Gold discounts in India fell to nearly three-month lows this week while fresh buying gathered some steam elsewhere in Asia as price corrections and festive buying lifted demand for the yellow metal.
Gold held steady early on Friday after hitting four-week lows in the previous session when the dollar slipped ahead of a speech by Federal Reserve Chair Janet Yellen that will be closely watched for clues on U.S. interest rate policy.
Gold on Thursday held slightly above a four-week low touched in the previous session as the dollar lost some strength ahead of a speech by Federal Reserve Chair Janet Yellen that may yield clues on US interest rate policy.
Oil prices slipped on Thursday as the market focused on oversupply and fading hopes of a production freeze.
Fitch Ratings on Wednesday reaffirmed Bharat Petroleum Corporation's long-term forex issuer default rating and that of its outstanding senior unsecured debt at 'BBB-' with a stable outlook.
A consultation paper in this regard was placed for public comments in June this year. The Securities and Exchange Board of India (Sebi) had sought views of all stakeholders till June 17.
Climbing for a second straight day, gold prices advanced by Rs 50 to Rs 31,250 per 10 grams on Wednesday on increased buying by jewellers at the domestic spot market amid positive global cues.
Gold was mostly unchanged early on Wednesday as investors remained on the sidelines waiting for clues from the U.S. Federal Reserve later this week on whether it will raise rates this year.
Facing shortfall in freight loading, Railways on Tuesday rationalised coal tariff by reducing the rate for long-distance transportation and increasing it for short distance while imposing a coal terminal surcharge of Rs 110 per tonne at loading and unloading for distance beyond 100 km.
State-owned refiner Hindustan Petroleum Corp Ltd (HPCL) and gas utility GAIL India Ltd will divest up to 50 per cent stake in a Rs 30,000-crore petrochemical plant being set up in Andhra Pradesh.
Gold got back some of its momentum after prices rose by Rs 150 to Rs 31,200 per 10 grams at the bullion market on Tuesday, on fresh buying by jewellers to meet festive season demand amid firm global cues.
Domestic gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now, they are suspending operations as a surge in smuggled bullion wipes out wafer thin margins.
Analysts said the falls were a result of an overdone price rally this month which lifted crude by over 20 percent between the beginning of the month and late last week.
Mining giant Rio Tinto on Monday said it will shut down its Rs 2,200-crore diamond mining project in Madhya Pradesh (MP) and will explore options to the site to a third party.
Continuing downward spiral for the second straight session, silver prices on Monday tumbled by Rs 775 to Rs 45,200 per kg at the bullion market, tracking a weak trend overseas amid poor offtake by domestic industrial units.
The world's largest gold-backed exchange-traded fund (ETF), New York-listed SPDR Gold Shares, reported an outflow of 4.5 tonnes last week, adding to the near 20-tonne drop in its holdings the previous week, data from the fund showed.
Silver cracked below the Rs 46,000-mark by falling Rs 490 to Rs 45,975 per kg on Saturday, reflecting a weak trend overseas amid reduced off-take by industrial units in the domestic market.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 100 each to Rs 31,250 and Rs 31,100 per 10 grams, respectively. It had gained Rs 100 in the previous three sessions.