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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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India rejects Walmart-owned Flipkart’s proposed foray into food retail business.

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The Indian government has rejected Flipkart’s  proposal to enter the food retail business in a setback for Walmart, which owns a majority of the Indian e-commerce firm and which recently counted its business in Asia’s third-largest economy as one of the worst impacted by the global corona virus pandemic.

The Department for Promotion of Industry and Internal Trade (DPIIT), a wing of the nation’s Ministry of Commerce and Industry, told Flipkart, which competes with Amazon India, that its proposed plan to enter the food retail business does not comply with regulatory guidelines — though it did not elaborate, according to a person familiar with the matter.

Rajneesh Kumar, chief corporate affairs officer at Flipkart, told Tech Crunch that the company was evaluating the agency’s response and intended to re-apply.

“At Flipkart, we believe that a technology and innovation-driven marketplace can add significant value to our country’s farmers and food processing sector by bringing value-chain efficiency and transparency. This will further aid boosting farmers’ income and transform Indian agriculture,” he added.

While announcing the plan to enter the nation’s growing food retail market, Kalyan Krishnamurthy, Flipkart Group CEO, said in October last year that the company planned to invest $258 million in the new venture.

Flipkart planned to invest deeply in the local agriculture-ecosystem and supply chain, and work with tens of thousands of small farmers, their associations and the nation’s food processing industry, Krishnamurthy said. The food retail unit would help “multiply farmers’ income and bring affordable, quality food for millions of customers across the country.”

Several e-commerce and grocery firms in India, including Amazon, Zomato and Grofers, have previously secured approval from New Delhi, which currently permits 100% foreign direct investment in food retail, for entering the food retail business.

A Flipkart executive, who did not want to be identified, said they were “at a loss of words” to assess on what ground their application was rejected.

Food and grocery are compelling categories for e-commerce businesses in India as it enables them to engage with their customers more frequently. According to research firm Forrester, India’s online food and grocery market remain significantly tiny, accounting for just 1% of the overall sales.

In the most recent quarterly earnings call, Walmart  said limited operations at Flipkart had negatively affected the group’s overall growth. New Delhi announced one of the world’s most stringent lock downs across the nation in late March that restricted Amazon and Flipkart from delivering in many states and only sell “essential items,” such as grocery and hygienic products.

India maintains the stay-at-home orders for its 1.3 billion citizens, though it has eased some restrictions in recent weeks to resuscitate the economy.

 

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