Gold falls Rs 170 to Rs 1,01,370/10 g amid weak global cues
Gold of 99.5 per cent purity slipped by Rs 150 to Rs 1,00,550 per 10 grams (inclusive of all taxes). The metal had settled at Rs 1,00,700 per 10 grams in the previous session.
The precious metal of 99.9 per cent purity had closed at Rs 1,01,540 per 10 grams on Friday.
New Delhi, Jun 16 (PTI) Gold prices fell Rs 170 to Rs 1,01,370 per 10 grams in the national capital on Monday amid weak global trends, according to the All India Sarafa Association.
Additionally, silver prices declined by Rs 1,000 to Rs 1,07,100 per kilogram (inclusive of all taxes) on Monday. The white metal had ended at Rs 1,08,100 per kg on Friday.
In the futures trade, the most traded August contract for gold was trading lower at Rs 99,918 per 10 grams, down by Rs 358 on the Multi Commodity Exchange (MCX).
'Gold traded in a narrow range near Rs 99,800, as profit booking was witnessed following reports of multiple potential trade deals between India-US, India-China, and US-Euro zones.
'This moderation in safe-haven demand led to a mild correction in gold in the international markets as well,' Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
Meanwhile, the precious metal climbed Rs 802 to hit a lifetime high of Rs 1,01,078 per 10 grams in the morning session on the MCX.
Globally, spot gold fell by USD 13.23 per ounce to trade at USD 3,419.41 per ounce.
'Gold prices corrected slightly but continue to hover near record highs as escalating tensions between Israel and Iran drive investors toward safe-haven assets,' Abans Financial Services' Chief Executive Officer Chintan Mehta said.
Traders believe continued uncertainty in the Middle East will keep bullion prices well-supported, Mehta said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, investors this week will look forward to a host of central bank monetary policy decisions, including US Federal Reserve's meeting on Wednesday.
The central bank's economic projections will provide further guidance on the potential interest rate cuts in the months ahead, Chainwala said. PTI HG HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
18 minutes ago
- Time of India
Arisinfra Solutions IPO subscribed 2.65 times
NEW DELHI: The initial share sale of Arisinfra Solutions subscribed 2.65 times on the closing day of bidding on Friday. The nearly Rs 500-crore initial public offer (IPO) received bids for 3,46,63,388 shares against 1,30,84,656 shares on offer, as per NSE data. The portion for retail individual investors (RIIs) attracted 5.59 times subscriptions while the category for non-institutional investors subscribed 3.14 times. The quota for qualified institutional buyers (QIBs) received 1.42 times the subscription. ArisInfra Solutions Ltd on Tuesday said it has garnered Rs 225 crore from anchor investors. The price band for the offer has been fixed at Rs 210-222 per share. The IPO is a completely fresh issue of equity shares worth Rs 499.6 crore with no offer for sale (OFS) component. At the upper end of the price band, the company is valued at nearly Rs 1,800 crore. Proceeds of the issue will be used for funding the working capital requirements of the company, investment in the subsidiary Buildmex-Infra for funding its working capital, purchase of partial shareholding from existing shareholders of its subsidiary, ArisUnitern Re Solutions Pvt Ltd, repayment of loan and for general corporate purposes. Arisinfra Solutions is a B2B technology-enabled company, focusing on simplifying and digitising the procurement process for construction materials. JM Financial , IIFL Capital Services and Nuvama Wealth Management are the book-running lead managers to the issue.
Indian Express
18 minutes ago
- Indian Express
China's solar grip tightens — Cell imports more than double; module imports barely dip despite curbs
India's imports of solar photovoltaic (PV) cells from China — for assembly into modules or panels — jumped 141 per cent, from around 1.89 billion units in 2023-24 (FY24) to 4.55 billion in FY25, official trade data shows. Imports of PV cells assembled into modules dipped only 2 per cent, from 35.98 million to 35.26 million panels, despite the Approved List of Models and Manufacturers (ALMM) order restricting the use of imported modules in most utility-scale and rooftop solar projects from April 1, 2024. India's solar module manufacturing capacity has surged from 38 gigawatt (GW) in March 2024 to 91 GW now, the Ministry of New and Renewable Energy (MNRE) told The Indian Express. 'The increase in domestic solar PV module manufacturing capacity seems to have contributed to increase in import of solar PV cells,' the ministry said. While India's solar cell manufacturing capacity has also grown — from 9 GW in March 2024 to 25 GW now — it still falls short of meeting the total demand for modules. The MNRE, which reimposed the ALMM order in FY25 after keeping it in abeyance during FY24, added that 'several exemptions' exist under the order. These include projects where the last bid submission date was before April 10, 2021, certain net metering projects applied for before October 2022, behind-the-meter captive projects, and solar installations for the production of export-oriented green hydrogen. 'Despite ALMM being in force, these exemptions seem to be the reason for continued import of solar PV modules,' the ministry said. In a letter dated March 3, 2025, the MNRE asked state governments to strictly enforce the ALMM order for solar PV modules, except in cases where projects qualify for exemptions listed above or have been specifically exempted by the ministry or an authorised agency. Overall, solar cell imports rose 88 per cent — from 2.69 billion units worth Rs 15,335 crore in FY24 to 5.06 billion units worth Rs 13,905 crore in FY25 — as China's share increased from 70 to 90 per cent. Module imports, meanwhile, fell 15 per cent, from 48.48 million panels (Rs 36,134 crore) to 40.99 million (Rs 18,263 crore). Domestic cell capacity expected to surge Typically, solar cells are manufactured using wafers made from polysilicon ingots. By 2030, India aims to ramp up its solar cell manufacturing capacity to 100 GW and wafer capacity to 40 GW — a steep rise from the current 2 GW. Amit Paithankar, chief executive officer at Waaree Energies Ltd, India's largest solar module manufacturer, said there will be 'a substantial growth in cell capacity' in the coming years. 'Module manufacturing has taken off because ALMM for modules was introduced earlier and has been steadily enforced. ALMM for cells is also coming next year – that is the stated policy. So, in a very steadfast manner, cell production will keep increasing and the import content of cells will keep going down,' he told The Indian Express. The ALMM order for solar PV cells will take effect from June 1, 2026. 'When you put ALMM for modules, there's a wave — massive capacity gets set up in 2-2.5 years. Then, with ALMM for cells, too, you'll see a wave. There will always be a time shift. When there's an ALMM for ingots and wafers, you'll see a similar wave happen,' Paithankar added. A key challenge to scaling up domestic cell manufacturing, however, is sustained price dumping from China. While cell imports from China rose 141 per cent in quantity between FY24 and FY25, their value increased only 34 per cent — indicating a sharp fall in per-unit prices. The Directorate General of Trade Remedies (DGTR), India's trade watchdog, is currently investigating an anti-dumping case on Chinese solar cell imports. Sujoy Ghosh, managing director of First Solar India, which along with other manufacturers initiated the DGTR investigation, said, 'Multiple governments have found evidence of Chinese companies using anti-competitive measures, including dumping, to decimate international competition. Our view is that dumping, whether from China or through its Belt and Road Initiative partners in Southeast Asia, undermines India's goal of securing its energy technology supply chains, and must be investigated and firmly addressed.' 'The consequences of China's systemic overcapacity are plain to see from the financials of the largest Chinese solar manufacturers. Moreover, their financial results also appear to reflect the practice of selling products at prices below their cost of production,' he added. In recent quarters, several Chinese solar companies have reported heavy losses amid industry overcapacity and softening demand. Government and industry sources say another challenge in fully integrating the polysilicon-to-cell value chain is China's dominance in wafer-making equipment, which remains restricted for export to India. Sumant Sinha, chief executive of ReNew, said a solution is possible through a 'G2G (government-to-government) conversation' and that it is 'impractical' to make the equipment in India as of now. Paithankar said there is strong collaboration between various companies in India, China, and elsewhere when it comes to equipment. 'While we have good relationships with companies in China, we're also constantly looking at how to diversify that part of the supply chain,' he added. As an example of efforts to look beyond China, Vinay Rustagi, chief business officer at Premier Energies Ltd, said the company is setting up a 2 GW wafer manufacturing plant through a joint venture with Taiwan's SAS, among the world's largest silicon wafer manufacturers. Some manufacturers are using alternative technologies. 'First Solar doesn't rely on the crystalline silicon ecosystem that is currently monopolized in China, and we have invested in creating our own manufacturing ecosystem over the past 25 years… As a matter of fact, it took us just 19 months to build 3.3 gigawatts of vertically integrated nameplate manufacturing capacity,' Ghosh said. The Arizona-headquartered company, which operates a plant in Chennai, manufactures CdTe thin-film PV modules using a differentiated semiconductor and production process. 'Our advanced, highly differentiated manufacturing process allows us to transform a sheet of glass into ready-to-ship thin film solar panels in approximately four hours,' Ghosh said. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
New Indian Express
20 minutes ago
- New Indian Express
Manappuram Finance ordered to compensate customer over service deficiency
SHIVAMOGGA: The Shivamogga District Consumer Disputes Redressal Commission has ordered Manappuram Finance Ltd. to compensate a Chikkamagaluru resident after finding the company guilty of committing a deficiency in service by seizing a customer's lorry without a legal notice. Talib Pasha bin Ansar Pasha, a resident of Gaurapura, Ajjampura in Tarikere taluk, had taken a loan of Rs 8.3 lakh from Manappuram Finance Ltd., Shivamogga branch, under a 'loan-cum-hypothecation' agreement for the purchase of a lorry bearing registration number KA-52 B-4032. The agreement included repayment through 52 EMI instalments. At the time of availing the loan, the complainant had also handed over six blank cheques as security. Later, the vehicle met with an accident and was seized by the police. On February 20, 2024, Pasha retrieved the lorry from police custody and sent it for repairs. However, he alleged that the finance company repossessed the lorry through its agents without serving any prior notice or obtaining a court order, violating the terms of the hypothecation agreement. Pasha had submitted a written request to the Regional Transport Officer (RTO) in Tarikere not to transfer the vehicle's ownership to anyone else. Despite this, the finance company allegedly took possession of the vehicle and rented it out to one Mujir Pasha of Venus Automobiles, Hassan.
