Latest news with #BrijeshPatel
Yahoo
17 hours ago
- Business
- Yahoo
Price rise dulls activity in top Asian hubs
By Rajendra Jadhav and Brijesh Patel (Reuters) -Physical gold demand in key Asian hubs slipped this week as a rise in prices weighed on buying interest, while higher rates encouraged some to cash in on their holdings. "Buyers aren't keen on picking up gold at these prices. In fact, some investors are offloading the coins and bars they grabbed when prices were lower," said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji. In India, domestic gold prices were trading around 102,100 rupees ($1,165.45) per 10 grams on Friday after hitting a record high of 102,191 rupees earlier. Indian dealers this week quoted a discount of $9 to a premium of $2 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, compared to the last week's discount of up to $7. Jewellery exporters are not keen to buy gold, as demand from their biggest market, the United States, is likely to fall due to tariffs imposed by President Donald Trump, said a Mumbai-based bullion dealer with a private bank. In top consumer China, bullion changed hands at par to a $2 premium an ounce over the global benchmark spot price. Last week, dealers quoted gold between a discount of $4.2 and a premium of $12 per ounce. "Last week, we saw some buying interest, but this week prices have been on the rise, so there's less buying interest. Overall, we are seeing people buying gold on dips," said Peter Fung, head of dealing at Wing Fung Precious Metals. In Hong Kong, gold was sold at par to a premium of $1.60, while in Singapore, gold traded between at-par prices and a $2.50 premium. "As gold prices have gone up, we see more selling from the retail and wholesale sides. We see more of them borrowing gold at this point in time because prices are edging on the higher side," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion was sold at a $0.25 premium over spot prices, according to a Tokyo-based trader. ($1 = 87.6060 Indian rupees)
Deccan Herald
a day ago
- Sport
- Deccan Herald
KSCA's pride turning into dead asset
Bengaluru: The M Chinnaswamy Stadium, one of Bengaluru's biggest landmarks, has been in the news for all the wrong reasons. The unfortunate events of June 4 have put the stadium's very existence in question. On that fateful day, lakhs of Royal Challengers Bengaluru fans assembled at the venue to celebrate their beloved team's maiden IPL win but their joy soon turned into tragedy as 11 of them lost their lives in the ensuing stampede as the ecstatic crowd pressed forward for a glimpse of their the iconic venue has attracted more than its share of attention in the last couple of months, there are at least four grounds in the mofussil centres that are crying for some action. Well-equipped enough to host first-class matches, including India A fixtures, the facilities in Mysuru, Shivamogga, Hubballi and Belagavi -- all built at a total cost of around Rs 75-85 crore -- have been reduced to KSCA's white elephants with little or no match allocations in the last three years. .Now, without a shadow of doubt, KSCA has been one of the pioneering bodies in domestic cricket in the country in not only taking the game to mofussil centres -- having built four fully functional grounds across the state that very few associations could boast about -- but also successfully tapping into the hinterland talent through the launch of its pioneering project Talent Resource Development Wing (TRDW) wherein Talent Resource Development Officers (TRDO) would travel deep into the interiors of the state to unearth talents. Launched in 2001 during Brijesh Patel's second tenure as KSCA secretary, its success even inspired the Board of Control for Cricket in India to implement the system at the national level. .In later years when Anil Kumble and Javagal Srinath assumed the association's reins, they focussed on developing infrastructure in tier-2 and tier-3 cities. Subsequently, three brand new stadiums were commissioned in Shivamogga, Hubballi and Belagavi while the Gangotri Glades -- later renamed the Srikantadatta Narasimharaja Wadiyar Stadium -- was upgraded with better facilities. An unprecedented 60 turf wickets were laid across Karnataka, covering most of the districts. .Successive regimes over the years under different sets of administrators have shown vision and dedication to improve infrastructure in the aforementioned centres. All these venues have, or at least had, well-equipped dressing rooms, quality outfields, seating for spectators and practice facilities that have been deemed fit enough to host even India A games, in which the likes of Virender Sehwag, Zaheer Khan and Cheteshwar Pujara, among others, have taken part. .It was with this intent of popularising and developing the game that the successive administrators allotted Ranji Trophy and other first-class matches to smaller cities which certainly attract more crowds than you would ever see at the Chinnaswamy Stadium. That doesn't mean there are no takers for domestic cricket in Bengaluru, but the distance, traffic and matches on weekdays make it difficult for fans to turn up at the stadium. Also, Ranji matches are the only chance for fans in smaller cities to witness some of the internationals in action. .In the last four seasons, however, only three Ranji Trophy matches have been allotted to mofussil centres with all three of them falling in the 2023-24 season. While Hubballi hosted two, Mysuru got the other. Shivamogga had to contend with the CK Nayudu Trophy Trophy early last year and a few women's matches. Even the city-based Maharaja Trophy T20 was held only in Bengaluru the last year though Mysuru and Hubballi have successfully hosted the tournament on multiple occasions stampede: Legal action to be taken against RCB, KSCA as Cabinet accepts Justice D'Cunha's year, too, it was going to be restricted to only M Chinnaswamy Stadium but the tragic events of June 4 still casting long and dark shadows over the venue, the city police denied KSCA the permission to host the event. With no choice, the event had to be shifted to Mysuru. .But why not split the matches between Mysuru and Hubballi? And what about the Ranji Trophy matches in the upcoming season? What's the fate of the Women's World Cup matches that Chinnaswamy has been allotted?.DH's attempt to reach out to KSCA president Raghuram Bhat didn't elicit any response. .Karnataka were fortunate to get four Ranji Trophy home matches each in the 2022-23 and 2024-25 seasons. But the KSCA dispensation held all the matches in the former left-arm spinner took over as president in 2022, he had cited paucity of time as the reason for not hosting any game outside of Bengaluru. KSCA did conduct three matches outside of Bengaluru the next season before deciding to have all four matches in the capital the last Dayanand Shetty rued lack of cricket in the Hubballi region. "We neither get KPL (Maharaja T20), nor Ranji Trophy matches. The stadium (at Rajnagar) sees no activity almost throughout the year. Even the players who have played at the regional level in KSCA recognised leagues aren't allowed to have "nets". I don't understand the point of having a facility and not using it.."We were next only to Bengaluru and Mysuru in terms of performance, but now our teams are losing to even Tumkuru and Ballari sides. We have complained to KSCA officials in Bengaluru about this apathy but no one seems to care," he lamented. .Ranji Trophy and 'A' games are the only top-end fixtures smaller cities get to host, and if they are denied even these contests, then those venues will turn into white elephants, defeating the KSCA's avowed purpose of strengthening the roots of the game beyond the State capital.
Yahoo
6 days ago
- Business
- Yahoo
Gold rises for fourth session as US jobs data lifts Fed rate cut bets
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold nudged higher for a fourth session on Tuesday, supported by a softer dollar and lower Treasury yields as weaker-than-expected U.S. jobs data strengthened expectations of a rate cut in September. Spot gold was up 0.1% at $3,375.89 per ounce as of 0239 GMT. U.S. gold futures also gained 0.1% to $3,430.40. The dollar index hovered near a one-week low, making gold more affordable to holders of other currencies. [USD/] The yield on the benchmark 10-year Treasury note dropped to a one-month low. [USD/] [US/] "Short-term momentum has improved for the bullish side of the narrative supporting gold prices is that the Fed is still in the mode to actually cut rates in September," OANDA senior market analyst Kelvin Wong said. U.S. employment growth was softer than expected in July, while non-farm payroll figures for May and June were revised down by a massive 258,000 jobs, suggesting a deterioration in labor market conditions. Traders now see a 92% chance of a September rate cut, per the CME FedWatch tool. San Francisco Fed Bank President Mary Daly said on Monday that given mounting evidence that the U.S. job market is softening and that there is no sign of persistent tariff-driven inflation, the time is nearing for rate cuts. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. On the trade front, President Donald Trump once again threatened on Monday to raise tariffs on Indian goods over its Russian oil purchases. New Delhi called his remarks "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Still, gold faces some technical resistance. "I still do not see traders pushing up aggressively above the $3,450 level. Unless we have a very clear catalyst for gold price to actually pick up this level" OANDA's Wong said. Elsewhere, spot silver rose 0.1% to $37.44 per ounce, platinum gained 0.1% to $1,330.31 and palladium was up 0.2% to $1,204.25. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-08-2025
- Business
- Yahoo
Gold succumbs to profit-taking after US jobs data-fuelled rally
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold prices slipped on Monday as investors booked profits after a sharp rise in the previous session following weaker-than-expected U.S. jobs data that boosted expectations for a Federal Reserve interest rate cut in September. Spot gold lost 0.3% to $3,354.17 per ounce as of 0229 GMT. Bullion had risen more than 2% on Friday. However, U.S. gold futures gained 0.2% to $3,407.10. "Gold has made a conservative start to the week following Friday's price jump. A combination of profit taking and dollar stabilisation has caused gold to ease marginally to kick-off the week," KCM Trade Chief Market Analyst Tim Waterer said. Asian markets tracked Wall Street lower as fears for the U.S. economy returned with a vengeance, prompting investors to price in an almost certain rate cut in September and undermining the dollar. [MKTS/GLOB] Last week, U.S. job growth slowed more than expected in July, with nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, the Labor Department's Bureau of Labor Statistics said. This revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool. The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said in comments aired on Sunday. "But with Trump on the tariff warpath once again, and the soft U.S. jobs report increasing the odds that we could see a September FOMC rate cut, any pullbacks in the precious metal could be of a shallow nature," Waterer added. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Spot silver fell 0.6% to $36.80 per ounce, platinum slipped 0.6% to $1,307.02 and palladium eased 0.9% to $1,197.76. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
04-08-2025
- Business
- Yahoo
Gold succumbs to profit-taking after US jobs data-fuelled rally
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold prices slipped on Monday as investors booked profits after a sharp rise in the previous session following weaker-than-expected U.S. jobs data that boosted expectations for a Federal Reserve interest rate cut in September. Spot gold lost 0.3% to $3,354.17 per ounce as of 0229 GMT. Bullion had risen more than 2% on Friday. However, U.S. gold futures gained 0.2% to $3,407.10. "Gold has made a conservative start to the week following Friday's price jump. A combination of profit taking and dollar stabilisation has caused gold to ease marginally to kick-off the week," KCM Trade Chief Market Analyst Tim Waterer said. Asian markets tracked Wall Street lower as fears for the U.S. economy returned with a vengeance, prompting investors to price in an almost certain rate cut in September and undermining the dollar. [MKTS/GLOB] Last week, U.S. job growth slowed more than expected in July, with nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, the Labor Department's Bureau of Labor Statistics said. This revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool. The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said in comments aired on Sunday. "But with Trump on the tariff warpath once again, and the soft U.S. jobs report increasing the odds that we could see a September FOMC rate cut, any pullbacks in the precious metal could be of a shallow nature," Waterer added. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Spot silver fell 0.6% to $36.80 per ounce, platinum slipped 0.6% to $1,307.02 and palladium eased 0.9% to $1,197.76.
