Gold, which rose more than 25 percent in 2020 to emerge as the top commodity in terms of returns after silver (up 45 percent) and copper (up 35 percent), was trading marginally above Rs 50,100 for 10 gm on January 1.
Commodities
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RBI’s stress test shows banks are on thin ice as virus may affect capital
Indian lenders had brought down dodgy loans from 11.6% in FY18 to just 8.5% of their book in FY20. It seems that was just a number on the sand, and all it took was a wave of the pandemic to wipe off this minor victory.
Govt imposes curbs on public procurement from certain countries bordering India
The Ministry of Finance today amended the General Financial Rules 2017 to enable imposition of restrictions on bidders from countries which share a land border with India on grounds of defence of India, or matters that directly or indirectly relate to the national security of the country, said and official release.
Gold to hit record high in ‘only a matter of time’, says Citigroup; this is why prices are rising
Bullish factors building in the gold market are set to see prices take out the record set in 2011, according to Citigroup Inc. The metal is benefiting from loose monetary policy, low real yields, record inflows into exchange-traded funds and increased asset allocation, the bank’s analysts including Ed Morse wrote in a report. Gold is expected to climb to an all-time high in the next six-to-nine months, and there’s a 30% probability it’ll top $2,000 an ounce in the next three-to-five months.
Sensex, Nifty continue to scale back to pre-covid levels; here’s what drove stock markets this week
Domestic benchmark indices despite ending this week’s last trading session in the red gained half a percent during the course of the week with volatility coming back to haunt investors. With this, Sensex and the 50-stock Nifty are now up over 41% from their March lows. In the coming week, markets are expected to react to June quarter results of listed companies, global stock markets and not to forget the AGM of Reliance Industries. Analysts are still betting on stock-specific actions to steer the market with domestic factors not posing any grave threat in the coming weeks.
Franklin Templeton Debt Fund Freeze: Ray of hope for investors to get back their money
The confidence of many investors got jolted when over Rs 30,000 core of their money invested in trusted debt funds of reputed mutual fund (MF) company Franklin Templeton got stuck indefinitely after the world’s leading fund house on April 23, 2020 announced that it will close six of its debt mutual funds schemes. As such funds are less riskier than the equity funds, people often park their short-term money and even emergency funds in debt MF.
Modi’s Gold Monetisation Scheme: SBI collects thousands of kg gold
In an effort to put to productive use the gold lying idle with households and trusts, State Bank of India has mobilised 13,212 kg gold through the Gold Monetisation Scheme (GMS). SBI collected 3,973 kg of gold in the last financial year under the GMS programme, launched by the Narendra Modi-government to utilise gold lying idle with individuals as well as trusts, according to SBI’s annual report. With the collection of the last fiscal, the total gold reserves of SBI has crossed over 13,000 kg. Prime Minister Narendra Modi launched the GMS in November 2015 to cut India’s import bill and use the idle lying gold for productive purposes.