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Gold hits record high of Rs 38,666 per 10 gram
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SME Times News Bureau | 13 Aug, 2019
Demand for safe haven assets amid uncertain global business environment took the gold price to fresh highs on Tuesday.
The
precious metal hit a life-time high of Rs 38,666 per 10 gram after it
had surpassed the Rs 38,000 mark for the first time last week.
At the Multi-Commodity Exchange (MCX), the October contract of gold hit a life-time high of Rs 38,666 per 10 gram.
Indian
equity indices registered their worst fall on Tuesday in over a month
following the decline in Asian peers as turmoil in Hong Kong and
Argentina spooked investors.
Gold prices also got a boost due to
the depreciation in the rupee, making imports more expensive. The rupee
closed at Rs 71.39 to a US dollar, weaker by 60 paise from its previous
close of Rs 70.79.
The escalation in the US-China trade tension
and US moving to label China a currency manipulator after it allowed the
yuan to weaken past the key 7-per-dollar level for the first time in
more than a decade, increased fear among investors.
Prices have
seen a sharp surge after the US Federal Reserve earlier indicated that
its 25 basis point rate cut is a "mid-year-adjustment" and not the
beginning of a rate cut cycle.
Fear of a global recession also played its role in the surging gold prices.
Warning
signals are also coming via other reliable indicators of recession: the
bond yield curve. The yield curve has typically inverted before
recessions and it is now nearly similar to what was seen ahead of the
2008 financial crises.
Morgan Stanley believes if the trade war
further soars via US further raising tariffs on all goods imported from
China to 25 per cent, "we would see the global economy entering
recession in three quarters".
The Reserve Bank of India had also
lowered India's GDP growth projection. RBI Governor Shaktikanta Das said
it was warranted by various high frequency indicators pointing to
weakening of both domestic and external demand conditions.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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