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Moneycontrol Pro Panorama | Central bank buying keeps gold shining

Money Control

Money Control · 1y ago

Moneycontrol Pro Panorama | Central bank buying keeps gold shining

The World Gold Council conducted a survey which suggests that central banks will continue buying gold over the next five years. The survey shows that expectations for gold purchases are at their highest level since 2018, with none of the 70 central banks surveyed anticipating a decline in buying, and 81% expecting an increase. Reasons cited for these purchases include gold's legacy, long-term value, performance during crises, and its role as a portfolio diversifier. This increased buying signals a growing expectation of heightened uncertainty and systemic risk.

Related News

RBI has increased its gold hoard in 2024, & may acquire more

Money Control

Money Control · 1y ago

RBI has increased its gold hoard in 2024, & may acquire more

The Reserve Bank of India (RBI) has increased its gold reserves by around 1% in 2024, reflecting a global geopolitical scenario filled with uncertainty. Trade tensions, political instability, and conflicts like the Russia-Ukraine war have prompted central banks to diversify their reserves away from foreign currency assets. As of June 7, RBI's gold reserves stood at $56.982 billion, comprising 8.69% of total reserves. Gold is considered an attractive asset for central banks due to its historical resilience during geopolitical crises. Experts expect central banks, including RBI, to continue accumulating gold as a hedge against geopolitical risks.

RBI bars Fairfax-backed IIFL Finance from sanctioning, disbursing gold loans

VCCircle

VCCircle · 1y ago

RBI bars Fairfax-backed IIFL Finance from sanctioning, disbursing gold loans

India's central bank, the Reserve Bank of India (RBI), has ordered non-bank entity IIFL Finance to halt the sanctioning and disbursing of gold loans due to "material supervisory concerns" found in its gold loan portfolio. The RBI identified issues such as improper assessment of collateral and breaching loan-to-value ratios. The company is able to continue servicing existing gold loan portfolios. IIFL Finance has not yet responded to the RBI's order.

RBI cautions banks on gold loan disbursals through fintech startups

Economic Times

Economic Times · 1y ago

RBI cautions banks on gold loan disbursals through fintech startups

The Reserve Bank of India (RBI) has issued a warning to banks about gold loans disbursed through fintech startups. The central bank expressed concerns over the evaluation process, particularly when gold is sourced through field agents. Major players like Rupeek, IndiaGold, and Oro Money are involved. The cautionary measures may involve temporary pausing of business to ensure compliance. The RBI's scrutiny follows recent regulatory action on IIFL Finance's gold loan business. Gold loans have seen significant growth, with retail gold loans reaching Rs 1 lakh crore in March 2024.

RBI announces premature redemption calendar for SGBs issued from May 2017-March 2020

Money Control

Money Control · 11m ago

RBI announces premature redemption calendar for SGBs issued from May 2017-March 2020

The Reserve Bank of India (RBI) has announced a calendar for the premature redemption of Sovereign Gold Bonds (SGBs) issued between May 2017 and March 2020. The central bank will process the redemption of 30 SGBs from October 11, 2024, to March 1, 2025. SGB holders can request premature redemption after a five-year holding period. They are advised to submit their redemption requests during specific periods through designated offices or platforms. SGBs are government-backed securities that offer investors a convenient way to invest in gold without physical ownership.

Quick Commerce Platforms To Deliver Gold,Silver Coins In 10 Mins

Inc42 · 1y ago

Quick Commerce Platforms To Deliver Gold,Silver Coins In 10 Mins

Quick commerce platforms like Swiggy Instamart, Tata's bigbasket, and Zepto have partnered with gold-focused platforms and companies to deliver gold and silver coins within 10 minutes on Akshaya Tritiya, a festival significant for buying gold and silver. Swiggy Instamart has partnered with Malabar Gold and Diamonds, while Zepto has tied up with Jar's in-house jewellery brand, Nek. The platforms also plan to deliver other puja essentials like deity photos and fresh flowers in the same timeframe. These partnerships aim to boost sales and tap into the growing trend of buying gold during the festival.

Moneycontrol Pro Panorama | Will inflation hold back RBI from cutting interest rates?

Money Control

Money Control · 10m ago

Moneycontrol Pro Panorama | Will inflation hold back RBI from cutting interest rates?

Retail inflation in September reached its highest level for the year 2024, causing concern among market participants. Despite positive global cues and a drop in crude oil prices, benchmark stock market indices are trading with slight losses. The Reserve Bank of India's (RBI) recent shift in policy stance to neutral has raised expectations of an interest rate cut in the next meeting, but the latest inflation data may complicate that decision. Excessive monsoon rains have damaged crops and disrupted supply chains, leading to a spike in food and vegetable prices. The RBI will need to balance inflation concerns with signs of demand moderation and slowdown in the domestic economy. Additionally, external risks, such as the US presidential election and global economic slowdown, could influence the central bank's decision-making.

WGC Urges Finance Ministry, RBI To Draft Guidelines For Digital Gold Biz In India

Inc42 · 1y ago

WGC Urges Finance Ministry, RBI To Draft Guidelines For Digital Gold Biz In India

The World Gold Council is urging authorities to implement safeguards to protect customers who purchase and hold gold digitally. They are also calling for transparency in the process of buying and holding digital gold. The council reports that more than 120 million customers have already purchased digital gold, with around 40 million currently holding it.

India's forex reserves dip by $3 bn to $696.67 bn for the week ending July 11

Economic Times

Economic Times · 1m ago

India's forex reserves dip by $3 bn to $696.67 bn for the week ending July 11

India's foreign exchange reserves fell by $3.06 billion to $696.67 billion for the week ending July 11, according to Reserve Bank of India data. Foreign currency assets, a key component, decreased by $2.48 billion. Gold reserves were down $498 million, and special drawing rights decreased by $66 million. India's reserve position with the IMF also dropped by $24 million. The central bank intervenes in the market to maintain orderly conditions.

Central banks set to boost gold holdings amid economic and geopolitical uncertainty: World Gold Council

Economic Times

Economic Times · 2m ago

Central banks set to boost gold holdings amid economic and geopolitical uncertainty: World Gold Council

Central banks plan to boost gold reserves amid geopolitical and economic uncertainties, according to the World Gold Council's survey. A record 95% of reserve managers expect increased gold holdings in the next year. Emerging markets show greater intent to expand their reserves compared to advanced economies. Gold remains valued for its stability, portfolio diversification, and crisis performance despite high prices. Additionally, more banks are storing gold domestically, with a shift toward reduced US dollar reserves in favor of other currencies and gold.

Gold smashes $3,000 milestone: Is it too late to invest, will the rally continue, and should you buy in?

Business Today

Business Today · 5m ago

Gold smashes $3,000 milestone: Is it too late to invest, will the rally continue, and should you buy in?

Gold prices have hit $3,000, driven by inflation concerns, Federal Reserve policies, and geopolitical tensions, notably trade war fears due to US tariffs. The price could rise to $3,500 if current conditions persist. Gold remains a reliable hedge against inflation and market volatility, advisable as up to 10% of a diversified portfolio. Investors can consider exposure to gold through various options without buying full ounces for wealth protection.

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