Gold falls Rs 550 to Rs 98,570/10 g amid muted global demand
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had settled at Rs 99,120 per 10 grams on Saturday, up by Rs 100 from the previous close.
New Delhi, Jul 7 (PTI) Gold prices fell by Rs 550 to Rs 98,570 per 10 grams in the national capital on Monday following muted global trends and continued tariff threats from US President Donald Trump.
Silver prices remained unchanged for the second straight session at Rs 1,04,800 per kilogram (inclusive of all taxes) on Monday.
Bullion traders said the fall in gold prices was in line with subdued global trends and profit-booking by investors at higher levels. Moreover, seasonal demand in the physical market remained subdued, contributing to the decline in prices.
Gold resumed trading on a weaker note, affected by the recovery of the US dollar and diminishing expectations for an interest rate cut following stronger-than-expected US job market data, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Additionally, safe haven demand diminished as tariff-related concerns eased after US Treasury Secretary Scott Bessent stated over the weekend that America is close to finalising trade deals with several countries, although tariffs will be implemented starting August 1, Gandhi added.
Spot gold in the international markets depreciated by USD 38.95 or 1.17 per cent to USD 3,297.69 per ounce.
'Gold has come down slightly after the ceasefire announcements, as well as stronger than expected US data in recent days. However, the yellow metal buying by central banks is running at above 1,000 tonnes per annum and is unlikely to abate in the next few months.
'Also, the inflation is still running higher than what the US Federal Reserve expects, traders continue to remain bullish on gold,' Sandip Raichura, Chief Executive Officer of Retail Broking and Distribution & Director at PL Capital, said.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, the upcoming US Fed's FOMC (Federal Open Market Committee) meeting minutes on Wednesday may offer deeper insights into the central bank's monetary policy stance and the trajectory for bullion prices in the near term. PTI HG MR HG SHW
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
31 minutes ago
- Time of India
Gold climbs over 1% on safe-haven bids as Trump imposes fresh tariffs
Gold prices rose more than 1 per cent on Friday as investors sought safe-haven assets following U.S. President Donald Trump's announcement of new tariffs, while silver reached its highest level in over 13 years. Spot gold gained 1 per cent to USD 3,356.93 per ounce by 2:43 p.m. EDT (1843 GMT), after touching its highest level since June 24 earlier in the session. U.S. gold futures closed up 1.4 per cent at USD 3,371.20. Global stocks fell after Trump ramped up his tariff assault on Canada, saying the U.S. would impose a 35 per cent tariff on imports next month and planned to impose blanket tariffs of 15 per cent or 20 per cent on most other trading partners. Trump this week also announced a 50 per cent tariff on U.S. copper imports and the same levy on goods from Brazil. "We are in an environment where the uncertainty premium is back in the market and gold is getting a safe-haven bid," said Aakash Doshi, global head of gold strategy at State Street Global Advisors. "I think the range in the third quarter is most likely between USD 3,100 and USD 3,500. It's been a very strong first half of the year, and I believe we're now in a bit more of a consolidation phase." Non-yielding gold tends to perform well during economic uncertainty and in a low interest rate environment. Federal Reserve Governor Christopher Waller on Thursday reaffirmed the possibility of a rate cut this month, with investors pricing in 50 basis points of cuts by year-end. Elsewhere, spot silver rose 3.9 per cent to USD 38.46 per ounce, its highest level since September 2011. The premium of the U.S. futures for silver, platinum and palladium against the London benchmarks rose after Trump's copper tariff announcement this week, leading to a spike in lease rates. "Traders unwound open positions on NYMEX/COMEX and had to borrow on the other side," said a precious metals trader, adding that this activity in the so-called white metals did not affect gold. Platinum gained 2.8 per cent to USD 1,399.13 and palladium climbed 6.5 per cent to USD 1,216.12. The rally in palladium is likely driven by speculation that Trump's upcoming " major" statement on Russia, expected on Monday, could involve sanctions that impact the metal, said Tai Wong, an independent metals trader. "Fundamentally palladium isn't great but if Russian supplies are interrupted this could run for a bit."
Economic Times
41 minutes ago
- Economic Times
Nuke law recast expected to cap supplier liability
Tired of too many ads? Remove Ads A More Viable Framework Tired of too many ads? Remove Ads Draft in Making India is considering a total recast of laws governing atomic energy , including the Civil Liability for Nuclear Damage (CLND) Act, said people familiar with the matter. In particular, the revamp will seek to address the open-ended liability of suppliers under the current law as the Centre seeks to rope in private aims to expand its nuclear energy capacity to 35-40 GW by 2035 and 100 GW by 2047. Policymakers are of the view that the laws require changes if the target is to be met. India currently has 22 operating reactors, with an installed capacity of 6,780 MW. 'Instead of multiple piecemeal changes, there is a thinking that the laws be rewritten completely,' said one of the persons Atomic Energy and CLND Acts were introduced in the context of a state-owned nuclear thrust. Now, however, 'The idea is to encourage private sector participation and not discourage it,' the person liability law, envisaged as a safeguard against fallout after any accident, has been a long-standing concern of potential Section 6(1) of the CLND Act caps the total liability for each nuclear incident at 300 million special drawing rights, a reserve asset defined by the International Monetary Fund and equivalent currently to Rs 3,700 6(2) sets the operator's maximum liability at Rs 1,500 suppliers' worries stem from Section 17, which allows for a potentially large liability. This states that the operator will have recourse to liability claims where 'the nuclear incident has resulted as a consequence of an act of supplier or his employee, which includes supply of equipment or material with latent defects of substandard services.'This imposes unlimited liability on a supplier, said one of the persons cited.'A supplier may be sourcing or subcontracting various inputs from other suppliers,' the person said. 'Besides, a plant has several components and so liability cannot be that of a single supplier.'According to ongoing deliberations, the liability of a supplier to a nuclear operator would be capped at a certain defined value. Some liability beyond that amount would likely be assumed by the government, said a third person.A nuclear fund could be created as proposed in the current CLND, but with a more defined contribution from the operator that could be based on each unit of power generated.'Hectic drafting exercise is on, along with discussions,' the person said. 'These would also be discussed with stakeholders before being put up for the Cabinet nod.' The government is keen to get the legislation through the Parliament in the current calendar year, he added. An inter-ministerial committee is firming up changes to the proposed recast would also take into account global best practices and conventions to which India is a signatory. While India has signed the Convention of Supplementary Compensation (CSC), it's yet to ratify the accord.
Time of India
an hour ago
- Time of India
Nuke law recast expected to cap supplier liability
India is considering a total recast of laws governing atomic energy , including the Civil Liability for Nuclear Damage (CLND) Act, said people familiar with the matter. In particular, the revamp will seek to address the open-ended liability of suppliers under the current law as the Centre seeks to rope in private investment. India aims to expand its nuclear energy capacity to 35-40 GW by 2035 and 100 GW by 2047. Policymakers are of the view that the laws require changes if the target is to be met. India currently has 22 operating reactors, with an installed capacity of 6,780 MW. 'Instead of multiple piecemeal changes, there is a thinking that the laws be rewritten completely,' said one of the persons cited. The Atomic Energy and CLND Acts were introduced in the context of a state-owned nuclear thrust. Now, however, 'The idea is to encourage private sector participation and not discourage it,' the person added. The liability law, envisaged as a safeguard against fallout after any accident, has been a long-standing concern of potential investors. A More Viable Framework Currently, Section 6(1) of the CLND Act caps the total liability for each nuclear incident at 300 million special drawing rights, a reserve asset defined by the International Monetary Fund and equivalent currently to Rs 3,700 crore. Section 6(2) sets the operator's maximum liability at Rs 1,500 crore. But suppliers' worries stem from Section 17, which allows for a potentially large liability. This states that the operator will have recourse to liability claims where 'the nuclear incident has resulted as a consequence of an act of supplier or his employee, which includes supply of equipment or material with latent defects of substandard services.' This imposes unlimited liability on a supplier, said one of the persons cited. 'A supplier may be sourcing or subcontracting various inputs from other suppliers,' the person said. 'Besides, a plant has several components and so liability cannot be that of a single supplier.' According to ongoing deliberations, the liability of a supplier to a nuclear operator would be capped at a certain defined value. Some liability beyond that amount would likely be assumed by the government, said a third person. Draft in Making A nuclear fund could be created as proposed in the current CLND, but with a more defined contribution from the operator that could be based on each unit of power generated. 'Hectic drafting exercise is on, along with discussions,' the person said. 'These would also be discussed with stakeholders before being put up for the Cabinet nod.' The government is keen to get the legislation through the Parliament in the current calendar year, he added. An inter-ministerial committee is firming up changes to the framework. The proposed recast would also take into account global best practices and conventions to which India is a signatory. While India has signed the Convention of Supplementary Compensation (CSC), it's yet to ratify the accord.
