by August 10, more than 20,00,000 will be infected in the country. 

The government must take concrete, planned steps to stop the epidemic."
"20 lakh-mark has been crossed, Modi government is missing," the Congress leader tweeted today.

The Union Health Ministry has said active cases as a percentage of total cases have seen a significant drop from 34.17 per cent on July 24 to 30.31 per cent.

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