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Time of India
24-05-2025
- Business
- Time of India
Gold jewellery sales in India remain subdued amid high prices and economic uncertainty
Gold jewellery sales in India during April and early May remained subdued, except on the day of Akshaya Tritiya, due to high and volatile gold prices coupled with broader economic uncertainties, according to a World Gold Council (WGC) report. Anecdotal evidence suggests that consumers were deferring their purchases, waiting for price stability, or opting for lighter-weight jewellery to accommodate fixed budgets and need-based buying, WGC said. Gold's momentum accelerated in April, surging to a record high of US$3,500/oz and marking its fourth consecutive month of gains, with a 6% increase. The speed and sharp rise were fuelled by a weakening US dollar, heightened geopolitical and economic uncertainties, and strong inflows into global gold ETFs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo However, prices have since retreated, with the LBMA Gold PM price falling 8% so far in May. In India, domestic gold prices mirrored the global trend. Although the May m-t-d correction was milder at 5%, cushioned by the appreciation of the Indian rupee WGC said that stability in gold prices could prompt a resurgence in demand. Consumer sentiment that the downside to gold prices is limited would reinforce gold's appeal as a reliable investment. Live Events So far in 2025, the LBMA gold price PM in USD has climbed by US$583/oz or 22%, to US$3,192/oz. The Indian domestic spot gold prices have also followed a similar trajectory, rising 23% y-t-d to Rs 93,407/10g. Despite the recent decline, gold outshines other major asset classes on a year-to-date basis The festival of Akshaya Tritiya, which traditionally drives gold purchases, fell on 30 April this year. Overall demand during the festival was restrained and mixed as per market reports. While large and corporate retailers reported higher footfalls and sales – largely driven by aggressive promotional and marketing campaigns - small and independent jewellers experienced sharp declines in demand. The bullion segment, bars and coins, performed better than jewellery, with low weight coins (especially 5g) proving popular. These were bought as 'token' purchases for the festival, with a notable share of sales occurring through online and e-commerce platforms. This behaviour highlights a growing consumer shift towards organised players and investment-oriented gold products, WGC said. Regional trends also varied. The southern states recorded stronger sales compared to the other parts of the country, given the greater significance of Akshaya Tritiya in the region. A moderate performance followed this in the western parts of the country. Despite a likely year-on-year decline in the volume of gold sold during Akshay Tritiya, the overall value of sales is expected to have increased, reflecting the nearly 30% rise in gold prices since last year. This indicates a degree of resilience in Indian gold demand. Additionally, the exchange and recycling of old gold jewellery remained a prominent trend.
Time of India
12-05-2025
- Business
- Time of India
Shriram General Insurance Q4 Results: Profit rises 8% to Rs 130 crore
Shriram General Insurance on Monday reported an 8 per cent rise in profit to Rs 130 crore during the March quarter . The company reported a post-tax profit of Rs 121 crore in the year-ago period. The gross direct premium income of the company improved to Rs 1,099 crore against Rs 876 crore in the same quarter a year ago, registering a growth of 25 per cent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo For the financial year ended March 2025, the general insurance arm of Shriram group posted a 13 per cent increase in net profit to Rs 515 crore from Rs 455 crore in the previous year. The solvency ratio was 3.51 times at March-end against minimum regulatory requirement of 1.5 times. Looking ahead, Shriram General Insurance Company MD and CEO Anil Aggarwal said, "We are focused on diversifying our portfolio, expanding our digital capabilities, and enhancing our presence in underserved markets. We believe our strategic initiatives are designed to deliver sustainable growth and value for our stakeholders."
Time of India
12-05-2025
- Business
- Time of India
Carney stands ground as Trump tariffs on Canada may stay despite warmer ties
A chilly welcome warms, but tariffs still loom After months of economic strain and political tension, Canada and the United States may be turning a new page — but not without caveats. Despite a high-profile visit to Washington by Prime Minister Mark Carney last week, the US ambassador to Canada says American tariffs on Canadian exports may remain in place under any future trade agreement. #Operation Sindoor India responds to Pak's ceasefire violation; All that happened India-Pakistan ceasefire reactions: Who said what Punjab's hopes for normalcy dimmed by fresh violations Pete Hoekstra, who represents President Donald Trump's administration in Ottawa, acknowledged that while the bilateral tone has improved, Canadians should temper expectations about a full removal of tariffs that have rattled key sectors like steel, aluminum, and softwood lumber. Also read: US inflation starting to stir as Trump tariff threat looms by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo 'I'm not sure they'll be totally removed,' Hoekstra told The West Block on Sunday, May 11 pointing to the US-UK trade model that retained a 10 per cent tariff baseline. 'There's some tough issues to negotiate and to talk about.' Canadian economy faces continued pressure Since taking office, Trump has imposed 25 per cent tariffs on Canadian goods, including energy exports (taxed at 10 per cent), citing issues like the opioid crisis and border security. Canada's auto, steel, and aluminum industries continue to bear the brunt of the tariffs, with potential exemptions only available under CUSMA, the Canada-United States-Mexico Agreement. Live Events While fentanyl is often cited as a key justification — despite data from US Customs and Border Protection showing less than one per cent of fentanyl seized at the US border comes from Canada — the trade measures have cast a long shadow over Canada-US relations. Analysts warn that the prolonged economic strain could push Canada closer to a recession. The White House has also floated a baseline 12 per cent tariff rate for Canadian exports if fentanyl-related tariffs are eventually removed. Despite these concerns, Hoekstra remained optimistic about the potential for a reworked CUSMA, which is up for renegotiation next year. 'Both leaders want to get this behind us,' he said. 'Focus on creating a framework that will build and bring prosperity to both countries.' Also read: Trump's UK deal tests Canada's trade future Sovereignty, security, and the Arctic take center stage Beyond trade, Arctic security and defence spending emerged as pivotal issues during Carney's White House visit. The ambassador confirmed both Trump and Carney discussed strengthening their national security alliance, particularly around vulnerabilities in the Arctic. 'You're not a threat to America, but is it potentially a vulnerability?' Hoekstra said, highlighting the administration's focus on securing northern borders. He emphasized the need for a coordinated plan on Arctic defence, a goal Carney echoed by pledging to meet NATO's 2 per cent defence spending target by 2030 — up from 1.4 per cent last year. Trump, however, has pushed for an even higher benchmark of 5 per cent of GDP, a level no NATO member has yet achieved. In a more symbolic exchange, Trump reignited his controversial '51st state' rhetoric during his meeting with Carney. The Canadian leader firmly dismissed the idea, stating Canada is 'not for sale.' Hoekstra later said the sovereignty question had been put to rest: 'We have moved beyond the 51st state, at least as far as I'm concerned.' Hope for progress, but real issues persist Though Carney's visit was marked by warm gestures and mutual respect, Hoekstra made clear that real policy differences remain. Trade tensions, fentanyl cooperation, and military commitments all loom large, with high stakes for Canada's economy and sovereignty. Also read: Trump's Trade War: How tariffs are shaping global trade Still, the ambassador expressed hope: 'I think the president wants a very positive relationship.'
