GST Council hikes tax on caffeinated beverages, cuts rates on hotel tariffs

New Delhi, Jun 12: Petrol price on Friday was hiked by 57 paise per litre and diesel by 59 paise a litre as oil companies adjusted retail rates - the sixth straight day of increase in rates since oil firms ended an 82-day hiatus of rate revision.

Petrol price in Delhi was hiked to Rs 74.57 per litre from Rs 74, while diesel rates were increased to Rs 72.81 a litre from Rs 72.22, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary in each state depending on the incidence of local sales tax or value added tax.

This is the sixth consecutive daily increase in rates since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In six hikes, petrol price has gone up by Rs 3.31 per litre and diesel by Rs 3.42.

Jun 1: Gold prices rose on Monday as riots in major U.S. cities rattled investors already reeling from strained Sino-U.S. relations and boosted demand for the safe-haven metal, with a weaker dollar lending further support.

Spot gold gained 0.8% to $1,739.75 per ounce by 0242 GMT. U.S. gold futures ticked up 0.1% to $1,752.60.

"Concerns about the unrest in the United States at the moment appear to be weighing on market sentiment," said Michael McCarthy, chief strategist at CMC Markets, adding that rising tensions between the world's top two economies provided further support to gold.

Protesters have flooded the streets in the United States over the death of George Floyd in police custody, in a wave of outrage sweeping a politically and racially divided nation.

The closely packed crowds and demonstrators not wearing masks have sparked fears of a resurgence of COVID-19, which has killed more than 101,000 Americans.

In Asia, China's state media and the government of Hong Kong lashed out on Sunday at U.S. President Donald Trump's pledge to end Hong Kong's special status if Beijing imposes new national security laws on the city.

Gold is often used as a safe store of value during times of political and financial uncertainty.

Indicative of sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.3% to 1,123.14 tonnes on Friday, a fresh seven-year high.

Further supporting gold's appeal, the dollar index fell 0.4% against its rivals.

Elsewhere, silver jumped 2% to $18.20 per ounce, its highest since Feb. 26, before retreating slightly to trade 1.8% higher at $18.16.

Speculators cut their bullish positions in COMEX gold and increased them in silver contracts in the week to May 26, the U.S. Commodity Futures Trading Commission said on Friday.

Palladium rose 0.7% to $1,958.25 per ounce, while platinum declined 0.3% to $835.56.

New Delhi, Mar 26: The total number of people who have been confirmed positive for COVID-19 in India has risen to 649 in India, including 593 active cases and 42 people who have been cured or discharged from hospitals, according to the recent update by the Union Ministry of Health and Family Welfare (MoHFW) on Thursday morning.
The death toll due to the novel coronavirus in the country has reached 13, the official data reported. There have been 3 more deaths due to COVID-19 reported in the country since last evening.
An 85-year-old woman in Gujarat died yesterday while with the passing away of a 65-year-old woman, Madhya Pradesh reported its first COVID-19 death. Tamil Nadu also reported its first death in the state yesterday due to the deadly infection.
According to report from the Indian Council of Medical Research (ICMR) India had tested 24,254 people as of 8 p.m. on March 25.
The country is now in its second day of a 21-day lockdown that was announced by the Prime Minister Narendra Modi on Tuesday to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.
The central government had on Wednesday announced that it will provide 7 kg ration to 80 crore people in India. The Centre also said that it has earmarked Rs 1.80 lakh crores for providing wheat at Rs 2 per kg and rice at Rs 3 per kg
"Union Cabinet has decided to provide wheat at Rs 2 per kg which is worth Rs 27 per kg and rice at Rs 3 per kg which is worth Rs 37 per kg. A total amount of Rs 1 lakh 80 thousand crores is being spent for the cause. The amount will be given in advance to the states for the coming 3 months," Union Minister Sadananda Gowda said yesterday.
Those shops which are catering to essential services will continue doing so during the 21-day nationwide lockdown.