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2:10 PM
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The RBI has increased gold purchases to diversify reserves, with gold value contributing to a $3 billion rise in forex reserves to $648.5 billion. RBI acquired 13.3 tonnes of gold in early 2024, aiming for diversification and inflation hedging.
6:10 AM
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The recent escalation in tensions, particularly following Iran’s drone offensive, is causing concern among finance ministers and central bank chiefs. The primary impact is expected on oil prices, which surged to $92.2 a barrel, posing risks to global economic stability. In India, while pump prices may not immediately rise due to elections, increased oil prices could strain government subsidies and impact inflation and deficits.
9:10 PM
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The report underscores the significant role played by new incremental factors, particularly the surge in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have led to an increase in gold prices worldwide. Despite expectations of fewer Federal Reserve rate cuts, strong growth trends, and record-breaking equity markets, gold has rallied by 17 percent over the past two months.
1:10 PM
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India's foreign exchange reserves rose for the seventh straight week to hit a fresh all-time high of USD 648.562 billion in the week ending on April 5, as per the latest data released by the Reserve Bank of India (RBI).
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