Platinum prices surged to a near-11-year high of $1,350 per ounce Thursday, driven by tight supply and strong demand, with geopolitical tensions providing a boost as investors sought out safe havens. Platinum has climbed around 41% this year, outpacing even gold, as investors turn to cheaper alternatives, given that the rally in gold seems to have exhausted itself.Register to read
The government has imposed a definitive anti-dumping duty on aluminium foil imports from China for five years, the finance ministry said in a notification late Thursday. The government in March had imposed a provisional anti-dumping duty on the import of Chinese aluminium foil for six months.Register to read
The government has decided to extend the chana procurement window to mid-July, as purchases have been lagging behind the internally-revised targets, according to a senior government official. This will be the second time the government will extend the sanctioned period for procurement. Earlier, chana procurement was extended till Jun. 30 from its initial deadline of May 31.Register to read
India's consumption of natural gas declined nearly 7% on year to 5.5 billion cubic metres in April, the Gas Exporting Countries Forum said in its Monthly Gas Market Report for June. The fall was primarily due to weaker demand in the refinery, fertiliser, and power generation sectors, which recorded declines of 38%, 12%, and 13%, respectively, the intergovernmental organisation comprising the world's leading gas exporters said.Register to read
Even though the Jun-Jul period typically marks the off-season for gold jewellery demand in India, a recovery is expected from mid-August with the onset of festivals and auspicious buying season, World Gold Council Research Head (India) Kavita Chacko said in a report. Investment demand for physical gold and gold-linked financial products is expected to remain resilient, supported by sustained investor interest, Chacko said.Register to read