Mumbai: Finance Minister P Chidambaram on Friday asked countrymen to contain their "uncontrolled passion" for gold and instead save in financial instruments. "Have faith in our financial sector. Unfortunately, we have difficulty shedding our old habits and put our money in gold," he said while speaking at an event to mark the platinum anniversary celebrations of state-run Dena Bank. "The uncontrolled passion for gold must be contained," Chidambaram said and reeled out data to show how increasing gold imports are hurting the Current Account Deficit (CAD).
People should rather switch to financial products to funnel their savings, the Minister said and added the soon-to-be-luanched inflation indexed bonds is a very lucrative option. He also sought to demolish gold as a hedge against inflation, saying many such investors are finding the going difficult ever since the price of gold plummeted to Rs 26,000 from over Rs 33,000 per ten grams last year. He said that in 2012 the country bought USD 50 billion worth gold and fortunately, it was able to finance the CAD of USD 90 billion on the back of higher foreign flows and could maintain the foreign exchange reserves level at around USD 290 billion.
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02:03 AM, May 25, 2013
New York: Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday, arguing that wiretap evidence used by the prosecution should not have been introduced at trial. Defense lawyer Seth Waxman told the 2nd US Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence. Gupta himself was not heard...
07:04 AM, May 22, 2013
New York: India-born former Goldman Sachs director Rajat Gupta will seek overturning of his insider-trading conviction in a US court today by arguing that the case rested exclusively on circumstantial evidence that relied on wiretap statements that did not involve him. The US Court of Appeals for the Second Circuit in New York will hear arguments from Gupta, who was convicted last year of sharing corporate secrets and is on...
10:27 PM, May 21, 2013
Singapore: Gold fell for an eighth straight session on Monday to its weakest level in over a month, as fears that the US Federal Reserve may wind back its economic stimulus programme hurt the metal's appeal as a hedge against inflation. Investors have been dumping gold, which is down 20 per cent so far this year, as stocks and the dollar continue to outperform. If gold closes in the red...
11:30 AM, May 20, 2013
New Delhi: Rolling down gold prices dropped to one-month low by losing Rs 500 to Rs 26,800 per 10 grams in the national capital today on heavy selling by stockists driven by weak global trend. This fall was in continuation to a steep fall of Rs 600 on Thursday to hit a level last seen on April 17, after the metal tumbled in overseas markets driven by reports investors cutting...
04:59 PM, May 16, 2013
London: Gold fell for the fifth straight session on Wednesday, hitting a three-week low as the dollar strengthened to a six-week high versus the euro after weak euro zone data. While gold has recovered around 7 per cent from a two-year trough of $1.321.35 an ounce hit in mid-April, its safe-haven appeal has been battered by record-high US equities and signs of an improving US economy. Spot gold fell 0.8...
05:10 PM, May 15, 2013
London: Gold fell 1.2 per cent on Monday, holding near its weakest level in two weeks, as the dollar firmed on signs of an improving US job market and as holdings in exchange-traded funds slipped again. Bullion's safe-haven appeal has been dimmed by speculation the Federal Reserve could scale back its aggressive monetary stimulus after recent US labour market data pointed to a steady recovery trend in the world's largest...
04:52 PM, May 13, 2013
Mumbai: A limited edition Sachin Tendulkar gold coins, with the senior cricketer's face and signature embossed on them, were launched on Monday on the auspicious day of 'Akshaya Tritiya'. Valuemart Gold and Jewels launched one lakh Sachin Tendulkar gold coins, each weighing 10 grams, in the senior cricketer's presence in Mumbai. The 24 karat gold coin is priced at Rs 34,000 and will be available on valuemartgold.com and leading jewellery...
04:37 PM, May 13, 2013
Mumbai: With gold imports putting pressure on the current account deficit, the Reserve Bank on Monday imposed restrictions on import of the yellow metal by banks. "To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by banks, only to meet the genuine needs of exporters of gold jewellery," the RBI said in a statement. As per a...
03:36 PM, May 13, 2013
Mumbai: Shares of jewellery manufacturers on Monday gained up to 7.5 per cent in an otherwise weak stock market amid hopes of pick-up in sales of gold jewellery and coins on Akshaya Tritiya. Thangamayil Jewellers soared by 7.49 per cent, Tribhovandas Bhimji Zaveri (3.19 per cent), Tara Jewels (3 per cent), Titan Industries (1.24 per cent), Rajesh Exports (1.84 per cent), Shree Ganesh Jewellers (1.84 per cent). Akshaya Tritiya is...
01:52 PM, May 13, 2013
New Delhi: Country's merchandise exports grew by 1.6 per cent to $24.16 billion in April this year, whereas imports increased by 10.9 per cent. Imports during the reported month stood at $41.95 billion. Exports in April 2012 stood at $23.7 billion, while imports were at $37.8 billion. Due to high imports, the trade deficit rose to $17.8 billion, Commerce Secretary SR Rao told reporters on Monday. Rao attributed the widening...
01:45 PM, May 13, 2013
London: West Ham manager Sam Allardyce has ended uncertainty about his future by signing a new two-year contract with the Premier League club. The 58-year-old Allardyce has been in charge at Upton Park since 2011 and led West Ham back into the Premier League, where the team is assured a second successive season. West Ham co-owner David Gold announced on his Twitter account that Allardyce had a signed a new...
10:22 PM, May 11, 2013
Singapore: Gold neared its highest level in more than two weeks on Monday, but gains may be capped by a rally in equity markets and promising US jobs data that dampened speculation the Federal Reserve may boost monetary stimulus. Bullion has slipped almost 12 per cent so far in 2013, having posted annual gains in the past 12 consecutive years as easy monetary policy prompted investors to buy the precious...
10:11 AM, May 06, 2013
New Delhi: Top seed PV Sindhu stormed into the final of the women's singles event at the Malaysia Grand Prix Gold badminton tournament with a straight-game win over Sapsiree Taerattanachai of Thailand in Kuala Lumpur on Friday. Sindhu needed just 34 minutes to get the better of her third-seeded opponent, 21-17 21-11 in the semi-final clash. The 17-year-old Indian shuttler, who was in a full flow against the Thai girl,...
07:58 PM, May 03, 2013
Mangalore: Gujarat Chief Minister Narendra Modi on Thursday hit out at the government over what he called was an extremely timid foreign policy. He also launched an indirect attack on Congress Vice President Rahul Gandhi, called him 'Mr Golden Spoon'. Speaking in Mangalore during an election rally in Karnataka, Modi said, "This Mr Golden Spoon says he follows the principals of Mahatma Gandhi. Does this Mr Golden Spoon know that...
12:49 PM, May 02, 2013
New Delhi: It was a mixed day for the Indian shuttlers at the Malaysia Grand Prix Gold badminton tournament as RMV Gurusaidutt, K Srikanth and Sameer Verma won their respective first round matches while the others crashed out of the men's singles event in Kuala Lumpur on Tuesday. The 11th seeded Gurusaidutt prevailed over Chao Huang of Singapore 21-19, 14-21, 21-17 in a battle that lasted 47 minutes. He would...
05:35 PM, Apr 30, 2013
Singapore: Gold ticked up on Monday, holding near its highest level in more than a week, as a rebound in prices from a 2-year trough failed to curb investor appetite for the precious metal. Spot gold had risen $1.15 an ounce to $1,463.65 by 0025 GMT, having posted its biggest weekly gain in three months last week. Gold plunged to around $1,321 on April 16, its lowest in more than...
09:21 AM, Apr 29, 2013
New Delhi: Rising shuttler PV Sindhu has been given the top billing in the women's singles event at the Malaysia Grand Prix Gold 2013 starting in Kuala Lumpur from April 30. Sindhu, ranked 15th in the world, faces Chen Jiayuan of Singapore in the first round of the tournament to be played at the Supka Indoor Stadium from April 30 to May 4. Sindhu is currently playing in the India...
06:01 PM, Apr 27, 2013
New Delhi: Olympic gold medallist Abhinav Bindra's autobiography 'A Shot at History' will be adapted into a film with a US-based production house acquiring its movie rights. Amit Bolakani, a New York-trained actor, found the book entertaining while being insightful and along with his business partners decided to acquire the rights. "It's an inspiring Indian story that has cinematic appeal for a wider world audience. We are in process to...
03:19 PM, Apr 23, 2013
New Delhi: Tracking a firming trend overseas as investors increased physical purchases, gold prices rose by 0.25 per cent to Rs 26,429 per 10 gram in futures trading on Tuesday. Besides covering-up of short positions by speculators fearing further rise, firm demand in the domestic spot markets also influenced gold prices. At the Multi Commodity Exchange, metal for delivery in June contracts gained Rs 63, or 0.25 per cent, to...
12:15 PM, Apr 23, 2013
