Gold from UAE sinks prices further in India

News Network
August 22, 2020

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Mumbai/Bengaluru, Aug 22: Physical gold dealers in India this week offered the highest discounts in more than one and a half months, as buyers stayed away even as more bullion flowed in from the United Arab Emirates.

On Friday, gold futures in India, traditionally the world's second biggest gold consumer after China, were trading around 51,800 rupees ($691.24) per 10 grams, having surged to a record high of 56,191 rupees earlier this month.

"A significant amount of gold was imported from Dubai last week and customs cleared that this week. But demand is not there because of volatile prices," said Chanda Venkatesh, managing director of CapsGold, a bullion merchant in the city of Hyderabad.

Discounts of up to $20 an ounce were offered against official domestic prices — including 12.5% import and 3% sales levies — versus the $2 premiums last week.

The country remained in the grip of the coronavirus, with the third highest number of cases globally.

Demand suffered in China as well, where discounts eased slightly to $80-$70 from last week's record $100-$75 levels versus international benchmark spot prices, which traded in a volatile $1,911.00-$2,014.97 an ounce range.

"The pandemic situation is unlikely to go away this year, so don't expect much change," said Peter Fung, head of dealing at Wing Fung Precious Metals.

Gold has been sold at discounts in China since February.

But it has reportedly become more difficult to buy gold scrap, said Samson Li, a Hong Kong-based analyst at Refinitiv GFMS.

Price difference between China and outside is too huge and retailers have started to hoard gold materials, he added.

Premiums of $1-$1.50 were charged in Singapore, with some using price dips to buy bullion.

"We still see many more clients looking at silver," said Brian Lan of Singapore dealer GoldSilver.

In Japan, gold was sold at $0.50 premiums.

"Our silver ingots are all sold out again," a trader at Tokyo-based retailer Tokuriki Honten said.

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News Network
November 28,2024

Udupi: A 53-year-old woman fell victim to a sophisticated online fraud, losing ₹19.7 lakh to scammers posing as officials from telecom companies and the police.

According to the complaint filed by Vidya, the incident began on October 4 when she received a call from an individual claiming to be from Airtel. The caller alleged that a SIM card linked to her Aadhaar was being misused in Mumbai for spam and fraudulent activities. They warned her that all her mobile numbers could be blocked and connected her to a supposed "Sahara police station."

A man identifying himself as Mohan Kumar, an "investigation officer" from the Sahara police station, then contacted Vidya. He alleged that a fraudulent bank account had been opened in her name at an SBI branch in Mumbai. This account, he claimed, was being used for human trafficking and money laundering activities by someone named Vivek Das. He insisted that all her bank accounts needed to be reviewed.

On October 5, the scam escalated when Kumar, posing as a police officer, threatened Vidya with arrest and warned her not to leave her location without his permission. He demanded that she transfer funds from her accounts to specific UPI IDs and bank accounts under the pretext of "reviewing" her finances. Fearing legal consequences, Vidya complied and transferred ₹19.7 lakh in installments between October 16 and November 7.

The fraud came to light only after she realized she had been deceived. A case has been registered at the CEN (Cyber, Economic, and Narcotics) police station, and an investigation is underway.

Public Warning:

  • Beware of unsolicited calls claiming to be from telecom companies, banks, or police stations.
  • Never share sensitive personal or banking details over the phone.
  • Always verify the identity of callers through official channels before taking any action.
  • If in doubt, contact your local police or cybercrime cell immediately.
  • Stay vigilant to avoid falling prey to such scams!

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News Network
November 14,2024

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Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.

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News Network
November 21,2024

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Hamas says the Israeli regime’s sole objective lies in “erasing” the entirety of the Palestinian population from across the Palestinian territories.

Khalil al-Hayya, a ranking official with the Gaza Strip-based Palestinian resistance movement, made the remarks to the Palestinian al-Aqsa TV on Wednesday.

“The occupation targets everyone—it strikes hospitals, civil defense, women, children, and the elderly,” he said, adding that the regime sought to “empty Gaza of its residents, and displace the Palestinian people to fulfill its dreams of building a Zionist Jewish state across all of Palestine.”

The remarks came amid the regime’s October 2023-present war of genocide on the coastal sliver that has so far claimed the lives of nearly 44,000 Palestinians, mostly women and children.

“This unprecedented aggression in modern times evokes scenes from the dark ages of human history, having crossed all red lines and exceeded every expectation of brutality in the modern era,” the Palestinian official lamented.

He also regretted that the regime had added “systematic and dangerous starvation to its aggression, falsely claiming before the world that it allows 250 [aid] trucks into Gaza daily. In reality, the number of trucks is far fewer.”

Hayya, meanwhile, regretted that “scenes of children torn apart, women screaming over their children, and heart-wrenching destruction have failed to stir enough humanity to stop these crimes.”

He decried the United States for vetoing the United Nations Security Council’s resolutions that are aimed at bringing about a potential ceasefire in the war, saying this indicated Washington’s “partnership in the aggression” and a simultaneous siege that the Israeli regime has been enforcing on Gaza.

Addressing Israeli Prime Minister Benjamin Netanyahu, the official asserted that, despite what the Israeli official is after, Hamas would not hand over the regime’s captives “without [the regime’s] stopping the war.”

He called Netanyahu “the main obstacle” in the way of cessation of the aggression, saying the Israeli premier “blocks any progress for political reasons,” and citing his preventing conclusion of a ceasefire agreement in July.

Hayya also warned that the regime sought to expand the war beyond Gaza, but asserted that its goals are “impossible and will never happen.”

“Today, the enemy exposes its true intentions of extermination and displacement, but it will fail,” he stressed.

“The Palestinian people are resilient and will not surrender, as they believe in their humanitarian and political cause. The enemy and its allies will not succeed in achieving their goals. This steadfast people will endure, and the occupation will not prevail against them.”

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