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The government has initiated the process of borrowing with the launch of sovereign gold bonds in consultation with the Reserve Bank of India (RBI) in the current financial.
Gold struck a seven-year pinnacle above $1,700 an ounce on Tuesday as massive Fed stimulus floods markets with dollars, weakening the greenback and sending investors running to the precious metal, analysts said.
The stock markets took a beating, gold, silver and oil prices zoomed in India. Oil prices are already on the rise in India, which imports over 80 per cent of its requirements. Iraq is the largest crude supplier to India.
After the aircraft landed the cargo was unloaded and taken to a holding facility, as per normal procedure, but disappeared some time afterwards.
The same draw also awarded Dhs1,000,000 to Sherlon, the 6th guaranteed raffle prize winner following the draw’s recently launched prize structure.
Gold surged close to a seven-year peak on Monday, as investors flocked to the safe-haven metal, while palladium surpassed the level of $2,000 to hit a record high.
India’s gold demand was 9 per cent lower in 2019, at 690 tonne, primarily owing to the sharp surge in prices, however, it is expected to rebound in 2020, the World Gold Council (WGC) said.
Gold prices jumped more than 1 per cent on Friday and were headed for a weekly gain, as the dollar eased, while investors looked forward to US jobs
The ingot issued by the Royal Mint weighs 20 grams, its price is 1119.10 pounds sterling, and it is contained in a protective package of an Islamic nature, and therefore it can be presented as a gift during Ramadan or Eid Al-Fitr.
Spot gold was up 0.2% at $1,773.41 per ounce by 0506 GMT. Prices were $5.65 shy of a near eight-year high of $1,779.06, hit last week. U.S. gold futures rose 0.5% to $1,788.40 per ounce.