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India admits miscalculations on gold for months

ByVictoria

The Ministry of Commerce and Industry said in a statement Thursday it revised import figures from April to November after discovering the discrepancy, which had resulted from migrating to a new data transmission system.

The miscalculation led to a four-fold increase in gold imports to a record $14.8 billion in November, causing the trade deficit to widen to $37.8 billion.

Preliminary revisions show gold imports were $37.39 billion in the April-November period, down $11.7 billion from previously reported.

Source – Bloomberg / Live Mint

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    Gold and Silver Rs up

    ByVictoria
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    Gold of 99.5 per cent purity increased Rs 50 to reclaim its all-time high level of Rs 96,000 per 10 grams against the previous close of Rs 95,950 per 10 grams.

    Silver prices climbed by Rs 2,500 to Rs 97,500 per kg on the back of fresh industrial demand.

    “Gold prices remain steady near all-time highs, buoyed by a weakening dollar and persistent uncertainty surrounding US trade policy,” Chintan Mehta, Chief Executive Officer at Abans Financial Services, said.

    Spot silver in the Asian market hours fell marginally at USD 32.32 per ounce

    Source – Press Trust of India

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    Gold prices rise higher, tariff concerns

    ByVictoria
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    Gold prices ticked higher on Tuesday as focus turned to U.S. jobs and inflation data, that could influence the Federal Reserve’s policy decision in the face of rising economic growth concerns. 

    Spot gold (XAUUSD:CUR) +0.93% to $2,911.21 an ounce after hitting its lowest since March 3 in the previous session.

    Meanwhile, worries over Trump’s tariff policies have also pushed safe-haven gold to a record high of $2,956.15 on February 24, as the metal is seen as a hedge against political risks and inflation.

    Source – Seeking Alpha

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    List of 50 exempt items Gold and Silver included

    ByVictoria
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    Non-tariff barriers are meant to limit the amount of imports/exports and protect domestic industries. In some relief to consumers globally, the Trump administration has kept some essential items exempt from the purview of these tariffs.

    Items exempt from the tariffs levied by Trump include copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, as well as energy and energy products. 

    Source – GoldSilver Reports

    Long list of all exempt items when you go to the website. Hope that helps! – V.

  • Footage of Gold toilet burglary

    ByVictoria
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    The footage played at their trial at Oxford Crown Court showed two vehicles driving across the Great Courtyard, before hooded individuals armed with sledgehammers and a large crowbar broke into the palace. One could be seen leaving carrying a golden toilet seat.

    The fully functioning lavatory was insured for the sum of $6m (£4.8m), the court heard previously.

    “They knew precisely where to go, broke down the wooden door to the cubicle where the toilet was fully plumbed in, removed it, leaving water pouring out of the pipes, and drove away,” prosecutor Julian Christopher KC said previously.

    “Clearly such an audacious raid would not have been possible without lots of preparation”, he added,

    Source – BBC

    I will follow this till the end of the trial. I want to know what happened to the toilet! Maybe you do too. Clearly had to have been planned and to have done it so quickly, from the video evidence anyway. Let’s see what happens. -V.

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    $3,000/oz milestone in sight for Gold

    ByVictoria
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    U.S. President Donald Trump’s latest tariff threats have ignited another gold rush, propelling the safe-haven metal to new heights and bringing the glittering $3,000 milestone into view.

    Spot gold climbed to a record $2,911.30 a troy ounce on Monday – its seventh record peak to date in 2025. Prices are already up nearly 11% so far this year after a staggering 27% gain in 2024.

    “Gold is very clearly targeting the $3,000 level and the market is incredibly strong, almost relentless. Now its only a question of when it will scale the level and not if it will,” independent analyst Ross Norman said.

    Source – Reuters

    More Info!

    Scaling to level – In finance, is the ability of an organization to perform well under and increasing or expanding workload.