Latest news with #BrijeshPatel
Yahoo
20 hours ago
- Business
- Yahoo
Indian dealers offer steeper discounts as price rally dulls demand
By Rajendra Jadhav and Brijesh Patel (Reuters) - Gold discounts in India widened this week to their highest levels in more than a month, as a rally in domestic prices to near-record highs weighed on demand, while elevated rates also dampened buying across other major Asian hubs. Domestic gold prices were trading around 98,300 rupees per 10 grams on Friday, after rebounding from a low of 90,890 rupees last month and nearing the all-time high of 99,358 rupees. The spike in prices forced Indian dealers to offer discounts of up to $56 an ounce below official domestic prices, which include a 6% import duty and 3% sales tax, up from $31 last week. "Prices have gone up, and that's really hit demand. Hardly anyone was buying this week," said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Gold demand in India typically remains subdued during the monsoon season, which began earlier than usual this year. Jewellers are not making purchases because the lean demand season has started, and they don't want to build high-cost inventory, said a Mumbai-based bullion dealer with a private bank. Meanwhile, dealers in top gold consumer China charged premiums of $10-$14 an ounce over the global benchmark spot price. Last week, bullion changed hands at par to a $15 premium. "Elevated gold prices appear to have negatively impacted Chinese demand, judging by weaker trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. "We've seen some of our clients coming to take profit and also on the wholesale side, we've seen some selling because prices are high," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion traded anywhere between a discount of $0.5 and a $0.5 premium over spot prices.
Zawya
21-05-2025
- Business
- Zawya
Saudi Arabia crude exports fall to 5.754mln barrels per day in March
Saudi Arabia's crude exports in March fell to 5.754 million barrels per day (bpd) from 6.547 million bpd in February, official data showed on Wednesday. The world's largest oil exporter's crude output for March was at 8.957 million bpd, up from 8.947 million bpd in February. Saudi refineries' crude throughput was at 2.944 million bpd in March, up 0.323 million bpd from February's 2.621 million bpd, the data showed. Direct crude burning increased by 100,000 bpd to 383,000 bpd in March. Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website. Earlier this month, OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day. (Reporting by Brijesh Patel in Bengaluru, Editing by Louise Heavens)
The Star
11-05-2025
- Business
- The Star
Asia Rice - India rates slide to near two-year low on weak rupee, lower demand; Vietnam prices edging higher
HANOI (Reuters): Indian rice export prices dropped to a near two-year low this week, weighed down by weaker demand and depreciation in the rupee, while Thai rates rose to a more than two-month peak. India's 5% broken parboiled variety was quoted at $384-$391 per metric ton, down from the last week's $390-$397. Indian 5% broken white rice was priced at $378 to $385 per ton this week. "This week rupee again started losing against the dollar, which helped traders to lower export prices. Demand is still weak from African buyers," said a Kolkata-based exporter. Global rice prices, which have tumbled to multi-year lows, are unlikely to fall further, but bulging Indian stockpiles and a bumper Asian crop will cap any rebound this year, industry executives say. Thailand's 5% broken rice rose to $420 per ton from $410 quoted in the last two weeks due to baht appreciation, but demand was still quiet, according to traders. There have been no big purchases yet, but the conflict between India and Pakistan could affect supply, said a Bangkok-based trader. Supply in Thailand is expected to be good this year because of favourable water levels, the trader said. Meanwhile, Vietnam's 5% broken rice was offered at $398 per ton on Thursday, slightly up from $395 two weeks ago, according to the Vietnam Food Association. Vietnamese markets were closed last week for national holidays. "The government's move to buy rice for stockpiling has supported prices a bit, but generally, demand remains weak and so is trading activity," a trader based in Ho Chi Minh City said. Government data released earlier this week showed Vietnam's rice exports in the first four months of this year rose 8.4% from a year earlier to 3.43 million metric tons. Export value, however, fell 13.3% to $1.77 billion. Domestic rice prices in Bangladesh edged lower this week as newly harvested crops began reaching the markets, offering some relief after a 20% surge in prices over the past year, traders said. (Reporting by Brijesh Patel in Bengaluru, Rajendra Jadhav in Mumbai, Panu Wongcha-um in Bangkok and Ruma Paul in Dhaka; Editing by Eileen Soreng) - Reuters
Mint
09-05-2025
- Business
- Mint
ASIA RICE-India rates slide to near 2-year low on weak rupee, lower demand
(Repeats story published on Thursday, with no change to text) India rates slip to $384-$391 per ton Supply in Thailand expected to be good this year - trader Vietnam prices edged higher to $398 per ton May 8 (Reuters) - Indian rice export prices dropped to a near two-year low this week, weighed down by weaker demand and depreciation in the rupee, while Thai rates rose to a more than two-month peak. India's 5% broken parboiled variety was quoted at $384-$391 per metric ton, down from the last week's $390-$397. Indian 5% broken white rice was priced at $378 to $385 per ton this week. "This week rupee again started losing against the dollar, which helped traders to lower export prices. Demand is still weak from African buyers," said a Kolkata-based exporter. Global rice prices, which have tumbled to multi-year lows, are unlikely to fall further, but bulging Indian stockpiles and a bumper Asian crop will cap any rebound this year, industry executives say. Thailand's 5% broken rice rose to $420 per ton from $410 quoted in the last two weeks due to baht appreciation, but demand was still quiet, according to traders. There have been no big purchases yet, but the conflict between India and Pakistan could affect supply, said a Bangkok-based trader. Supply in Thailand is expected to be good this year because of favourable water levels, the trader said. Meanwhile, Vietnam's 5% broken rice was offered at $398 per ton on Thursday, slightly up from $395 two weeks ago, according to the Vietnam Food Association. Vietnamese markets were closed last week for national holidays. "The government's move to buy rice for stockpiling has supported prices a bit, but generally, demand remains weak and so is trading activity," a trader based in Ho Chi Minh City said. Government data released earlier this week showed Vietnam's rice exports in the first four months of this year rose 8.4% from a year earlier to 3.43 million metric tons. Export value, however, fell 13.3% to $1.77 billion. Domestic rice prices in Bangladesh edged lower this week as newly harvested crops began reaching the markets, offering some relief after a 20% surge in prices over the past year, traders said. (Reporting by Brijesh Patel in Bengaluru, Rajendra Jadhav in Mumbai, Panu Wongcha-um in Bangkok and Ruma Paul in Dhaka; Editing by Eileen Soreng)
Yahoo
06-05-2025
- Business
- Yahoo
Safe-haven demand lifts gold to 2-week peak, focus on Fed meet
By Brijesh Patel (Reuters) - Gold prices rose to a two-week high on Tuesday, as tariff threats from U.S. President Donald Trump lifted demand for the safe-haven metal, while the Federal Reserve's policy decision this week was also in focus. Spot gold rose 1.4% to $3,381.37 an ounce, as of 1009 GMT, after hitting its highest since April 22 earlier in the session. U.S. gold futures gained 2% to $3,389.20. "The structural factors that supported gold in recent weeks are all still around - trade tensions are not fixed, concern about the dollar as a reserve currency," said UBS analyst Giovanni Staunovo. "We are still looking for gold to retest the $3,500 mark this year." On Sunday, Trump announced a 100% tariff on movies produced overseas but disclosed few details on how such a levy would work. On Monday, the U.S. President said he intends to announce pharmaceutical tariffs within the next two weeks. Gold, used as a safe store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, tariff war fears and strong investment demand. "Gold's solid rebound from last week's $3,200 low extended overnight, with prices reaching $3,287 on demand from China, the world's biggest bullion buyer, following holidays," Saxo bank said in a note. Meanwhile, the Fed is widely expected to keep rates steady on Wednesday, but Chair Jerome Powell's comments will be closely watched for clues into the central bank's rate trajectory. Traders are pricing in 75 basis points of rate easing this year with the first move possible in July, LSEG data showed. Lower interest rates decrease the opportunity cost of holding non-yielding bullion. Elsewhere, spot silver rose 1.6% to $33.01 an ounce, platinum climbed 1.6% to $974.28 and palladium gained 1% to $950.38. (Reporting by Brijesh Patel and Anushree Mukherjee in Bengaluru; Editing by Eileen Soreng)
