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High gold prices hurt demand on Dhanteras

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New Delhi, Nov 5: In line with expectations, the sale of gold this Dhanteras across metro cities was subdued owing to high prices of the precious metal.

Gold prices are currently around the highest levels in the last few years. In Delhi, gold was priced around Rs 32,600 per 10 gram on Monday.

Dhanteras is considered an auspicious occasion for buying gold.

“In Delhi, demand on Dhanteras fell around 40 per cent from last year as gold prices are highest in the last three-four years,” said an employee with Nihalsons Jewellers, based in the capital.

Another employee with Haryana Jewellers in Delhi said: “You can see crowds in the shops, but most of them do not end up buying.”

In the country’s financial capital — Mumbai — too traders said sales were down 40 per cent on year-on-year basis.

“Though there are crowds, people are not buying as per the expectations, but merely making token purchases of 5-10-20 gm to mark the auspicious day. Mostly gold coins/ or guineas are moving while small, medium or big articles of jewellery are virtually ignored,” said Mumbai Jewellers Federation President Rakesh Shetty.

Similarly, demand for the yellow metal in Kolkata during the day was down 10 per cent as prices were around 7 per cent higher than last year, India Bullion and Jewellers Association’s West Bengal President Pankaj Parekh told IANS.

“Dhanteras was expected to bring the much needed rejuvenation in the market but this year jewellery sales have not yet picked up so far,” he said.

According to Parekh, the depreciation in rupee and rise of international gold prices by around 3-4 per cent in the last two months have pushed the domestic prices of the metal to Rs 32,700 (including GST) per 10 gm during this year’s Dhanteras from Rs 30,500 last year.

Somasundaram P.R., the World Gold Council’s Managing Director for India, said organised players in the market seem “better placed” in comparison to the unorganised participants due to “transparency measures” including the use of digital wallets.

“Anecdotal feedback from industry suggests that though footfalls seems to be good, demand could be moderate,” he said. The recent sharp increase in prices could weigh on the consumer wallet though, limiting purchases during this season, he said.

However, there were some voices of positivity, too.

The All India Gem & Jewellery Domestic Council (GJC) said contrary to the expectations, gold and jewellery sales have zoomed during Dhanteras and the positive trend is expected to continue till the upcoming winter wedding season.

“The past three days have surprised even the industry. People are literally out in droves in shops and showrooms to make gold purchases. For two months, till last Saturday, the market situation was extremely gloomy,” said GJC President Nitin Khandelwal.

“Our expectation is that USD may touch around Rs 85 in the near future, given the current international scenario. Along with that, gold itself would shoot up to Rs 45,000 per tola (10 gm). Plus, the upcoming winter marriage season is also driving up the sales,” Khandelwal told IANS.

Jewellers have now set their eyes for the wedding season starting this month which is likely to firm up demand for gold for jewellery. The marriage season generally starts in November and lasts till March.

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Amazon Quiz Answers Today, November 25, 2020: Answer and Win Rs 5000 Pay Balance

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance.

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Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs 5000 Pay Balance
Amazon Quiz Date: November 25, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 25, 2020

Q1- Char-chaporis are shifting riverine islands of the Brahmaputra located in which Indian state?
Ans- Assam
Q2- In 2020, who became the first bowler to pick up a wicket off the first ball in an IPL final?
Ans- Trent Boult
Q3- Alu, Bittu and Sattu are characters in which recent Rajkummar Rao movie?
Ans- Ludo
Q4- These objects are used to do what kind of activity?
Ans- Surfing
Q5- In which city also known as the ‘Blue City’ is this picture taken?
Ans- Jodhpur

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
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Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Congress opposes move to let corporates enter banking sector

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chidambaram

New Delhi: The Congress on Tuesday opposed the proposal to allow corporates and business houses enter the banking sector, contending that this move will leave the depositors at their mercy as it happened in the case of Yes Bank and Laxmi Vilas Bank.

Addressing a press conference, former Finance Minister P. Chidambaram said: “The Congress party condemns the proposal and demands that the government, unequivocally and forthwith, declare that it has no intention of pursuing the proposal.”

“We call upon all the people of India and all political parties and trade unions to join us in resolutely opposing the retrograde idea of allowing corporates and business houses to enter the banking sector and set up banks,” he added.

The Congress alleged that the proposal, ostensibly based on a report of an RBI Internal Working Group, has the fingerprints of the Modi government written all over it.

This proposal, along with some other recommendations, is part of a deeper game plan to control the banking industry, it said, claiming that the proposal, if implemented, will completely reverse the enormous gains made in the last 50 years of retrieving the banking sector from the clutches of business houses.

Noting that all over the world, especially in developed economies, three principles govern banking — broad-based shareholding reflecting shareholder democracy, strict separation of ownership and management with ownership with shareholders and management in professional hands, and prohibition of connected lending, Chidambaram said that all three will be thrown out of the window if corporates and business houses are allowed to set up banks.

“Bank funds belong to the depositors who are the people of this country. As a proportion of total deposits, the equity of a bank is minuscule. The total deposits in the banking industry is of the order of Rs 140 lakh crore… If business houses are allowed to own banks, they will, with a small equity investment, control very large amounts of the nation’s financial resources. This must not happen and the Congress will strive its utmost to ensure that this will not happen,” Chidambaram said.

He said that it “is shocking that such an idea should have been presented to the people as though it has the imprimatur of experts and the endorsement of the RBI”.

“Just as the RBI was the cat’s paw of the government in the saga of demonetisation, the RBI is being used by the government to push through its dangerous agenda,” he said.

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Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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