Tag: gold

Here’s how much gold Tirupati temple Trust has stored in banks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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According to a recent white paper released by the authorities of what is often considered the richest temple in India, the combined value of all the gold deposited by the Tirumala Tirupati Devasthanam Trust has crossed a staggering 11,329 kilograms, a testament to the immense wealth associated with this place of worship.

A recent white paper revealed the annual statistics of the golden deposits made at various banks. The Temple Trust deposited over 4,000 kg of gold between 2019 and 2022.

The State Bank of India (SBI) and the Indian Overseas Bank (IOB) hold most of the gold deposited by the TTD Trust.

It is customary for the devotees of Sri Venkateswara Swamy temple to make offerings in gold and silver ornaments.

Offerings are made to the presiding deity at the sacred hill shrine by placing them in the Hundi adjacent to the sanctum sanctorum in the main temple.

Devotees on pilgrimage to the famous Vishnu temple in Tirupati, built in 300 AD in the Indian state of Andhra Pradesh, prefer to offer coins tightly packed in a piece of yellow cloth that is dried with turmeric paste. This tradition has been followed for decades together.

Between 30 million and 40 million people visit the temple in Chittoor district, about 134 kilometres from Chennai, every year.

The Tirumala Tirupati Devasthanams Trust, set up by the government through an Act in 1933, has been depositing the offerings in various banks.

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Gold prices steady amid geopolitical tensions: Check city-wise rates today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The price of 24-carat gold exhibited a marginal decline of ₹10 in early trade on Friday, April 19, according to data sourced from the GoodReturns website. 10 grams of the precious metal were valued at ₹73,790.

The disparity in gold prices across key Indian cities is evident, as depicted in the following table:

Globally, gold has been buoyed by escalating tensions in the Middle East, particularly between Israel and Iran.

Investors, seeking refuge from geopolitical uncertainty, have flocked to gold, driving its prices higher, according to news agency Reuters report.

US gold prices surged on Friday, poised for their fifth consecutive weekly gain, reflecting the ongoing demand for safe-haven assets amidst political turmoil.

Everett Millman, chief market analyst with Gainesville Coins, emphasised the role of geopolitical tensions in influencing gold prices.

“When there are geopolitical tensions, the natural response is for investors to flee to gold, which is happening now,” he was quoted as saying in a Reuters report.

Millman suggested that in the event of further escalation, gold prices could soar to $2,500-2,600 per ounce, whereas a ceasefire could prompt a decline to $2,200.

In the domestic market, experts foresee a continuation of upward momentum.

Notably, the yellow metal has already surged more than 15% in the past three months and emerged as the best-performing asset class since the beginning of 2024.

Nirav Bhansali, a member of the Gem & Jewellery Export Promotion Council (GJEPC), predicts further growth, stating that gold prices may surge to ₹75,000 per 10 grams by the year’s end.

ALSO READ | Why this may be the right time to go for a gold loan

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Gold prices gain on weaker dollar — check rates in your city today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices were steady on Thursday (April 18), driven by a variety of factors both at home and abroad. According to data from India’s Multi Commodity Exchange (MCX), gold prices were trading around ₹73,030 per 10 grams, marking an increase of ₹45 compared to the previous day.

Futures contracts mirrored this trend, with prices edging upwards to ₹72,549 per 10 grams from the previous figure of ₹72,523.

Across major Indian cities, including Ahmedabad, Mumbai, New Delhi, Chennai, and Kolkata, gold prices hovered around the ₹74,000 per 10 grams mark.

(Source: CNBC Awaz)

Internationally, gold prices experienced a similar trajectory, with spot gold increasing by 0.8% to $2,379.33 per ounce at 10.01 am GMT.

This rise was attributed to a weaker US dollar and heightened investor concerns over geopolitical tensions, particularly in the Middle East.

“The weakening dollar has been supportive of precious metals across the board today. There are also other supportive factors like geopolitical risks and central bank diversification that have played a role,” Bank of China International (BOCI) analyst Xiao Fu was quoted as saying in a Reuters report.

Geopolitical tensions, including escalations between Israel and Iran, alongside the European Union’s decision to increase sanctions against Iran, contributed to market uncertainty.

Investors sought refuge in assets perceived as safer, including gold, amidst these geopolitical uncertainties.

However, analysts remain cautious about the sustainability of this upward trend.

The Federal Reserve’s cautious approach to rate cuts, as highlighted by Federal Reserve Chair Jerome Powell, and the potential for profit-taking could exert downward pressure on gold prices in the near future.

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Why this may be the right time to go for a gold loan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices are currently trading above the ₹72,000 per 10 grams mark on the Multi Commodity Exchange (MCX). While these high gold prices may be a problem for those purchasing gold, they benefit those seeking gold loans.

One of the primary reasons behind the optimistic outlook is the direct correlation between rising gold prices and the advantageous position of gold loan borrowers.

As gold loans are secured by the pledged gold, the surge in gold prices translates into a higher value for the collateral.

This implies that borrowers can potentially access larger loan amounts against the same quantity of gold compared to periods of lower prices.

Mehak Srivastava, Head of Marketing at SahiBandhu Gold Loans, highlighted the favourable timing for individuals to explore gold loans.

“Taking out gold loans at this time could be beneficial because gold prices are rising. Given the recent price increase, borrowers may be able to obtain a bigger loan amount than in previous times,” she told CNBC-TV18.com.

Notably, the yellow metal has surged more than 15% in the past three months and emerged as the best-performing asset class since the beginning of 2024.

Looking ahead, experts foresee a continuation of this upward momentum.

Nirav Bhansali, a member of the Gem & Jewellery Export Promotion Council (GJEPC), predicts further growth, stating that gold prices may surge to ₹75,000 per 10 grams by the year’s end.

Economic factors such as inflation and interest rates are expected to play significant roles in shaping future gold prices.

With such projections, securing gold loans becomes increasingly appealing.

Historical data also underscores the correlation between the popularity of gold loans and fluctuations in gold prices.

When gold prices surge, there is a corresponding increase in the demand for gold loans, primarily due to the enhanced value of the collateral.

“Conversely, during periods of low gold prices, the demand for gold loans may decrease as borrowers adopt a wait-and-see approach, anticipating a future uptick in gold prices before leveraging their gold assets,” Srivastava said.

Factors to consider

The value of the gold deposited as collateral determines the amount of the gold loan. At the moment, banks offer a loan to value (LTV) of 75%, whereas other financial service providers lend up to 60%.

This means if the gold is worth ₹1 lakh, the person can get a loan for ₹75,000.

The interest rates on gold loans, availed by pledging gold, are notably lower than other types of loans, ranging between 8-26% per annum.

Additionally, banks and financial institutions in India offer gold loans with amounts ranging from ₹1,500 to ₹1.5 crore, with repayment tenures spanning from three months to four years.

A look at gold loan rates of some of the lenders:

(Source: Bankbazaar)

Gold loan platforms play a crucial role in facilitating access to offers and essential information about gold loans, including interest rates and tenures from various banks.

By leveraging such platforms, borrowers can compare and identify lenders offering competitive interest rates for specific loan terms.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Investing in commodities: What experts have to say on how to diversify your portfolio

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Commodities are in a bull run, with gold at an all-time high and silver, copper, aluminium, and zinc at multi-month highs. Soft commodities are surging too from palm to rubber, and cocoa is at an all-time high.

From Geopolitical tensions in the Middle East to Elections in many countries, inflation concerns, supply disruptions, improving economic data, and China demand, volatile Fiat currencies have all led to buying in tangible commodities.

CNBC-TV18 spoke to Lakshmi Iyer, CEO – Investment & Strategy at Kotak Alternate Asset Managers and Vikram Dhawan, Fund Manager- Commodities, Nippon India Mutual Fund to discuss the part commodities can play in your portfolio.

Traditionally, investors tend to focus on financial assets such as equities and fixed-income securities. However, Iyer pointed out that within these asset classes, there is a growing interest in diversifying into commodities.

She said, “But over the last few years, I think we have seen investor interest gravitate towards not just pure play financial asset classes, but also looking at mediums to participate in commodities as a sector on a slightly broader basis. Beginning with obviously precious metals, but slowly and steadily you see it populating to other commodities as well. But yes, predominantly gold and silver within the commodities pack seem to be the preferred way for investors to participate.”

Read Here | Bottomline: Why you should invest in gold

Iyer emphasised the importance of long-term planning when incorporating commodities into portfolios. She suggested that investors should adopt a strategic outlook spanning over 1,000 days, or roughly three to seven years, to maximize the potential benefits of commodity investments.

Dhawan highlighted the need for clear policies to promote the development of domestic commodity markets. He advocated for aligning Indian market standards with global benchmarks to attract both domestic and foreign investors.

Dhawan suggested that if local markets fail to meet global standards, investors should be allowed access to overseas commodity markets to ensure adequate diversification and opportunities for growth.

Watch this video for more

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBI broadens scope for hedging against gold price volatility overseas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) on Monday (April 15) introduced a significant policy amendment, enabling residents to diversify their hedging strategies against gold price volatility in overseas markets.

“Resident entities were permitted to hedge their exposure to the price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority (IFSCA),” the RBI said in a notification.

Also Read: RBI action against financial entities, and the bigger picture

Effective immediately, residents can utilise over-the-counter (OTC) derivatives in addition to derivatives traded on exchanges in IFSC for managing gold price risks, marking a pivotal expansion in risk management options.

“To provide further flexibility to resident entities to hedge their exposures to price risk of gold, it has now been decided to permit resident entities to hedge their exposures to price risk of gold using OTC derivatives in the IFSC in addition to the derivatives on the exchanges in the IFSC,” the central bank said.

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Decoding the recent surge in gold prices: Here are key ways to invest in yellow metal now

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices witnessed a slight decline on Monday (April 15). On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower ₹80 or 0.23% at ₹71,763 per 10 grams in a business turnover of 22,483 lots.  This dip, attributed to profit booking and weak global cues, reflects a momentary shift in market sentiment.

However, analysts emphasise that despite this minor setback, the overall trend for gold remains bullish, with prices reaching new heights in recent times.

Understanding market dynamics

Geopolitical tensions

The ongoing conflict between Iran and Israel continues to fuel uncertainty in the global market.

This geopolitical turmoil has been a significant driver of gold prices, as investors seek refuge in the precious metal amid heightened risk perceptions.

Central bank buying

Central banks around the world have been actively increasing their gold reserves, contributing to the upward trajectory of gold prices.

This steady demand from institutional buyers has provided a strong foundation for the metal’s value.

Interest rate expectations

Speculation regarding potential interest rate cuts by the Federal Reserve later in the year has further supported gold’s appeal.

Lower interest rates reduce the opportunity cost of holding gold, making it an attractive investment option in times of economic uncertainty.

What comes next?

Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, maintains a positive outlook for gold, citing ongoing support from global central banks and persistent geopolitical risks.

However, Colin Shah, MD of Kama Jewelry, believes that the price of gold will continue to be volatile and highly unpredictable, given the escalations between the countries in conflict and the response by G7.

Investment strategies

Investors seeking to capitalise on the current market conditions may consider various strategies for gold investment, including:

Physical gold

Investing in physical gold, such as bars or coins, provides investors with a tangible asset that can serve as a hedge against economic uncertainty and inflation.

Gold Exchange Traded Funds (ETFs)

Gold ETFs allow individuals to invest in gold in a dematerialised format, which can be bought and sold on the stock exchange like shares.

Gold equivalent to physical quantity is deposited in an electronic form, in the purchaser’s demat account.

These are listed on the stock exchange, where one can get real-time updates about their price. ETFs don’t have any exit loads, which means investors can buy or sell the units at any time during the market hours.

Sovereign Gold Bonds (SGBs)

SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash, and the bonds are redeemed in cash on maturity.

It is considered a safe way to invest in gold, especially for those with a long investment window of 5-8 years.

The Reserve Bank of India (RBI) issues SGBs multiple times a year and fixes a price for each issuance. Users can also buy or sell SGBs in the secondary market.

Gold mutual funds

Gold mutual funds are open-ended funds that allow the citizens to invest without a Demat account. The gold fund units are determined by way of Net Asset Value (NAV), which is disclosed at the end of the trading hours. In this scheme, experts manage the investment professionally to create wealth and reduce risks.

Units of gold funds can be redeemed by selling them back to the fund house based on the NAV for the day.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold rises as Iran strike against Israel stokes haven demand

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold jumped at the open after Iran’s unprecedented attack on Israel over the weekend drove demand for haven assets.

Bullion rose as much as 1.2% to near a record high as the conflict in the Middle East entered a dangerous new phase, before paring around half of that gain. The Islamic Republic fired more than 300 drones and missiles against Israel, though most were intercepted and there were no fatalities reported.

The precious metal broke through $2,400 an ounce on Friday, but closed the session lower as technical indicators indicated its rally had run too hot and investors liquidated positions. The latest developments in the Middle East rekindled the flight to safety, with fears over a potential retaliation by Israel likely to support gold in the near term.

Gold has surged by almost 20% since mid-February in a rally that’s taken many investors by surprise. The Federal Reserve moving closer to its much-anticipated pivot, robust buying by central banks and increased demand from Chinese consumers have been the main drivers, along with rising geopolitical risk in the Middle East and Ukraine.

Spot gold rose 0.6% to $2,359.10 an ounce as of 7:32 AM in Singapore, after rising by 0.6% last week. The Bloomberg Dollar Spot Index dipped 0.1%, following a 1.3% gain last week, the most since September 2022. Silver advanced, platinum was steady, while palladium slipped.

Also Read: Indian mission in Israel issues advisory amid ongoing Iran-Israel tensions

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bottomline: Why you should invest in gold

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold does glitter. And returns from the yellow metal historically haven’t been the kind to scoff at. So, while equities and debt are good assets to consider while building a portfolio, gold too deserves some allocation not just from a diversification perspective, but also from a currency risk mitigation point of view.

But let’s first look at a few key characteristics of gold as an asset class.

Gold and inflation don’t sync

We ran the numbers to check if the value of gold bears any correlation with consumer price inflation in the long run. It doesn’t. Gold spot returns in USD when compared to Consumer Price Inflation (CPI) data in the U.S. show low correlation with a reading of 0.4, while gold spot prices in INR display an even lower correlation with our CPI data at 0.1. So, to suggest that gold prices go up when inflation goes up and vice versa may not be correct.

GOLD A HEDGE AGAINST INFLATION

Gold, however, has helped protect investors against inflation. While inflation in the U.S. over a 46-year period grew at a compounded 3.4%, gold appreciated by 5.6% leading to a 225 basis points real return. Even in India, gold spot in rupee terms has generated a healthy return of over 10% over 45-year and 27-year periods, while inflation has grown at a tad over 6% over the past 27 years. That’s a near 400 basis points real return.

So, investing in gold has historically helped combat inflation.

Gold vs Equities

Interestingly enough, gold and equities are positively correlated. Running the numbers on gold and the S&P500 (since 1984) and gold and the BSE-Sensex (since 1997) reveals a very high level of correlation between the two of about 0.9. So, the likelihood of gold gaining ground at a time of a bull run in equities is quite high.

This could be due to liquidity effects—a rise in liquidity is likely to lead to a rise in investment asset values. In terms of returns, the S&P500 has delivered a CAGR of 8.7% over 40 years, higher than the 4.9% return for gold. The BSE-Sensex too has delivered a return of 12% over 27 years, compared to about 10% for gold. The narrower spread in INR is due to the dollar effect, with the rupee seeing an erosion in value. Hence, the returns for gold in INR are higher than in $ terms.

Also, when comparing returns with equities, we must note that these aren’t necessarily similar across all periods. For instance, gold is up 103% since 2019 while the BSE-Sensex has gained only about 82%.

So, there are times when equities will outperform gold and times when the reverse will happen. Having some of your eggs in both baskets can thus help you ensure healthy returns across periods, and beat inflation.

Happy investing!

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Chris Wood can’t explain why gold prices are rising so fast

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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How long will gold prices rally, and when will the shiny yellow metal become cheaper? You may have asked these questions over the last few days as gold continues to scale new highs.

It’s not just you; even veteran investor Chris Wood of Jefferies is baffled by the surge in gold prices.

Typically, the price of gold rises when inflation spikes. While inflation has been increasing globally, the pace of the overall price rise has cooled down, but at the same time, there’s no slowdown in the price of gold, surprising Wood.  

The surprise rise in American inflation in March also took the US dollar to a 34-year high. Since the global prices of commodities like gold and oil are denominated in dollars, the rising value of dollars should typically cap the rise in commodity prices. 

However, the recent trend has been in the opposite direction. While the rally in oil prices can be explained by the supply curbs initiated by OPEC (the lobby of the world’s biggest oil exporters), the rationale for the rally in gold prices isn’t obvious. 

“Greed and Fear have no idea who or what was behind such a trade, save to note that a soaring gold price is not in the interest of the relevant authorities any more than a surging oil price is. Gold is up by 29% since early October and by 18% since mid-February, while the Brent crude oil price is up by 25% since mid-December,” the global head of equity strategy at Jefferies wrote in his latest note.

When do gold prices rise?

As explained by JPMorgan in a note in January, gold prices usually rise in times of economic and geopolitical uncertainty as the metal is widely seen as a safe-haven asset due to its ability to remain a reliable store of value.

It has low correlation with other asset classes, so can act as insurance during falling markets and times of geopolitical stress.

A weaker US dollar and lower US interest rates also increase the appeal of non-yielding bullion, the brokerage noted. Markets were expecting the US Federal Reserve to start cutting rates in June before the latest inflation data.

Now, the hope of a rate cut in the US have been delayed to September.

Also Read: How long will gold price rally continue?

When gold touched an all-time high in December 2023, the brokerage had said, anticipation played a key role in sparking the rally in the price as it is influenced by market expectations of future Fed policy.

In the note dated January 17, JPMorgan had projected that gold prices would dip in the near term before climbing to new highs later in the year, with a forecasted peak of $2,300 per ounce in 2025.

However, this peak has already been crossed in April, only the fourth month of 2024.

These are some of the reasons why Chris Wood finds the rise in gold prices surprising:

• For now at least there continues to be a notable lack of inflows into gold ETFs in the Western world. Rather the reverse is the case.
• Gold ETFs’ holdings have declined by 120 tonnes year to date to 2,542 tonnes as of Wednesday following a decline of 254 tonnes in 2023, according to Bloomberg.
• The physical premium on gold bars and coins traded in Singapore are at only a normal 1-2% compared with the 7-8% levels seen at the peak of the last bull market in 2011 and 2012.
• There is also no evidence of a sudden pickup in sales of American Eagle Bullion coins, one of the most popular series in the US. In fact, American Eagle gold bullion coin sales declined from 19,500oz in February to 12,000 oz in March, the lowest level for the month of March since 2019.
• While gold mining stocks have rallied this year, they are not really outperforming bullion on the scale which would normally be expected to happen in a roaring bull market, which is what happened in the 2001 to 2011 period.
• Gold mining stocks remain extremely cheap based on the current bullion price. The NYSE Arca Gold BUGS Index is trading at the same level as it was in December 2005 when the gold price was only around US$500/oz.

Where is the gold demand?

Wood added that if all of the above factors show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally.

“The most plausible explanation remains demand from China. Still there is a lack of concrete data to confirm such an explanation,” he noted.

Also Read: Which stocks to buy when gold and silver prices rise?

At 5:30 am on April 12, spot gold was up 0.6% at $2,386.38 per ounce.

Bullion hit a record high of 2,389.29 earlier in the session and US gold futures gained 1.3% to $2,403.90 per ounce. Back home, 10 gm of 24 carat gold was priced at 72,230 at 8:20 am, according to data on goodreturns.in.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow