Commodities News

Hike in gold import duty part of policy to curb non-essential imports: Revenue Secretary

Revenue Secretary Ajay Bhushan Pandey said that economic decisions are based on the overall economic realities and not on the basis of whether somebody's intent to misuse it.

India raises taxes on Gold for the first time in six years

The import tax on gold and other precious metals will be raised to 12.5% from 10%, Finance minister Nirmala Sitharaman said while presenting the federal budget for the year through March 31, 2020.

CNG price in Delhi hiked by 90 paise, seventh increase since April 2018

This is the seventh increase in CNG prices since April 2018. CNG price was last hiked in April by Re 1 per kg because of the rise in the price of domestic natural gas and fall in rupee value against the dollar.

Govt identifies 5,106 ‘risky exporters’ who have fraudulently claimed GST refunds

The Central Board of Indirect Taxes and Customs (CBIC), in a statement, also assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.

Oil prices rise for second day after Middle East tanker attacks

Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, especially targeting Tehran's oil exports.

Oil prices rise as Saudi Arabia signals OPEC deal extension

Oil prices jumped after Saudi Energy Minister Khalid al-Falih told a conference in St Petersburg, Russia, that $60 a barrel was too low to encourage investment in the industry. Crude later pared gains.

Global Q1 gold demand grew by 7% at 1,053.3 tonnes: WGC report

"The central bank buying gold was led by Russia, which added 55.3 tonnes, while China also made a come back by buying 33 tonnes. Even the Reserve Bank of India bought a small amount of 8.4 tonnes during the period," WGC managing director, India, Somasundaram PR said.

High oil prices an ‘Achilles heel’ for Indian economy: Report

For bond markets, the worry is two-pronged with the concern being that high oil prices might pose a fresh risk to the fiscal math, if subsides return, by extension requiring higher borrowing, said the duo.

Overlooking pvt firms’ weak output, panel asked national oil cos to hand over 66 fields

The private companies had touched a peak of 26.8 BCM in 2010-11.

Considerable amount of cooperation from India to stop export of Venezuelan oil: US

As part of its effort to squeeze the Maduro regime, the US had asked countries, including India, across the world to stop importing oil from Venezuela or face American sanctions.

Crude oil set for biggest quarterly price rise since 2009 amid OPEC cuts, sanctions

"While OPEC, and above all Saudi Arabia, appeared in November to be obeying US President Trump's repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears," Commerzbank said in a note.

Oil set for strongest quarter in a decade on OPEC cuts, sanctions

Despite the surging prices, analysts are expressing concerns about future oil demand amid worrying signs the global economy may move into a recession.