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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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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Chain stores comprise 35% of India’s retail gold jewellery market, poised to grow in the next 5 years; reveals World Gold Council report

According to a report titled ‘Jewellery market structure’, released by The World Gold Council, while small independent retailers still dominate the landscape, the market share of chain stores (national and regional) has increased steadily over the last decade. Launched as part of a series of in-depth analysis on the Indian gold market, the report highlights […]

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Coal crisis hits SAIL’s Bhilai steel plant output in Chhattisgarh

Bhilai Steel Plant (BSP), an arm of state-run Steel Authority of India (SAIL), has been reeling from a severe coking coal crisis that has reportedly affected the output in the company, reports Business Standard. The stock of imported coking coal in the BSP has been depleting fast since a fortnight. A stranded ferry from the Visakhapatnam port is cited to be the reason for […]

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