Tatra scam: CBI searches homes of two ex-army officers

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.

New Delhi, Jul 27: Congress leader Rahul Gandhi on Monday said he is not going to lie about Chinese transgressions in eastern Ladakh even if it costs him politically, asserting he will say the truth as far as Indian territory is concerned.

Gandhi made these remarks in a tweet, along with an over-a-minute-long video, as part of a series launched by him on the India-China face-off along the Line of Actual Control(LAC) in eastern Ladakh.

Asked in the video how he would react to people who say his questions to Prime Minister Narendra Modi on China weakened India, the former Congress chief said, "If you want me to lie that the Chinese have not entered this country, I am not going to lie. I will simply not do it. I do not care if my whole career goes to hell. I am not going to lie."

"This disturbs me. Frankly, it makes my blood boil. How can some other nation just come into our territory?"

"Hiding the truth is anti-national. Bringing it to people's attention is patriotic," Gandhi said.

"So frankly, I do not care if it costs me politically. I do not care if I have no political career at all after that. But I am going to say the truth as far as Indian territory is concerned," he added.

Gandhi has been repeatedly attacking the prime minister and the government over Chinese transgressions on the LAC in eastern Ladakh.

"As an Indian, my number one priority is the nation and its people," he said on Monday.

The Bharatiya Janata Party (BJP) has hit back at Gandhi over his attack on the government on the Ladakh face-off, alleging he is seeking to politicise defence and foreign policy matters and "wash their past sins of 1962 and weaken India".

BJP president JP Nadda has also alleged that for years, a dynasty has been trying to destroy Modi, while adding that those who want to destroy the prime minister will only end up causing further damage to their own party.