Tag: Gold investment

MobiKwik launches Daily Gold Savings Plan: How it works

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

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Fintech company MobiKwik has announced the launch of Daily Gold Savings Plan. The will help users to save small amounts daily, MobiKwik said in a statement.

With this, users can opt for either daily, monthly or one-time SIPs.

The daily SIP plan facilitates sachet saving.

One of the key features of the Daily Gold Savings Plan is that users who make daily SIPs exceeding ₹51 are eligible to have the costs of one SIP covered every quarter.

MobiKwik has partnered with SAFEGold for its reliability of gold purchases, the fintech firm stated.

Additionally, the plan will offer users the flexibility of selling or gifting their gold holdings anytime, with doorstep delivery at no extra charge.

Bipin Preet Singh, Co-founder & CEO, MobiKwik, said, “Gold has long been regarded as one of the safest mediums of savings, standing the test of time. Our Daily Gold Savings Plan aims to digitise and democratise this tradition, making it accessible to everyone.”

Gold is often used as a hedge against economic uncertainty and inflation as it tends to have a low correlation with other asset classes like stocks and bonds.

For investors, experts suggest adding gold to the portfolio as it can help diversify risk.

If investors are looking to diversify investments and reduce overall portfolio risk, allocating a portion to gold may be beneficial.

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This brokerage advises investors to buy gold in SIP mode during every dip

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

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As gold prices continue their upward trajectory, Religare Broking suggested that investors could seize the opportunity to accumulate gold through systematic investment plans (SIPs), particularly during market dips.

The brokerage advised investors to consider initiating SIPs as long as gold prices maintain above ₹68,500 per 10 grams.

Religare has set an initial upside target of ₹74,000 per 10 grams, followed by ₹78,000 per 10 grams levels. However, the brokerage warns that a decisive break below the previous swing low of ₹65,200 per 10 grams could disrupt the trend.

“This could potentially lead gold to retest the range of ₹63,300 to ₹63,800 per 10 grams,” Religare Brokerage said.

The recommendation comes against the backdrop of rising gold rates, with the precious metal seeing gains of approximately 15% in domestic bourses in 2023. The market dynamics driving this surge include a blend of geopolitical tensions, central bank manoeuvres, fluctuations in the dollar index, and shifts in US yields.

MCX gold surged by 12.50% in the past calendar year, slightly outpacing spot Comex gold, which stood at 12.20%.

Notably, central banks worldwide have increased their gold purchases, acquiring 1,037 tonnes in 2023, falling just shy of the record set in 2022, which stood at 1,082 tonnes.

Religare Broking pointed out that following a robust performance last year, gold has registered an approximate 12.50% gain on domestic exchanges thus far. Analysing the daily chart, prices are currently consolidating after a sharp rise, with ₹70,000 per 10 grams acting as a pivotal level.

Although buyers are cautious during this consolidation phase, Religare Broking has suggested that a slight dip towards the 50 SMA at ₹68,500 per 10 grams could present a favourable buying opportunity for the next leg of upward momentum.

On May 10 (Friday), Akshaya Tritiya day, gold prices increased, fuelled by weak US jobs data and a falling dollar. At the MCX, prices soared over ₹1,000 to reach ₹72,700 per 10 grams.

This surge follows a ₹2,700 per 10 grams rise within a week.

Comex Gold saw a rise of more than $28 at $2,375 per ounce, marking a strong move of $75 per ounce in one week, according to Jateen Trivedi, VP Research Analyst — Commodity and Currency at LKP Securities.

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Gold prices near ₹72,000 per 10 grams on Akshaya Tritiya day: Will high rates deter demand?

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

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Gold prices soared on the Multi Commodity Exchange (MCX) on the day of Akshaya Tritiya, an occasion when buying the yellow metal is considered auspicious. On Friday, May 10, 2024, gold futures maturing on June 5, 2024, reached ₹72,094 per 10 grams on the MCX.

This was ₹455 or 0.64% up from the previous close at ₹71,639 per 10 grams.

The surge in gold prices isn’t confined to domestic markets alone; globally, gold prices also witnessed an upward trend.

Spot gold climbed 0.2% to $2,350.87 per ounce by 0212 GMT, buoyed by recent economic data hinting at a potential interest rate cut from the Federal Reserve.

This momentum propelled gold towards its best week since April 5, with prices up by 2.2% so far this week, according to news agency Reuters.

US futures mirrored this trajectory, rising 0.7% to $2,356.90.

Tapan Patel, Fund Manager-Commodities at Tata Asset Management, suggests that the current market landscape, coupled with the auspicious day of Akshaya Tritiya, presents a favourable environment for gold investment.

Factors such as central bank gold purchases, expectations of interest rate cuts, and geopolitical risks contribute to the bullish sentiment surrounding gold prices.

Patel advises investors to consider allocating around 8-10% of their total portfolio exposure to gold as a strategic move for asset diversification.

Recognizing gold’s role as a diversification tool, hedge against inflation, and long-term store of value, Kavitha Subramanian, Co-founder of Upstox outlines various investment vehicles available to investors except from physical gold:

Sovereign Gold Bonds (SGBs)

Backed by the RBI and the GOI, SGBs offer a secure alternative to physical gold, with an assured interest rate of 2.5% annually and tax-free profits on maturity.

Gold ETFs

These instruments provide a convenient and cost-effective means of investing in gold, suitable for investors seeking exposure to gold without the burden of physical ownership.

Gold Mutual Funds

Managed by professionals, gold mutual funds invest in physical gold, Gold ETFs, or gold mining company stocks, catering to diverse investor preferences.

Asset management companies (AMCs) are increasingly offering innovative avenues for gold investment, ranging from hybrid multi-asset schemes to exchange-traded commodity derivatives (ETCD).

Subramanian recommends allocating approximately 5% to 10% of one’s portfolio towards gold to optimise diversification and manage risk effectively.

Gold sales on Akshaya Tritiya day

Colin Shah, MD at Kama Jewelry, said that a twofold momentum surge is expected this year during Akshaya Tritiya.

He attributed it to the sentimental value attached to gold and the auspicious timing for investments.

According to Piyush Gupta, Director at PP Jewellers by Pawan Gupta, gold sales may range between 10-15% this year.

“Even if gold prices this year may be increasing at a fast pace, it’s important to see the bright side of things. It is also important to understand that the rise in prices reflects not only market conditions but also the true worth of gold as a tangible asset with enduring value,” he said.

Harshal Barot, Senior Consultant for South Asia and the Middle East at Metals Focus expects gold sales volumes to be 10-20% lower this Akshaya Tritiya compared to last year.

However, in terms of value, he said that sales will remain comparable.

Barot said prices have cooled off from record highs, boosting sentiment in the run-up to Akshaya Tritiya.

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

Gold prices up 13% since last Akshaya Tritiya: Should you buy amid rising rates?

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

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Gold prices have surged by approximately 13% since the last Akshaya Tritiya, experts told CNBC-TV18.com. With gold prices hovering around ₹70,000 per 10 grams in India, there arises a pertinent question: Will consumers buy gold this Akshaya Tritiya amidst these elevated rates?

Commenting on the same, Colin Shah, MD at Kama Jewelry, said that a twofold momentum surge is expected this year during Akshaya Tritiya.

He attributed it to the sentimental value attached to gold and the auspicious timing for investments.

Shah noted a shift among young buyers, who are increasingly investing in gold for adornment purposes.

In the long-term too, experts are bullish on gold prices as well as investment.

Aditya Agarwala, Co-Founder and Head of Research and Investment at Invest4edu, said  he can see gold moving north after a cool-off period.

Here are the key factors that are expected to sustain the demand for precious metals (as highlighted by Agarwala):

Geopolitical tension

Constant conflicts in the Middle East and European countries will keep gold prices at elevated levels as it is considered as a safe haven.

Slowdown in global economies

A weaker global economy and sticky inflation will further boost demand for gold.

Higher interest rates

If interest rates cuts are lower than expected due to high inflation, money will flow into gold and silver from equites.

The table below shows the average annual price of gold (24 karat per 10 grams) in India from 2014 to the present year offering insight into historical trends:

(Source: Invest4edu)

Investment considerations

Experts think investing in gold is a smart choice now.

“Investing in gold brings stability and good returns amidst risks. While Indian stocks are booming, they come with uncertainty. To protect against rising prices, gold is a smart choice. On Akshay Tritiya, a lucky day for gold buying, consider investing in gold. Despite recent ups and downs, gold keeps hitting new highs, showing it’s a safe bet in today’s market,” Kresha Gupta, Founder, Chanakya Opportunities Fund, told CNBC-TV18.com.

Brokerage firm Motilal Oswal also advocates a positive outlook for the yellow metal.

It recommends purchasing the metals on dips with targets set at ₹75,000 per 10 grams for gold on the domestic front, and $2,450 per ounce on Comex.
In the longer term.

In addition to traditional gold purchases, digital gold options like gold ETFs are gaining traction.

Zerodha Fund House cited significant increases in gold ETF inflows post-pandemic.

Analysis reveals a rise in assets under management (AUM) of gold ETFs, indicating growing investor interest in this avenue.

Motilal Oswal recommends investing in sovereign gold bonds (SGBs) to capitalise on gold price rises, with the added benefit of a 2.5% interest rate.

Gold demand this Akshaya Tritiya

According to Piyush Gupta, Director at PP Jewellers by Pawan Gupta, gold sales may range between 10-15% this year.

“In India, gold is not just an investment but a testament to our cultural legacy. It has always symbolised prosperity and tradition. Even if gold prices this year may be increasing at a fast pace, it’s important to see the bright side of things. It is also important to understand that the rise in prices reflects not only market conditions but also the true worth of gold as a tangible asset with enduring value,” he said.

Vikas Singh, Managing Director & CEO of MMTC-PAMP, recommends investors to check for purity before buying gold.

“The higher the purity, the greater the intrinsic worth and value for potential returns. While karats indicate gold content broadly, the fineness measure provides a more granular analysis. Crucially, for the discerning investor, purities can vary even within the 24-karat category,” he said.

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This brokerage believes silver may outperform gold in long-term

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

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Motilal Oswal Financial Services Limited (MOFSL) has forecasted that silver could outshine gold in the long run. The brokerage cited data indicating year-to-date increases for both precious metals.

According to MOFSL, gold and silver have experienced year-to-date gains of 13% and 11% respectively, since the commencement of the new year with the auspicious occasion of Akshaya Tritiya.

(Source: Motilal Oswal)

MOFSL continues to advocate a positive outlook for both gold and silver.

It recommends purchasing the metals on dips with targets set at ₹75,000 per 10 grams for gold and ₹1 lakh for silver on the domestic front, and $2450 per ounce for gold and $34 for silver on Comex.

Despite the positive outlook, some factors could temper gold prices, including supply and demand issues, particularly during periods of extreme uncertainty in the market.

MOFSL highlights a range of factors that could act as tailwinds for gold prices, including lower-than-expected economic data, rising growth concerns, increased rate cut expectations, geopolitical tensions, concerns regarding rising debt, increased demand, and falling US yields.

Moreover, the volatility in election years, with more than 40 countries, including the US and India, lined up for elections, could further impact gold prices.

Market participants often anticipate future events in advance, potentially leading to further support for gold prices in the face of unexpected occurrences.

The surge in gold and silver prices since the beginning of the year has been attributed to several factors, including geopolitical tensions and uncertainty surrounding the Federal Reserve’s monetary policy.

Central banks’ continued purchases of gold in Q1, along with increased demand for bars and coins, indicate sustained interest in the precious metal.

Notably, imports of gold and silver have seen a significant increase since the start of the year, possibly influenced by trade deals and import duty benefits.

Looking at historical data, gold has delivered a consistent 10% compound annual growth rate (CAGR) over the last 15 years for Akshaya Tritiya, making it an attractive investment option for market participants with varying risk profiles.

In the longer term, MOFSL recommends investing in Sovereign Gold Bonds (SGBs) to capitalise on gold price rises, with the added benefit of a 2.5% interest rate.

Other investment options include ETFs, exchange-traded derivatives, digital gold, and physical bars and coins.

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

Gold prices fluctuate ahead of Akshaya Tritiya: What investors need to know

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

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As Akshaya Tritiya approaches on May 10, 2024, the allure of gold persists, but the market is witnessing fluctuations in prices both domestically and globally.

On Wednesday, May 8, gold prices in India experienced a slight dip, with 24-karat gold (also known as 999 gold) selling at ₹7,227 per gram, according to data from Good Returns.

Globally, gold prices remained within a narrow range as investors analysed the potential timeline for US interest rate cuts and awaited further clarity on monetary policy.

Spot gold saw a modest 0.1% increase to $2,317.44 per ounce, while US gold futures also rose by 0.1% to $2,326.40.

Experts are cautiously optimistic about the demand for gold this Akshaya Tritiya season.

However, the market sentiment hinges on various factors, including upcoming economic indicators and geopolitical events.

The upcoming University of Michigan’s consumer sentiment reading, along with the US consumer price index data scheduled for release on May 15, are pivotal points for investors.

Commenting on the situation, Ilya Spivak, head of global macro at Tastylive, highlighted the Federal Reserve’s stance on inflation and interest rates.

Spivak suggested that if upcoming reports indicate concerning levels of inflation, it could potentially influence the Fed’s rate-cutting decisions, subsequently impacting the price of gold.

Rahul Kalantri, VP of Commodities at Mehta Equities, emphasised the importance of monitoring Federal Reserve officials’ comments for insights into interest rate cuts.

Additionally, geopolitical tensions, such as the ongoing crisis in the Middle East, contribute to market volatility and influence gold prices.

Technically, Reuters analyst Wang Tao suggested that spot gold might face resistance at $2,325 per ounce, with a potential breakthrough opening the path towards the $2,336-$2,351 range.

In terms of the rupee, Kalantri outlined support levels at ₹70,940 per 10 grams and ₹70,760 per 10 grams, with resistance at ₹71,440 per 10 grams and ₹71,620 per 10 grams.

Amidst these fluctuations, investors contemplate whether it’s the right time to buy gold.

Krishan Mishra, CEO of FPSB India, advises investors to use Akshaya Tritiya as an opportunity for financial introspection.

He emphasises the importance of maintaining a disciplined approach to financial planning throughout the year, focusing on long-term objectives, diversified portfolios, risk management, and regular reviews and adjustments.

As Akshaya Tritiya approaches, the decision to invest in gold should align with individual financial goals and circumstances, guided by a strategic approach rather than solely by auspicious timing.

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

Akshaya Tritiya 2024: Offers, discounts available on purchase of gold, silver, diamond

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

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Akshaya Tritiya, the summer festival of India, is associated with wealth and prosperity. Buying gold, jewellery and other valuable items is considered auspicious on this day.

This year Akshaya Tritiya is on May 10 and several companies are offering deals on gold, silver and diamond jewellery.

Here’s a look at some of the offers on this festival:

Carat Lane

Carat Lane is offering a 20% discount on diamond prices across 4500+ designs, along with a flat ₹500 off on the first purchase.

This offer is available until May 10, with an additional 5% instant discount for SBI credit cardholders.

Candere by Kalyan Jewellers

Candere by Kalyan Jewellers is offering a flat 20% discount on diamond-studded pieces, coupled with a 5% instant bank discount on debit and credit cards.

Joyalukkas

Joyalukkas has introduced special offers, including a free ₹1,000 gift voucher on gold jewellery purchases exceeding ₹50,000, and a complimentary ₹500 gift voucher on silver jewellery purchases over ₹10,000.

For diamond, uncut diamond, or precious jewellery purchases worth ₹50,000 and above, customers receive a ₹2,000 gift voucher.

These offers are valid until May 12, 2024.

Malabar Golds

Malabar Golds extends discounts of up to 25% on making charges for gold jewellery and diamond jewellery purchases until May 12, 2024.

SBI Credit Cardholders can avail of an additional 5% cashback on transactions exceeding ₹25,000, with a maximum cashback of ₹2,500 per card.

This offer is exclusively valid for purchases made between May 1 and May 10, 2024.

Tanishq

Tanishq is offering a 20% discount on making charges for gold and diamond jewellery from May 2 to May 12, 2024.

Mellora

Mellora provides a 25% discount on diamond and gemstone jewellery purchases.

Senco Gold and Diamonds

Senco Gold and Diamonds is offering ₹150 off per gram of gold rate and up to 100% off on jewellery making charges.

Additionally, it is offering 5% extra cashback on using SBI credit card.

However, this offer is valid only when purchase is done via company’s website excluding coins and bars.

Hazoorilal Legacy 

The company has announced 40% discount on diamond and polki jewellery.

Additionally, it has announced discount in making charges on gold Jewellery with 22KT purity and 91.66% BIS Hallmark.

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This series of Sovereign Gold Bond will give 147% returns on premature redemption this week

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

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The Reserve Bank of India (RBI) has announced the redemption price for sovereign gold bond (SGB) Series I of 2017-18 due on May 10, 2024. The premature redemption rate for the same is ₹7,165 per unit, which is a profit of ₹4,264 per unit and nearly 147% above the issue price.

Having been initially issued at ₹2,901 per unit, the redemption price is determined based on the simple average of the closing gold price of 999 purity over the preceding three business days, as reported by the India Bullion and Jewellers Association (IBJA).

For the premature redemption of SGB Series I of 2017-18, this average is calculated from April 29 to May 3, 2024.

How to initiate premature redemption

To initiate premature redemption, investors must approach the relevant bank/Stock Holding Corporation of India (SHCIL) office/post office/agent at least thirty days before the coupon payment date.

However, the request for premature redemption will only be processed if submitted at least one day before the coupon payment date, in adherence to the guidelines set by the RBI.

Upon redemption, the proceeds are directly deposited into the customer’s bank account specified during the bond application process, ensuring a seamless withdrawal experience for investors.

About SGBs

The SGBs, categorised as Government of India Stock under the Government Securities Act, 2006, offer investors a unique avenue for gold investment.

These allow investors to capitalise on gold price fluctuations without the complexities associated with physical gold transactions.

Upon subscription, investors are furnished with a Certificate of Holding, and these bonds can be converted into demat form.

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You can redeem Sovereign Gold Bond 2017-18 Series VI at 142% profit

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

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The Reserve Bank of India (RBI) has announced the redemption price for sovereign gold bond (SGB) Series VI of 2017-18 due on May 6, 2024. The premature redemption rate for the same is ₹7,141 per unit, which is a profit of ₹4,196 per unit and nearly 142% above the issue price.

The issue price for the same was ₹2,945 per unit.

The redemption price of SGB is based on the simple average of the closing gold price of 999 purity of the previous three business days from the date of redemption as published by the India Bullion and Jewellers Association (IBJA).

Accordingly, the redemption price for premature redemption of SGB Series VI of 2018-19 is based on the simple average of closing gold price for April 30, 2024, May 2, 2024 and May 3, 2024.

Sovereign gold bonds or SGBs are issued by the government, for which investors get a holding certificate. It comprises government securities denominated in gold wherein investors are required to pay the issue price in cash.

Though the tenure of the bond is eight years, early encashment/redemption of the bond is allowed after the fifth year from the date of issue on coupon payment dates.

In case of premature redemption, investors can approach the concerned bank/SHCIL offices/post office/agent thirty days before the coupon payment date.

Request for premature redemption can only be entertained if the investor approaches the concerned bank/post office at least one day before the coupon payment date, according to the Reserve Bank of India (RBI).

The proceeds are credited to the customer’s bank account provided at the time of applying for the bond.

On maturity, these bonds are redeemed in rupees.

The investors are advised one month before maturity regarding the ensuing maturity of the bond.

On the date of maturity, the maturity proceeds are credited to the bank account as per the details on record.

In case there are changes in any details, such as account numbers, or email IDs, then the investor must inform the bank/SHCIL/PO promptly.

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

Gold prices decline in India on weak global cues: Check rates in your city

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

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Gold prices on Friday (May 3) declined by ₹100 to ₹70,636 per 10 grams in futures trade on the Multi Commodity Exchange (MCX) as speculators reduced their positions.

Analysts attributed the fall in gold prices to weak global cues and profit booking at higher levels.

Globally, gold was trading 0.05% lower at ₹2,308.40 per ounce in New York.

Investors remained cautious ahead of the US non-farm payrolls data that could provide cues on the Federal Reserve’s rate cut timeline, according to news agency Reuters.

The Fed’s indication towards eventual reductions in borrowing costs, combined with recent disappointing inflation readings, has cast uncertainty over the timing of rate cuts.

Markets are currently pricing in a 73% chance of a rate cut in November, according to CME’s FedWatch Tool.

Bullion is traditionally considered an inflation hedge, but elevated interest rates reduce the appeal of the non-yielding asset.

A softer payrolls report could potentially provide support for gold, analysts suggest.

The US non-farm payrolls report is due at 1230 GMT.

According to Reuters technical analyst Wang Tao, spot gold is biased to break resistance at $2,311 and climb to a range of $2,325-2,351.

Gold rates today in major Indian cities

As of May 3, 2024, in Delhi, the current price for 10 grams of 22-carat gold is approximately ₹65,900, whereas 10 grams of 24-carat gold is priced at around ₹71,880.

In Mumbai, the price of 10 grams of 22-carat gold stands at ₹65,750, while the equivalent amount of 24-carat gold is valued at ₹71,730.

In Ahmedabad, the price for 10 grams of 22-carat gold is ₹65,800, and for the same amount of 24-carat gold, it’s ₹71,780.

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