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Market News - Precious metals continue to shine, Coal India shares fall 4%

Precious metals continue to shine - Gold and silver prices have been on a rise since August 1 in a consistent manner. The current increase, in the prices of these metals, is a record increase of past two years; and such a strong sentiment was witnessed last time in 2017.


This hike in prices has made these metals less popular among the local buyers. Customers have either postponed buying gold jewelry or have limited it to exchanging their old jewelry for new. The Indian government had raised the import duty of gold from 10 percent to 12.5 percent in the recently announced budget, which further shook the spirit of gold buyers.

Coal India shares fall 4% - Shares of government-owned Coal India fell 4 percent intraday after Power Secretary Subhash Chandra Garg said there is a need to award five coal blocks of 100 million tonne capacity to big private companies. At 1:28 PM, Coal India shares were trading at Rs 181.15 per share, 7.60 points lower than the last close.

The shares of Coal India had opened marginally higher in the morning. The mining company posted production of 136.94 million tonnes in the first quarter of FY20 ended June 30 as compared with 136.85 million tonnes last year. 

Prices of tomato and onion have doubled to Rs 80 and Rs 50 per kg in Haryana and Punjab, respectively this week due to a supply shortage caused by heavy rains in the region and several other parts of the country, according to traders.


Prices of other key vegetables such as peas, cauliflower, and beans have also surged sharply as heavy rains damaged crops in both these states and the neighboring Himachal Pradesh.
Onion is selling at around Rs 50 per kg in the two states and their joint capital Chandigarh.

India's July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011, data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed on Wednesday. Crude oil imports into the world's third-largest consumer declined 1.2% from a year earlier to 19.34 million tonnes but increased 14.6% from the previous month.

India's July petrol imports hit the highest level in 8 years at 230,000 tonnes- India's July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011, data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed on Wednesday. Petrol imports rose to 230,000 tonnes in July, the highest since the PPAC data going back to 2011.  

Market News | Gold Price | Silver | Coal India | Crude Oil | Petrol Prices


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