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 22,2024

Mangaluru: A man fell victim to an online scam, losing Rs 1.7 crore after fraudsters posed as officials from TRAI. According to a complaint filed at the CEN police station, the incident began on November 11, when the complainant received a call from an unknown number at 9:49 am.

The caller, claiming to represent TRAI, alleged that another mobile number registered under the complainant's name was involved in illegal activities in Andheri (East), Mumbai. The caller further stated that an FIR was lodged against the complainant for harassment under the guise of marketing. He was instructed to contact Andheri (East) police station immediately or risk his mobile service being deactivated within two hours.

The complainant was subsequently connected to an individual named Pradeep Sawant, who claimed the complainant was implicated in a money laundering scheme linked to the Naresh Goyal fraud case. Sawant alleged that a fraudulent bank account under the complainant's name was opened at Canara Bank, Andheri, and used to purchase a SIM card for illegal activities. He warned that the complainant could face arrest.

Later, the complainant was contacted via WhatsApp video call by individuals posing as Rahul Kumar (a police officer) and Akanksha (a CBI officer). They allegedly sent fabricated CBI documents to his WhatsApp number. The fraudsters demanded money to "resolve" the case. Fearing threats, the complainant allegedly transferred Rs 1.7 crore through RTGS in batches of Rs 53 lakh, Rs 74 lakh, and Rs 44 lakh between November 13 and 19. A case has been registered at the CEN police station and an investigation is ongoing.

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News Network
November 28,2024

Mangaluru: The upcoming assembly session at Suvarna Soudha, Belagavi, scheduled from December 9 to 19, will primarily focus on addressing issues pertaining to North Karnataka, according to Assembly Speaker U T Khader. "While the main emphasis will be on North Karnataka, concerns from other regions will also be part of the discussions," he clarified.

Speaking to reporters at the Circuit House in Mangaluru on Thursday, Khader shared that a meeting of the Business Advisory Committee had been convened, with the Chief Minister, Leader of the Opposition, and other key figures in attendance to ensure effective deliberations during the session.

"The session was initially planned from December 9 to 20. However, it was later decided to conclude it by December 19, as the All India Kannada Literary Convention is set to begin on December 20 in Mandya," Khader explained.

When asked about the process for discussions in the Assembly, Khader assured, "Discussions will take place according to the established rules."

The Speaker also highlighted his participation in various international conferences. "As Speaker of the Legislative Assembly, I have consistently sought opportunities to represent the Assembly at overseas conventions. I am pleased to announce that I will be attending the International Peace Conference in Vatican City," he said. "It is an honor to participate as a representative of the Mangaluru constituency and as the Speaker of the Assembly."

In response to questions about government grants, Khader remarked, "Grants do not come automatically. MLAs must actively follow up with the relevant authorities rather than simply complain about the lack of grants in their constituencies."

Addressing the tragic incident of three students drowning at a resort in Ullal, the Speaker emphasized, "The Deputy Commissioner has been instructed to enforce strict safety measures in resorts to prevent such incidents in the future."

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News Network
November 18,2024

Advisors to US President-elect Donald Trump have instructed his allies and associates to refrain from using the inflammatory language they previously employed when discussing issues related to migrants and the deportation of asylum seekers, in a bid to avoid “looking like Nazis.”

US media reports said that Trump’s associates had been asked to stop using the word “camps” to describe potential facilities that would be used to accommodate migrants rounded up in deportation operations across the country.

The reports said the US president-elect’s allies had been ordered to stave off such charged terms as they would bring to mind “Nazis,” and be used against Trump.

“I have received some guidance to avoid terms, like ‘camps,’ that can be twisted and used against the president, yes,” one Trump ally told American monthly magazine Rolling Stone.

“Apparently, some people think it makes us look like Nazis.”

The presidential advisers also cautioned surrogates and allies to keep racist terms, which have dogged Trump’s campaign, out of their remarks.

They said with Trump’s heated rhetoric that used to compare undocumented immigrants to “animals” and his slight that they are “poisoning the blood of our country,” detractors did not need to reach too far to find parallels to Nazi Germany.

Stephen Miller, who Trump tapped to be his deputy chief of staff of policy, specifically used the word “camps” to describe holding facilities that he hoped the military could put together for immigrants.

Tom Homan, who served as the acting director of Immigration and Customs Enforcement and is chosen by Trump to be in charge of the US borders, was no stranger to such language.

“It’s not gonna be a mass sweep of neighborhoods,” he said in an interview earlier this week. “It’s not gonna be building concentration camps. I’ve read it all. It’s ridiculous.”

Becoming a little more forthright about the new government’s aggressive deportation plans, Homan likened the early days of the Trump administration to the initial invasion of Iraq in 2003.

“I got three words for them – shock and awe,” he said. “You’re going to see us take this country back.”

Trump made immigration a central element of his 2024 presidential campaign but unlike his first run, which was mainly focused on building a border wall, he has shifted his attention to interior enforcement and the removal of undocumented immigrants already in the United States.

People close to the US president and his aides are laying the groundwork for expanding detention facilities to fulfill his mass deportation campaign promise.

The businessman-turned-politician deported more than 1.5 million people during his first term.

The figure do not include the millions of people turned away at the border under a Covid-era policy enacted by Trump and used during most of Biden’s term.

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