India's 2020 gold demand may hit 26-year low as prices rally: WGC

Agencies
July 30, 2020

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New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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News Network
April 25,2024

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The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

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News Network
April 22,2024

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Mangaluru: BJP candidate in Dakshina Kannada Capt Brijesh Chowta has received a letter from Prime Minister Narendra Modi wishing him victory in the election.

In the letter, which the BJP shared with the media, the PM has lauded Chowta’s exceptional services in the armed forces as a part of the Gorkha regiment, especially in counter-insurgency operations. Modi also has mentioned about Chowta’s efforts as an organiser of the Mangaluru Lit Fest and his dedication to preserve the cultural heritage of the region.

“I am certain that you will immensely contribute towards the welfare of people and the region of Dakshina Kannada. Through this letter, I would like to tell the people of your constituency that this is not an ordinary election. Families across India, especially the senior members, would remember the difficulties they have gone through in the last five to six decades. In the last 10 years, the quality of life of every section of society has improved, with many of these troubles removed. Yet, a lot more is still to be done and this election will be decisive in our mission to ensure a better life for everyone,” reads the letter. 

“Your exceptional service in the armed forces as a part of the Gorkha regiment, especially in counter-insurgency operations, is commendable. Additionally, your efforts as an organiser of the Mangaluru Lit Fest demonstrate your dedication to preserving the cultural heritage of the region. I am certain that you will immensely contribute towards the welfare of people and the region of Dakshin Kannada”

“With the blessings of the people, I am confident that you will reach the Parliament. Team members like you are a great asset for me. As a team, we will leave no stone unturned for the welfare of the people of your constituency and the country. Through this letter, I would like to tell the people of your constituency that this is not an ordinary election. Families across India, especially the senior members, would remember the difficulties they have gone through in the last 5-6 decades. In the last 10 years, the quality of life of every section of society has improved, with many of these troubles removed. Yet, a lot more is still to be done and this election will be decisive in our mission to ensure a better life for everyone.

“This election is an opportunity to connect our present with a bright future. Every vote that the BJP gets will go towards forming a stable government and impart momentum in our journey to become a developed nation by 2047. The people of India themselves have made up their minds to support this vision and are leading the way in this election. I am aware that the summer heat poses problems to everyone. But this election is extremely important for the future of our nation. I appeal to the voters to cast their votes early in the morning, before the heat sets in.

“It is important that our workers motivate people to go out and vote in large numbers. Focus on winning the booth. Victory in every booth leads to success in the constituency. At the same time, I request workers of our party to take care of their health and that of other people around them. As a candidate of the BJP, I urge you to convey my assurance to each voter that every moment of my time is dedicated to the welfare of my fellow citizens. I send you my wishes for your victory in the election,” stated PM Modi in the letter.

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News Network
April 23,2024

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Congress workers protested outside the home of Nilesh Kumbhani, the party's candidate from Gujarat's Surat Lok Sabha seat whose nomination form was rejected due to alleged discrepancies, as he was likely to join the BJP, sources said on Tuesday.

The protest came a day after the BJP's Mukesh Dalal was declared the winner from the party stronghold following the withdrawal of all the other eight candidates in the fray.

The sources said that the protesters called Kumbhani a "traitor" and "killer of democracy", adding that he could join the BJP as early as this week.

Kumbhani's nomination form was rejected after he was unable to present even one of his three proposers before Returning Officer Sourabh Pardhi.

The BJP had raised questions about the discrepancies in the signatures of three proposers in his nomination form.

The nomination form of Suresh Padsala, the Congress' substitute candidate from Surat, was also invalidated, pushing the party out of the poll fray in the BJP stronghold.

In his order, Pardhi said the four nomination forms submitted by Kumbhani and Padsala were rejected because at first sight, discrepancies were found in the signatures of the proposers, and they did not appear genuine.

The Lok Sabha elections in the Surat seat was supposed to take place on May 7.

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