Value of gold and jewellery sales during the 10-day Dussehra festival rose 10-15% on year to INR 320-350 billion, though sales volume fell 10-12%, according to trade and industry sources. The rise in sales value was despite the sharp rise in prices of the yellow metal in the last 12 months, mainly because of its safe-haven appeal, buying by global central banks and interest rate cut by the US Federal Reserve.Register to read
The India Meteorological Department Monday said that the Northeast Monsoon is likely to begin over southeastern peninsular India around Tuesday and Wednesday. The weather bureau also said the Southwest Monsoon is likely to withdraw from the remaining parts of the country in two days. Register to read
India's wholesale inflation rate for September rose to 1.84% from August's four-month low of 1.31%, data released Monday by the commerce ministry showed, with an unfavourable base pushing prices higher on a year-on-year basis while an increase in food prices drove sequential momentum. WPI inflation was (-)0.07% in September 2023.Register to read
The US Department of Agriculture Friday cut its global wheat supply estimate for 2024-25 by 1.9 million tonnes to 1,060.3 million tonnes due to lower output in the European Union, Russia, India, and Brazil, the department said in its October World Agricultural Supply and Demand Estimates report. In its previous monthly forecast, it had pegged world wheat supply at 1,062.1 million tonnes. Register to read
The US Department of Agriculture has raised its estimate for global cotton output in 2024-25 (Oct-Sept) by 200,000 bales (1 bale = 217.72 kg) to 116.64 million bales, compared to its estimate of 116.42 million bales last month, as higher production in China, Brazil, and Argentina are seen more than offsetting drops in the US and Spain. Register to read