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Gold, Silver jewellery prices zoom ahead of Akshaya Tritiya festival

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Gold, Silver, Diamond, Akshaya Tritiya, Yellow metal, Bullion market, Sensex, Jewellery, Business news

New Delhi: The yellow metal popularly known as Gold today staged a smart recovery at the bullion market by climbing Rs 350 to Rs 32,350 per 10 grams on pick up in buying by local jewellers amid firm global cues.

 

 

Silver too rebounded by Rs 400 to Rs 40,300 per kg on increased offtake by industrial units and coin makers.

 

 

Bullion traders attributed the recovery in gold prices to increased buying by local jewellers to meet retailers demand ahead of ‘Akshya Tritiya’ at the domestic spot market and a firm trend overseas following diversion of funds towards the safe-havens.

 

 

Globally, gold rose 0.01 percent to USD 1,345.50 an ounce and silver by 0.06 percent to USD 16.64 an ounce in New York yesterday.

 

Prices of Gold, Silver jewellery soars high before festival Akshaya Tritiya:

 

 

The rupee’s depreciation against the dollar also supported the up move in the precious metal prices, they said.

At the national capital, gold of 99.9 percent and 99.5 percent purity shot up by Rs 350 each to Rs 32,350 and Rs 32,200 per 10 grams, respectively. It had lost Rs 100 yesterday.

 

 

Sovereign also gained by Rs 100 to Rs 24,900 per piece of eight grams.

Tracking the movement in gold, silver ready bounced back by Rs 400 to Rs 40,300 per kg and weekly-based delivery by Rs 290 to Rs 39,240 per kg.

 

 

Silver coins too spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

 

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FM Nirmala Sitharaman says Air India, BPCL to be sold by March 2020

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New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the central government is looking to wrap up the sale of state-run companies Air India and Bharat Petroleum Corporation (BPCL) by March next year.

Sitharaman said that the sale has been strategically decided upon after being aborted a year ago due to lukewarm responses. Many investors have shown interest to purchase the two loss-making companies and it could help meet the government’s disinvestment target of Rs 1 lakh crore in the current fiscal year, she said in an interview.

“We are moving on both with the expectation that we can complete them this year. The ground realities will play out,” Sitharaman stated while speaking to The Times of India.

Earlier this month, Air India chairman Ashwani Lohani, in an open letter to Air India employees, had said that the divestment may enable the airline’s sustainability.

For Air India, there is a “lot of interest” among investors, Ms Sitharaman said.

Recently, the cabinet approved changes in the process of disinvestment where the prospective bidders will be heard in roadshows before the expressions of interest (EoIs) are floated so that concerns of the prospective buyers are addressed.

Last year, the government had floated the Expression of Interest (EoI) for Air India to offload a 76 per cent stake and management control in the airline but it did not get a single bidder. The government currently owns 100 per cent equity of Air India.

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