Weekly Wrap – Monsoon and gold keep commodities sentiments bullish

In March this year, the world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates, but limited reduction in global current account deficits and surpluses. The outlook remains highly uncertain as the risks of new waves of the contagion, capital […]

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Gold zooms to another record high

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Gold prices scaled a fresh record high at $2,059/oz, pushing up prices in key consumer India to an unprecedented Rs 56,000/10 grams. “Gold is on a rocket. Investors are piling in like there is no tomorrow,” said Haresh Acharya, managing director at Parker Precious Metals LLB. “Majority of buyers want either 100 gram coins or […]

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India’s central bank forecasts negative real GDP growth for 2020-21 fiscal year

The Reserve Bank of India said on Thursday that the real gross domestic product (GDP) growth during this fiscal year will be negative despite a recovery since the outbreak of the deadly Covid-19 pandemic and hopes of robust farm output. The bank kept the repo rates unchanged, while announcing a major loan restructuring package for […]

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India pins hopes on farm sector to absorb Covid-19 shock to the economy

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India’s agriculture sector is likely to mitigate the adverse impact on the economy hit by the coronavirus this fiscal, riding on the back of good monsoon, a Finance Ministry report said. “With the forecast of a normal monsoon at 102 percent of the long-period average (LPA), agriculture, which contributes about 15 percent of total gross […]

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Weekly Wrap Up – World is still on tenterhooks as pandemic rages

A global poll conducted by news agency Reuters inferred that the world economic recovery looked ever more shaky, as the pandemic raged on. In a worst-case scenario, the poll indicates, the world economy will contract 6.5% this year, much worse than the International Monetary Fund’s -4.9% projection, then grow just 2.0% next year. India’s fiscal […]

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Gold prices breach record high globally

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Gold prices have crossed a record high internationally to reach around $1,930/oz, pushing prices in key consumer India to a fresh high of around Rs 52,500/10 grams. Prices last hit a previous record high of $1,924/ounce in September 2011 during the Eurozone crisis. Gold’s latest spike higher came amid heightened US-China political tensions. US Secretary of State […]

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China’s economy returns to growth amid pandemic, expands 3.2% in Q2 2020

China’s gross domestic product (GDP) expanded 3.2 percent year on year in the second quarter of 2020, data from the National Bureau of Statistics (NBS) showed, the official Xinhua news agency reported. In a world battling the grim COVID-19 pandemic that has shuttered economies and locked down cities across the world, economists and analysts have […]

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