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Gold imports, which have a bearing on the country s current account deficit (CAD), rose by 22.58 per cent to USD 34.6 billion (about Rs 2.54 lakh crore) during 2020-21 due to increased domestic demand, according to the Commerce Ministry data. Silver imports during the last fiscal, however, dipped by 71 per cent to about USD 791 million. Imports of the yellow metal stood at USD 28.23 billion (about Rs 2 lakh crore) in 2019-20, the data showed. Despite growth in gold imports, the country s trade deficit narrowed to USD 98.56 billion during 2020-21 as against USD 161.3 billion in 2019-20. Gem and Jewellery Export Promotion Council (GJEPC) Chairman Colin Shah said that increasing domestic demand is pushing up imports of gold.
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NEW YORK, NY and TAIPEI, TAIWAN / ACCESSWIRE / April 6, 2021 / Sino United Worldwide Consolidated Ltd. (OTC PINK:SUIC) with its investment partner iDrink Technology Co. Ltd., Taiwan ( iDrink ) has signed a $15 million trading contract with North America Chinese Financial Association for trading through GoldTrade and IndexTrade headed by iDrink and Midas Touch Technology Ltd. of London. SUIC iDrink taps into the institutional investors pool in the US and Europe as it continues to upgrade trading solutions in these regions, leveraging its algorithmic analytics and trading strategies to suit individual investor that will customize different risk/reward characteristics.
This investment by North America Chinese Financial Association will be made within three years in incremental contributions, and will trade on the platforms of GoldTrade and IndexTrade, expecting to gain from the participation in the bullion and stocks sectors. GoldTrade and IndexTrade are powerful portfolio tools o
FUNDAMENTALS Spot gold rose 0.3% to $1,732.02 per ounce by 0134 GMT, while U.S. gold futures for April delivery rose 0.7% to $1,730.90 per ounce. Yields on benchmark 10-year notes held near their highest in more than a year on continued U.S. economic optimism after a $1.9 trillion recovery package was signed into law last week. [US/] Gold is generally considered a hedge against inflation, although higher bond yields have challenged that status recently as they increase the opportunity cost of holding non-yielding bullion. U.S. producer prices increased strongly in February, leading to the largest annual gain in nearly 2-1/2 years, data showed on Friday.