Gold prices hit all-time high as covid spike lifts safe-haven demand

News Network
July 1, 2020

Jul 1: Gold prices in India hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal's safe-haven appeal.

Local gold futures hit an all-time high of Rs 48,871 ($646.66) per 10 grams in early trade, taking their gains to 25% in 2020 so far. The contract had gained nearly 25% in 2019.

However, this dampened the retail demand for gold in India, the world's second-largest consumer of the precious metal.

"Retail demand is negligible. Buyers are postponing purchases anticipating a correction in prices," said a Mumbai-based bank dealer with a bullion importing bank.

In thin trade, dealers were offering a discount of up to $22 an ounce over official domestic prices on Wednesday afternoon, up from the last week's $18. The domestic price includes a 12.5% import tax and 3% sales tax.

The country's gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus.

In overseas market, spot gold firmed near an eight-year peak on Wednesday, as a spike in coronavirus cases in the United and States and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets.

According to a latest Reuters tally, the coronavirus has infected more than 10.48 million people worldwide so far.

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News Network
February 28,2020

New Delhi, Feb 28: The months of March, April and May are "likely to be warmer than normal" over northwest, west, central and parts of south India, the India Meteorological Department said today in its summer forecast.

Above normal heat wave conditions are also likely in the core heat wave (HW) zone during the season (March-May), the weather department said.

The core heat wave zone covers the states of Punjab, Himachal Pradesh, Delhi, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh Gujarat, Madhya Pradesh, Bihar, Chhattisgarh, Jharkhand, West Bengal, Odisha and Telangana and parts of Maharashtra and coastal Andhra Pradesh.

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Agencies
February 13,2020

New Delhi, Feb 13: The BJP's Amit Shah today said statements like "goli maaro" and "Indo-Pak match" should not have been made by BJP leaders ahead of the Delhi elections.

The BJP may have suffered in the elections because of hate statements made by party leaders, he said, reported news agency Press Trust of India.

The party, he said, had distanced itself from such remarks.

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Agencies
March 15,2020

New Delhi, Mar 15: The number of novel coronavirus cases in the country rose to 107 on Sunday, with 12 fresh cases in Maharashtra, the Union Health Ministry said.

The number of cases include two persons who died in Delhi and Karnataka.

While a 76-year-old man from Kalaburagi who had recently returned from Saudi Arabia died on Thursday, a 68-year-old woman in Delhi who had tested positive for coronavirus passed away at the Ram Manohar Lohia (RML) Hospital on Friday night.

Delhi has reported seven positive cases and Uttar Pradesh 11 so far. Karnataka has six coronavirus patients while Maharashtra 31, Ladakh three and Jammu and Kashmir 2. Telangana reported three cases.

Besides, Rajasthan also reported two cases. Tamil Nadu, Andhra Pradesh and Punjab have reported one case each.

Kerala has recorded 22 cases, including three patients who were discharged last month after they recovered from the contagious infection with flu-like symptoms.

The total number of confirmed cases includes 17 foreigners -- 16 Italian tourists and a Canadian, the ministry officials said

Amid rising coronavirus cases in India, the government has asked people not to panic, saying no community transmission of the virus has been observed and there has only been a few cases of local transmission so far and that it is "not a health emergency" in India at present.

With the World Health Organisation (WHO) declaring COVID-19 a pandemic, a Health Ministry official said over 4,000 people who had come in contact with the 93 positive cases have been identified through contact tracing and were being tracked while 42,000 people across the country are under community surveillance.

He said all essential facilities like community surveillance, quarantine, isolation wards, adequate personal protective equipment (PPEs), trained manpower, rapid response teams are being strengthened further in all states and union territories.

The government on Wednesday suspended all visas, barring a few categories like diplomatic and employment, in an attempt to prevent the spread of coronavirus.

It has asked Indian nationals to avoid all non-essential travel abroad.

All incoming international passengers returning to India should self-monitor their health and follow the required do's and dont's as detailed by the government.

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