Government to make hallmarking compulsory for gold jewellery

The government could make hallmarking compulsory for gold jewellery by January next year to certify the purity of the metal being sold.

Union Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan said buyers generally don't know about the quality of gold they buy from jewellery shops because not all ornaments are not certified.

"We plan to mak

Delhi government orders market check after high onion, tomato prices

The Delhi government on Friday ordered inspections of wholesale and retail markets across the city to check hoarding of tomatoes and onions.

"Steady and continuous rise in prices of tomato and onion without any plausible reason indicates possibility of hoarding of these commodities," Food and Supply Minister Imran Hussain said in a statement.

Teams were also direct

Ecuador defends big Yasuni rainforest oil bet

YASUNI PARK, Ecuador  - The manager of state oil company Petroamazonas defended Ecuador’s plans to expand exploitation of major oil reserves in one of the world's most species-diverse rainforests, saying it will ensure minimum environmental impact and use appropriate technology.

The OPEC country is avidly seeking resources to revitalize an ailing econom

Next SGB issue price fixed at Rs 2,971 per gram

The government on Saturday said it has fixed Rs 2,971 per gram as issue price for the next offering of its Sovereign Gold Bond (SGB) scheme, an official said.

The issue price has been fixed at Rs 2,971 per gram for subscription during October 23-25, with settlement on October 30, said a statement from the Ministry of Finance.

"The Government of India, in consu

India`s oil imports hit record high in September - trade

NEW DELHI  - India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand.

The world's third-biggest oil importer shipped in 4.2 percent more oil last month than a year earlier and about 19 percent more than in the previous month, ship-trackin

Nickel futures up on pickup in demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.

At the MCX, nickel futures for October 2017 contract is tradin

India rethinks jewellery sales oversight after slump in gold demand

MUMBAI  - Indian authorities withdrew on Friday an amendment that made jewellers subject to anti-money laundering legislation and caused a drop in gold sales.

The Prevention of Money Laundering Act obliges banks and other financial institutions to report all cash transactions above 50,000 rupees ($765) to the government, including customers' personal identifi

Mentha oil futures dip on subdued demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming

Cardamom futures up on pickup in demand

Cardamom futures were trading higher during the morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market.

Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic

White metal up amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Tuesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

At the MCX, silver futures for December 2017 contract was trading at Rs 40331 per kg, down by 0.14 per cent

Gold goes up on positive global cues

Gold futures were trading higher during the afternoon trade in the domestic market on Tuesday after speculators raised bets, driven by a firming global trend. Analysts attributed the rise in gold prices at futures trade here to raising of bets by investors tracking a firming trend overseas where it recorded biggest intra-day rise of 1 per cent since September 7 on geopolitical tensions over the

Nickel futures dip on easing demand

Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets.

Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domes

Zinc futures up on rising demand

Zinc futures were trading higher during the afternoon trade in the domestic market on Tuesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.

At the MCX, zinc futures for September

Mentha oil futures dip on easing demand

Mentha oil futures were trading lower during the evening trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market.

Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from

Lead futures rise amid pick-up in demand

Lead futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade.

At the MCX, le

Oil prices to rise to $60 as OPEC likely to extend cuts: former Saudi adviser

SINGAPORE  - Oil prices may rise to $60 a barrel by the end of this year or by early 2018 as OPEC and non-OPEC producers are expected to extend supply cuts beyond March, while oil inventories continue to decline, a former Saudi energy ministry official said in a speech Washington on Monday.

** "With the current arrangement and commitment of major producers,

Cardamom futures dip amid easing demand

Cardamom futures were trading lower during the evening trade in the domestic market on Tuesday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level, fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade.

At the MCX, cardamom f

Oil demand may exceed supply by up to 4 million bpd by 2019: Trafigura

SINGAPORE  - Global oil demand may be between 2 million to 4 million barrels per day (bpd) more than worldwide crude supply by the end of 2019 as exploration spending has declined as prices fell, an executive with commodities trading house Trafigura said on Tuesday.

The mismatch in supply and demand is the result of a decline in spending to find new oil and gas r

Gold steady near 1-week high on North Korea worries

By Zandi Shabalala

LONDON  - Gold eased under pressure from the dollar on Tuesday but was still near one-week highs as North Korea appeared to have boosted coastal defences amid rising tension with the United States.

Spot gold shed 0.4 percent to $1,305.18 per ounce at 1011 GMT, after earlier marking its highest since Sept. 20 at $1,313.54. It gained mo

Oil near 26-month high as Turkey threatens to choke Kurdish exports

By Ahmad Ghaddar

LONDON  - Brent oil prices hovered near 26-month highs on Tuesday, supported by Turkey's threat to cut crude exports from Iraq's Kurdistan region and signs of quicker market rebalancing.

Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from nor

White metal up amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Friday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

At the MCX, silver futures for December 2017 contract was trading at Rs 39,851 per kg, up by 0.05 per cent,

OPEC says winning battle to curb oil glut

By Vladimir Soldatkin and Ahmad Ghaddar

VIENNA  - Output cuts by OPEC and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018.

The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut

Nickel futures dip on subdued demand

Nickel futures were trading lower during the evening trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets.

Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic

Gold futures climb on global cues

Gold futures were up in the noon trade in the domestic market on Friday as speculators created positions amid positive cues from the global market. According to analysts, a firming trend overseas where gold rebounded from a four-week low as the latest twist in tensions between the US and North Korea prompted investors to seek out the safe-haven asset, influenced the precious metal in futures tr