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Price rise in the Gold Market due to Shopping of Jewellery in this Wedding Season

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Gold Jewellery in display at a shop, Wikimedia

New Delhi, Feb 8, 2017: Due to increased shopping of jewellery in this wedding season, gold prices soared further by Rs 220 to Rs 29,325 per 10 grams at the bullion market. The rise in the demand for gold is due to the rising wedding season demand despite weakness in global cues. Here is some data related to the price hike:

  • Standard gold (99.5 purity) climbed by Rs 220 to conclude at Rs 29,325 per 10 grams from Monday’s closing level of Rs 29,105.
  • Pure gold (99.9 purity) also jumped by a similar margin to end at Rs 29,475 per 10 grams as against Rs 29,255 earlier.

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  • Silver (.999 fineness) rose by Rs 175 to finish at Rs 42,540 from Rs 42,365 yesterday.
  • Spot gold was down 0.4 percent at USD 1,230.40 per ounce in early trade. In the previous session, the metal touched USD 1,235.73, its highest since November 11.
  • Among other precious metals, silver fell 0.7 percent to USD 17.61. Earlier in the session, it reached USD 17.76, its strongest since November 11.

prepared by Shambhavi Sinha of NewsGram. Twitter:  @shambhavispeaks

 

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Customs Department: Smuggling Gold at an International Airport, U.P. would Cost Passport

The move initiated by the Customs will allow the passport office to issue show-cause notices to the alleged smuggler

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Customs Department, Smuggling
The department is coordinating with the UP Passport Office for such an action to curb growing smuggling of gold . Pixabay

If caught smuggling gold at an international airport in Uttar Pradesh (Lucknow and Varanasi), the accused will now lose their passports, according to the Customs Department.

The department is coordinating with the UP Passport Office for such an action to curb growing smuggling of gold at Lucknow and Varanasi international airports.

The move initiated by the Customs will allow the passport office to issue show-cause notices to the alleged smuggler and later cancel passports if the reply is found unsatisfactory, top Customs officers told IANS.

According to the Commissioner Customs (Preventive) Lucknow, V.P. Shukla, the decision to cancel passports was taken after the department observed that most of the smugglers are turning into habitual offenders in the absence of strict legal provisions.

Customs Department, Smuggling
Department would identify the accused and based on the inputs, the UP Passport Office will issue show-cause notices. Pixabay

“These accused would easily find ways to escape law. So, we took the measure to create fear in the minds of the smugglers,” Shukla told IANS.

He said his department would identify the accused and based on the inputs, the UP Passport Office will issue show-cause notices.

The accused would be given time to reply to the notice, and if it is not found satisfactory, the person’s passport would then be cancelled immediately.

“We will identify repeat offenders or anyone who is found to be carrying more than the value of gold. The person will face action on two fronts: one in the court and another by the passport office,” said Niharika Lakhra, the customs’ Deputy Commissioner.

Also Read- Aging US Population Creates Problem For Economy

In 2018-19 the UP customs wing recorded 46 cases of smuggling where the seizure was worth Rs 9.30 crore. In 2017-18, there were 50 such cases with seizure value of Rs 5.21 crore.

The seizure during 2018-19 included around 20 kgs of gold valued at Rs 6.42 crore, foreign currencies worth Rs 1.74 crore.

The customs also arrested 16 persons during 2018-19 as against 13 arrests in the year 2017-18. According to officials in UP customs the number of arrests has gone up to 22 this year. (IANS)