Gold heads for biggest quarterly drop since early 2021 on Fed rate hikes

Gold prices on 30 September for their biggest quarterly fall since early 2021, as aggressive interest rate hikes by the U.S. Federal Reserve and commitment to deliver more dented the zero-yielding metal’s appeal. Spot gold ticked 0.1% higher to $1,661.04 per ounce, as the dollar index slipped from a 20-year high, making the metal less expensive for buyers […]

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India raises total import duty on platinum to 15.4% from 10.75%; duty on gold also raised

Import duty on platinum has been increased to a total of 15.4 per cent with effect from Monday (3rd October, 2022) through a notification by the Finance Ministry. Platinum and palladium for use in manufacture of precious metal chemicals, compounds (noble metal compounds and solutions) and catalytic converters will continue at basic customs duty of […]

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Indian government cites sufficient stocks in FCI godowns to meet requirement of food law, free ration scheme

State-owned Food Corporation of India (FCI) has 44 million tonnes of foodgrains in its godowns, and the buffer stock is sufficient to meet the requirement under the food law, free ration scheme PMGKAY and other welfare schemes, the government said last week. As of April 1, 2023, the food ministry said, about 11.3 million tonnes of wheat […]

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US sanctions on Indian firm for activities with Iran may scuttle India’s plans to resume purchase of Iranian crude

Washington’s decision to impose sanctions on Mumbai-based petrochemical trading company Tibalaji Petrochem Pvt Ltd for dealing with Iran may pull the plug on a reported plan by Delhi to resume purchase of Iranian crude, after a four-year gap. Ever since the US announced the sanctions on Iran in 2018-19 for walking out of a nuclear […]

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India in process to sanction Rs 20,000 crore aid to manufacture grid-scale batteries

India’s power ministry is proposing a nearly $2.5 billion incentive plan to encourage domestic manufacturing of grid-scale batteries, aiming at bringing down the cost of energy storage to speed up its energy transition, according to a Bloomberg news report. There are early-stage discussions in the government about offering incentives to manufacturers for batteries they produce over a […]

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Kharif castor sowing rises by over 1 lakh hectare while groundnut declines by 7.2% in 2022-23 season: SEA

Kharif castor sowing for 2022-23 season in the country has gone up by over 1,00,000 hectare from 0.74 million hectare to more than 0.88 million hectare due to prevailing higher prices of oilseeds, as per Solvent Extractors’ Association of India (SEAI). In contrast, kharif or monsoon sowing of groundnut in India declined by 0.3 million […]

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