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Oil Petrol prices cut By 49 Paise/Litre, Diesel by Rs 1.21

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By Newsgram Staff Writer

In a relief to consumers, the oil companies have decided to cut the petrol prices by 49 paise per litre and diesel by Rs 1.21 a litre. The reduction which will be effective from midnight has been attributed to the softening  international oil rates.

A statement issued by Indian Oil Corp said, ” Prices of petrol in Delhi will be Rs 60 a litre as against current level of Rs 60.49, while diesel will cost Rs 48.50 per litre, as compared with Rs 49.71.”

After the revised petrol rates are rolled out, it will cost cheapest in Delhi at Rs 60 per litre as compared to the other metro cities. In Kolkata the price will be Rs 67.48 (down 40 paise), Mumbaikars will have to shed Rs 67.53 per litre, and Chennai residents will have to spend Rs 62.75 (down 51paise) for a litre of fuel.

The fall in fuel prices follows two rounds of price hikes in February and March.

Since the last price change, “the international prices of both petrol and diesel have declined. The Rupee-US Dollar exchange rate has, however, depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel,” IOC said in a statement.

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For the first time in two years, Gold prices have gone up from past Rs 30,000

Analysts believe that risk-taking investors have decided to stick with the solid asset of gold, creating an inflation of prices

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Gold bars. Image source: Wikimedia Commons
  • On Thursday, 10 grams cost Rs 30,852
  • The price of gold has shot up 24% since January
  • The lowered price of the dollar does not help

After the demand for Gold has increased in the global market, price of the metal has shot up on Thursday, June 16, at the Multi Commodity Exchange. This is the first time in two years that the price of gold has gone past the Rs 30,000 ($444.84) mark; shooting up from Rs 408. Although this is the first time in two years we are seeing gold prices like this, gold prices have gone up 24% since January, said the Scroll.in report.

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People buying gold in India. Image source: newIndiaExpress.com
People buying gold in India. Image source: newIndiaExpress.com

According to the Scroll.in report, analysts believe that risk-taking investors have decided to stick with the solid asset of gold, creating an inflation of prices. A potential factor for a further rise in prices lies in the members of the European Union. Experts have predicted that if the UK leaves the EU then gold prices could shoot up to Rs 94,213 ($1,400).

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Two banks are also responsible for the higher price. Federal Bank Limited and Bank of Japan did not change key policy rates, which did not help to keep the price of gold down. It also is not helpful that the dollar itself has dropped against other currencies.

In Singapore, the price of gold went from $10.80 to $1,302.30 per ounce.

  • prepared by Abigail Andrea, an intern at NewsGram. Twitter @abby_kono

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4 responses to “For the first time in two years, Gold prices have gone up from past Rs 30,000”

  1. Gold is one of the biggest and easiest investment one can make. Therefore measures should be taken to make it available for people who want a to and can afford it

  2. Gold is most essential thing in India.And for control this rised price, government have to convince these two banks to help for keep the price of gold down.

  3. With prices this high,I wonder how the common man can afford it. It is somewhat like a custom to wear gold old ornaments in India.I really do hope the prices come down.

  4. Gold jewellery is highly used in wedding seasons. With gold rates touching sky, it becomes almost impossible for common man to afford it.

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Fate of Indian equity market in the hands of upcoming Budget Session

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Mumbai: The upcoming week in the Indian equity market will witness Parliamentary proceedings, US macro-economic data and trends in crude oil prices, leading the fate of markets’ next moves.

Even the budgetary announcements, rupee’s trajectory and the interest of foreign investors will give vital cues to where the market is heading.

“Markets would continue to be lacklustre and news driven. Forthcoming budget expectations and corporate earnings would be watched closely,” predicted Devendra Nevgi, chief executive of ZyFin Advisors.

Pankaj Sharma, head of equities for Equirus Securities, elaborated that investors will be guided and influenced by developments surrounding the union budget.

“The market would read the important cues on the budget from key decision makers, both politicians and senior bureaucrats and react accordingly,” Sharma noted.

“One good thing in all this market mayhem over last 6-7 weeks which has been led by global factors is that the usual buzz on the budget has largely been missing.”

Vaibhav Agarwal, vice president and research head at Angel Broking, pointed out that investors have not priced in the possibility of key reforms being passed in the parliament session.

“Any progress towards implementation of important reforms such as the GST (goods and services tax) would be a key trigger for the markets,” Agarwal told reporters.

Market participants expect the central government to increase expenditure, announce tax concessions and pave the way to reduce the NPAs levels of the banking sector.

“Sentiments are currently down and any positive announcement is surely going to trigger a relief rally in the equity markets. This rally might spill over to the currency markets,” Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, told reporters.

According to Banerjee, normal parliamentary proceedings, after the recent political turmoil will be keenly followed by market participants. The parliament’s budget session will commence on Tuesday.

“Any signs of a washout in the initial few days will dampen sentiments and dent the rupee,” Banerjee stated.

He explained that an “over-valued rupee” will come under pressure from February 22 onwards as a string of US economic data released till date is expected to keep the dollar well supported.

The rupee had crashed to an all time low at 68.89 to the dollar in the oversees currency markets on Friday and ended the day’s trade at 68.72.

Domestically, the rupee had closed unchanged from its previous close of 68.47 to a greenback on Thursday. The domestic currency markets were closed on Friday.

Besides, the union budget economic survey and railway budget will dictate trend on the bellwether indices informed Gaurav Jain, the director of Hem Securities.

“Indices may seem to remain volatile with a positive bias ahead of the expiry of February series derivative contract, economic survey and reform measures announced in the upcoming railway budget in the week ahead,” Jain said.

In addition, global cues, such as crude oil prices and the trends in foreign funds inflows will be keenly observed.

“Markets will continue to react to global cues with US home sales and GDP data expected next week,” Agarwal added.

Analysts forecast the continuation of the relief rally at the Indian bellwether indices. Short-covering, value buying and positive global cues had swelled the equity markets, during the just-concluded weekly trade.

The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE) zoomed by 723.03 points or 3.14 percent to 23,709.15 points during the just concluded week.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) rose by 229.8 points or 3.29 percent to 7,210.75 points.

Global indices too rose with the Dow Jones Industrial Average closing the week with gains of 2.6 percent. London’s FTSE rose by 4.2 percent during the week under review. (Rohit Vaid, IANS)

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Rupee at its two-year low as Sensex goes south

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New Delhi: Bombay Stock Exchange (BSE) Sensex was trading at 25,663 down 223 points whereas NSE Nifty was at 7,799, down 65 points at 9:45 AM declining over 200 points as Nifty fell lower than the 7,800 level.

BSE Mid-cap Index is trading down at 0.55% – 10,990, however BSE Small-cap Index is trading down at 0.54% – 11,569.

All BSE sectors are showing impuissance.

The Indian rupee opened up poorer by 30 paise at 66.91/$ in early trade on Friday. On the domestic front, Nikkei/Markit India Services Purchasing Managers’ Index (PMI) the assessment showed that India’s services productiveness clamber throughout November as companies continued to be negative about commercial predictions.

Services PMI index fell severely to 50.1 from October’s level of 53.2. Adding to the dip, market retained on the reoccurrence of the opinion of a US Fed rate hike. The Fed Forward rate turns are now hinting at a 79 percent possibility of 25 basis points moved rates.

The Sensex drop off affected the Indian rupee to a two-year low of 66.99 against the dollar. The Reserve Bank Governor Raghuram Rajan is aimed at fighting the crunch-like situation.

The plan for the improvement is chalked out on the basis of these points.

The latest feebleness of rupee has occurred due to external reasons, in specific, because of the expected rise of US Federal Reserve rates for the first time in the last 10 years.

The betterment of euro currencies has also affected the rupee as it is closely tracked by India.

Trading pressure on the Indian market is as well contributing to the stress as the sectoral indices on the BSE trading is negative. Some of the important service providers have seen a low of 1 percent and 1.5 percent, specifically the Tata Consultancy (TCS), ICIC Bank and Infosys.

One of the recent obstruction is caused by the floods in Chennai as most Indian IT companies have 10-30 percent workplace based there.

Also, the S&P 500 suffered its biggest dip since late September on December 4 due to the dissatisfied performance of European Central Bank for greater stimulus.

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