Latest news with #RossNorman
Time of India
7 days ago
- Time of India
Amarnath Yatra crosses 3.35L mark, foreigners also join in
'Sadhus' raise religious slogans as they wait for their registration for the annual Amarnath Yatra at Ram Mandir base camp, in Jammu. (PTI Photo) SRINAGAR: Over 3.35 lakh pilgrims have so far taken part in Amarnath Yatra this year, said Jammu and Kashmir lieutenant governor Manoj Sinha on Wednesday. This includes nine young foreigners from six countries, including the US, Germany and Canada, who took the Baltal route, said a govt spokesperson on Thursday. The 38-day yatra, that began on July 3 and will conclude on Aug 9, is being conducted through the traditional Pahalgam route and the shorter Baltal route. 'The success of the yatra will give a significant boost to the tourism sector in the Union Territory,' the LG said, adding, 'The Yatra is going on smoothly, meeting all the expectations. We are witnessing an overwhelming atmosphere of spiritual fervour and festivity throughout the base camps.' Ross Norman from Canada said, 'I experienced some beautiful geology, nature, and the immense energy of this cave. We just had darshan. It was the deep silence meeting consciousness. It was very special.' The LG has directed medical officials to conduct in-depth analysis of patterns and causes of health-related incidents among pilgrims and take precautionary measures. Last year, over 5.12 lakh pilgrims visited the Amarnath shrine, which was the highest number in 12 years.
Zawya
16-07-2025
- Business
- Zawya
Gold gains on softer dollar; US PPI data in focus
Gold gained on Wednesday on a softer dollar, while investors awaited more clarity on trade talks between the U.S. and its trading partners, with another inflation print due that could give further guidance on U.S. Federal Reserve's policy outlook. Spot gold was up 0.6% at $3,341.29 per ounce, as of 0910 GMT. U.S. gold futures edged 0.3% higher to $3,348.20. The U.S. dollar was down 0.1%, making gold cheaper for buyers holding other currencies. "Currently the dollar is easing ahead of the U.S. PPI data as traders take a cautious position after the recent gains, which has given gold a gentle uplift," Ross Norman, an independent analyst, said. On the data front, U.S. consumer prices increased by the most in five months in June amid higher costs for some goods, signalling rising inflation and possibly keeping the Fed's rate-cut plans on hold until September. The spotlight is now on the U.S. producer price index (PPI) data, due at 1230 GMT. On the trade front, President Donald Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were coming, while offering fresh details on planned duties on pharmaceuticals. The deal with Indonesia is among the handful struck so far by the Trump administration ahead of an August 1 deadline when duties on most U.S. imports are due to rise again. However, the gold market has rejected the $3,400 level mark multiple times despite Donald Trump's new tariff update, said Ajay Kedia, director at Mumbai-based Kedia Commodities. Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-rate environment. "In the short term, the gold price is likely to consolidate before staging another rally toward $3,600/oz by year end," ANZ said in a note. Elsewhere, spot silver gained 0.8% to $38.01 per ounce. Platinum rose 0.4% to $1,377.85, while palladium fell 0.8% to $1,196.14. (Reporting by Anushree Mukherjee in Bengaluru)
Business Recorder
30-05-2025
- Business
- Business Recorder
Asia gold: India gold demand lags as prices rise, wedding buying cools
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. 'The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases,' said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. 'Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now,' said Ross Norman, an independent analyst. Gold falls as dollar strengthens ahead of key US inflation data China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. 'Gold bullish bets remain predominant on the SHFE despite lower 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. In Japan, bullion was sold at par to a premium of $0.50.
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Business Standard
30-05-2025
- Business
- Business Standard
India's gold demand lags as wedding season ends, high prices deter buyers
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around Rs 94,900 per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower 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. In Japan, bullion was sold at par to a premium of $0.50.
Reuters
30-05-2025
- Business
- Reuters
Asia Gold: India gold demand lags as prices rise, wedding buying cools
May 30 (Reuters) - Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower 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. In Japan, bullion was sold at par to a premium of $0.50.
