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New Delhi: Gold imports, which have a bearing on the country’s current account deficit, jumped multi-fold to $7.9 billion (Rs 58,572.99 crore) during the April-June 2021 quarter due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to $688

Weekend covid news The market brushed aside a momentary covid panic last week but the episode put the pandemic back on the radar. The New York Times reports today that Biden officials now expect vulnerable people to need booster shots due to waning efficacy over time. So far they believe it will be limited to

Gold fell and was heading for a weekly dip on Friday as a stronger dollar, firmer yields and equity markets chipped away at its appeal. Spot gold fell 0.3% to $1,800.72 per ounce by 1:43 pm EDT (1743 GMT). U.S. gold futures settled 0.2% lower at $1,801.80. Bullion has shed 0.7% this week after briefly

It has been a very volatile week as risk markets were initial knocked down by fear of the infectious delta variant. But sentiment made an about-turn then, even with US indexes closing at record highs. Still, despite late recovery, Australian Dollar ended as the weakest one. Yen was surprisingly the second worst performing, given that

Surprisingly quick turn in cases The UK reported another 36,389 covid cases today. That’s down from 39,315 yesterday and the 54,205 on July 17. The quick drop after the sharp run-up has puzzled scientists who are speculating about a lack of testing, reluctance to report covid due to unwillingness to self-isolate and good weather. Whatever

NEW YORK: Oil prices edged higher on Friday and for the week after a strong recovery from Monday’s steep slide, underpinned by expectations that supply will remain tight through the year. The price of oil and other riskier assets tumbled at the start of the week on concern over the impact on the economy and

Yen drops broadly today as markets turn back into risk-on mode. It has indeed become the worst performing one for the week. Dollar is also staying to look a bit vulnerable against European majors and commodity currencies. Canadian Dollar is firm and shrug off retail sales data, which shows contraction. Question is now on whether

Forex news for North American trade on July 23, 2021: Markets: Gold down $6 to $1800 WTI crude oil up 13-cents to $72.04 US 10-year yields up 1.6 bps to 1.2847% S&P 500 up 44 points to 4411 NZD leads, JPY lags The FX market looked like it might tilt towards risk aversion early in

New Delhi: Gold in the national capital on Friday rose Rs 256 to Rs 46,698 per 10 gram amid supportive global trends, according to HDFC Securities. The precious metal had in the previous trade closed at Rs 46,442 per 10 grams. Silver also jumped Rs 662 to Rs 66,111 per kg, from Rs 65,449 per

Renminbi has been range-bounded against the US dollar since June. Traders in the Chinese currency has turned cautious after People’s Bank of China (PBOC) surprisingly reduced the reserve requirement ratio earlier this month. The move was contrary to the broad theme of monetary policy normalization in major central banks (e.g. FOMC, BOE, BOC, etc). The

Latest data released by Markit/CIPS – 23 July 2021 Prior 62.4 Manufacturing PMI 60.4 vs 62.5 expected Prior 63.9 Composite PMI 57.7 Prior 62.2 UK business activity miss on expectations and decline quite considerably from June as firms widely report that staff and raw materials shortages dampened conditions, hindering the recovery pace after the reopening

Copper advanced on Friday as improved risk sentiment and a stable dollar lifted metals prices that also gained support from extended monetary policy easing in the European Union. Three-month copper on the London Metal Exchange (LME) rose 0.6% to $9,495.50 a tonne by 0702 GMT, on track to finish the week in positive territory. The

Trading in Asian session is relatively subdued today, as some participants are already looking forward to the weekend, after a roller coaster ride. Canadian Dollar is currently the strongest one for the week, helped by rebound in WTI oil price, which is back above 71. However, New Zealand and Australian Dollars are the worst performing

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

New Delhi: Gold in the national capital on Thursday dipped Rs 264 to Rs 46,452 per 10 gram with decline in global precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade on Tuesday the precious metal had closed at Rs 46,716 per 10 gram. In contrast, silver gained marginally by

The ECB has updated the forward guidance on the policy rate, reflecting the new inflation target concluded in the strategic review. All monetary policy measures stay unchanged as it strives to achieve the symmetric 2% inflation target: The deposit rate stays at -0.5%, the total Pandemic Emergency Purchase Program (PEPP) envelope remains at 1.85 trillion

Gold  The gold markets have been challenging to trade recently due to a stronger dollar. You may have been puzzled why real yields were dropping lower, but gold seemed so slow to fly higher. Why?  It was the strong USD that was clipping gold’s wings. Look at the chart below and see how gold moved