Gold steadied after its hike on Tuesday, as markets weighed possible next steps in a worsening Middle East conflict in the wake of Israel's vow to retaliate against Iran's missile attacks.

The metal traded around $2,660 an ounce after ending 1.1 per cent higher in the prior session when Iran fired roughly 200 ballistic missiles at Israel. President Benjamin Netanyahu labelled the action a "big mistake" and pledged to make Iran "pay for it." The US is reportedly helping prepare efforts to build up Israel's defence, according to an earlier report.

“Geopolitical headlines often trigger immediate market reactions, but these tend to reverse if no significant assets are impacted,” said Charu Chanana, a strategist at Saxo Capital Markets Pte, who added that gold remained an attractive hedge. “When considering how markets might react next, the key worry would be risks of an escalation, particularly if Iran’s oil assets could be targeted.”

Gold has risen about 30 per cent this year, which set a succession of new highs. Recent increases have been spurred by hopes of rate cuts from the Fed, which kicked off its cutting cycle last month with a 50-basis-point move.

In addition to the future escalation of conflicts in the Middle East, it is on Friday that traders will be looking at a US jobs report, which could become critical input into the Fed's rate-cutting timeline. Swaps traders are pricing in a one-in-three chance of another half-point cut from the Fed in November.

Spot gold was little changed at $2,660.15 an ounce as of 10:23 a.m. in Singapore, below its all-time high of $2,685.58 reached last week. The Bloomberg Dollar Spot Index fell 0.1 per cent. Silver was lower, while platinum and palladium rose.

Gold steadied after its hike on Tuesday, as markets weighed possible next steps in a worsening Middle East conflict in the wake of Israel's vow to retaliate against Iran's missile attacks.

Gold steadied after its hike on Tuesday, as markets weighed possible next steps in a worsening Middle East conflict in the wake of Israel's vow to retaliate against Iran's missile attacks. The metal traded around $2,660 an ounce after ending 1.1 per cent higher in the prior session when Iran fired roughly 200 ballistic missiles at Israel. President Benjamin Netanyahu labelled the action a "big mistake" and pledged to make Iran "pay for it." The US is reportedly helping prepare efforts to build up Israel's defence, according to an earlier report. “Geopolitical headlines often trigger immediate market reactions, but these tend to reverse if no significant assets are impacted,” said Charu Chanana, a strategist at Saxo Capital Markets Pte, who added that gold remained an attractive hedge. “When considering how markets might react next, the key worry would be risks of an escalation, particularly if Iran’s oil assets could be targeted.” Gold has risen about 30 per cent this year, which set a succession of new highs. Recent increases have been spurred by hopes of rate cuts from the Fed, which kicked off its cutting cycle last month with a 50-basis-point move. In addition to the future escalation of conflicts in the Middle East, it is on Friday that traders will be looking at a US jobs report, which could become critical input into the Fed's rate-cutting timeline. Swaps traders are pricing in a one-in-three chance of another half-point cut from the Fed in November. Spot gold was little changed at $2,660.15 an ounce as of 10:23 a.m. in Singapore, below its all-time high of $2,685.58 reached last week. The Bloomberg Dollar Spot Index fell 0.1 per cent. Silver was lower, while platinum and palladium rose.

Gold holds steady as Iran strikes trigger increased safe-haven buying

Gold has reached a record high, surpassing $2,600 per ounce, Driven by growing global geopolitical uncertainty and the likelihood of further US interest rate cuts.

Rate cuts and uncertainty fuel gold rally

Amid Afghanistan's crumbling economy, Afghan youth are taking up odd jobs like dismantling electronics to extract specks of gold. An easier access in recent years to acid necessary in the hazardous process has sparked a small revival in the trade. Without the use of gloves or protective masks, the men use pliers or their bare hands to dismantle televisions, computers, or mobile phones that have arrived in dumpsters from Japan, Hong Kong, or Dubai. Here is the story from the border town of Spin Boldak.

Hazardous gold trade in Afghanistan

The Indian contingent's top show at the Paris Paralympics 2024 edition continued on Wednesday (Sep 4) with two more golds and two&nbsp;silvers&nbsp;during Day 7 events. After Sachin Khilari's silver in&nbsp;shotput F46 final, archer Harvinder Singh scripted history&nbsp;with a gold whereas Dharambir and compatriot Pranav Soorma completed a 1-2 in the&nbsp;club throw - F51 finale, later in the evening. With this, India ended the day with their medal tally reaching a historic 24.&nbsp;

Talking about Harvinder,&nbsp;he won&nbsp;the nation’s first-ever Paralympic gold medal in archery, with a commanding performance in the&nbsp;Individual Recurve Open finale, beating Poland's Lukasz Ciszek 6-0 to secure India’s fourth gold medal of the Games. Thus, this became India's maiden gold across Paralympics and Olympics in archery.

Harvinder started off with a bang, with a nearly flawless first set, scoring 9, 10, and 9, whereas his opponent Ciszek managed 9, 7, and 8 with his initial three arrows. The second set was a closely-contested affair, with both archers scoring 9s with their first two attempts. However, Harvinder went past Ciszek by a point by scoring 10, taking a 4-0 lead.

In the third and decisive set, Harvinder confirmed his sensational win&nbsp;with two 10s and a 9, while Ciszek&nbsp;only returned with a 7 and two 9s.

Also read: <a href="https://www.wionews.com/sports/paralympics-2024-sachin-khilari-wins-silver-in-shotput-f46-final-as-indias-medal-tally-continues-to-rise-755853">Paralympics 2024: Sachin Khilari wins silver in shotput F46 final as India's medal tally continues to rise</a>

Dharambir and Pranav, on the other hand, ensured India created history&nbsp;by securing its first-ever 1-2 finish on the podium in a track and field event at the Paralympics, shortly after Harvinder's heroics. Notably, Dharambir's gold&nbsp;also became India’s first medal in club throw in the history of the quadrennial sporting spectacle.

Dharambir didn't have the best of starts, making four foul attempts in succession&nbsp;before&nbsp;a 34.92m throw. Courtesy of this&nbsp;effort,&nbsp;the Indian club thrower ensured he stayed at the&nbsp;top of the charts throughout the competition in the 10-man field.

Meanwhile, Pranav made his best effort in the first attempt and managed five throws in excess of&nbsp;33m to return with silver. Serbia's Zeljko Dimitrijevic ended with bronze courtesy of a throw of 34.18.

DHARAMBIR'S SERIES:&nbsp;x, x, x, x, 34.92m, 31.59m

PRANAV'S SERIES:&nbsp;34.59m, 34.19m, x, 34.50m, 33.90m, 33.70m

With 20 medals by the end of Day 6, on Tuesday (Sep 3), India already marked&nbsp;its best-ever run in Paralympic edition. With four medals being added on Day 7, the country's&nbsp;medal tally is now at 24; occupying the 13th spot in the overall standings.

The Indian contingent's top show at the Paris Paralympics 2024 edition continued on Wednesday (Sep 4) with two more golds and two silvers during Day 7 events. After Sachin Khilari's silver in shotput F46 final, archer Harvinder Singh scripted history with a gold whereas Dharambir and compatriot Pranav Soorma completed a 1-2 in the club throw - F51 finale, later in the evening.

The Indian contingent's top show at the Paris Paralympics 2024 edition continued on Wednesday (Sep 4) with two more golds and two silvers during Day 7 events. After Sachin Khilari's silver in shotput F46 final, archer Harvinder Singh scripted history with a gold whereas Dharambir and compatriot Pranav Soorma completed a 1-2 in the club throw - F51 finale, later in the evening. With this, India ended the day with their medal tally reaching a historic 24. Talking about Harvinder, he won the nation’s first-ever Paralympic gold medal in archery, with a commanding performance in the Individual Recurve Open finale, beating Poland's Lukasz Ciszek 6-0 to secure India’s fourth gold medal of the Games. Thus, this became India's maiden gold across Paralympics and Olympics in archery. Harvinder started off with a bang, with a nearly flawless first set, scoring 9, 10, and 9, whereas his opponent Ciszek managed 9, 7, and 8 with his initial three arrows. The second set was a closely-contested affair, with both archers scoring 9s with their first two attempts. However, Harvinder went past Ciszek by a point by scoring 10, taking a 4-0 lead. In the third and decisive set, Harvinder confirmed his sensational win with two 10s and a 9, while Ciszek only returned with a 7 and two 9s. Also read: Paralympics 2024: Sachin Khilari wins silver in shotput F46 final as India's medal tally continues to rise Dharambir and Pranav, on the other hand, ensured India created history by securing its first-ever 1-2 finish on the podium in a track and field event at the Paralympics, shortly after Harvinder's heroics. Notably, Dharambir's gold also became India’s first medal in club throw in the history of the quadrennial sporting spectacle. Dharambir didn't have the best of starts, making four foul attempts in succession before a 34.92m throw. Courtesy of this effort, the Indian club thrower ensured he stayed at the top of the charts throughout the competition in the 10-man field. Meanwhile, Pranav made his best effort in the first attempt and managed five throws in excess of 33m to return with silver. Serbia's Zeljko Dimitrijevic ended with bronze courtesy of a throw of 34.18. DHARAMBIR'S SERIES: x, x, x, x, 34.92m, 31.59m PRANAV'S SERIES: 34.59m, 34.19m, x, 34.50m, 33.90m, 33.70m With 20 medals by the end of Day 6, on Tuesday (Sep 3), India already marked its best-ever run in Paralympic edition. With four medals being added on Day 7, the country's medal tally is now at 24; occupying the 13th spot in the overall standings.

Paralympics 2024: India's medal tally hits 24 after gold from Harvinder and Dharambir, silver from Pranav

This year’s rally in gold prices suggests that the precious metal may no longer be as tightly linked to the interest rate cycle as it once was. However, that doesn’t mean lower rates won’t influence its value. Recent discussions at the Jackson Hole Symposium in Wyoming hinted at potential rate cuts, which could add some extra shine to gold.

Does gold still a sparkling investment?

The price of a gold bar is now a million dollars. This happened for the first time due to increasing metal prices.

The price of a single ounce is now $2,500 on Fridays, marking the record. Now, an average gold bar of 400 ounces has a value of a million dollars.

The price of gold is stated by Bloomberg.

The gold prices have increased up to 20% in a year. The higher gold prices, the increasing value of gold, can be a sign that investors are hoping the Federal Reserve will cut down on its current interest rate soon.

Watch:

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&nbsp;

Lower interest rates make other alternatives attractive to investors, making gold a viable option to invest in, increasing demand and price as per the economic structure.

Gold is considered wealth during difficult times. Central banks and investors see gold as a precious metal in the long term because when interest rates fall, the prices of gold go up, making it more appealing than other bonds.

Central banks, including those in China, are also investing in gold to decrease reliance on US dollars.

Investors see gold as a shield during times of inflation, as its value will never decrease.

Not every gold bar weighs 400 ounces. According to the United States Gold Bureau, gold bars are used to make deals internationally by central banks and bullion dealers.

Why are gold prices going high in India?

At the beginning of April 2024, we witnessed an increase in gold prices as the rising tension in the Middle East portrays geopolitical instability, driving investors to shield their wealth through gold.

The suspension of interest rate cuts in America is making gold an appealing asset to invest in.

(With inputs from agencies)

The price of a gold bar is now a million dollars. This happened for the first time due to increasing metal prices. The price of a single ounce is now $2,500 on Fridays, marking the record.

The price of a gold bar is now a million dollars. This happened for the first time due to increasing metal prices. The price of a single ounce is now $2,500 on Fridays, marking the record. Now, an average gold bar of 400 ounces has a value of a million dollars. The price of gold is stated by Bloomberg. The gold prices have increased up to 20% in a year. The higher gold prices, the increasing value of gold, can be a sign that investors are hoping the Federal Reserve will cut down on its current interest rate soon. Watch: × Lower interest rates make other alternatives attractive to investors, making gold a viable option to invest in, increasing demand and price as per the economic structure. Gold is considered wealth during difficult times. Central banks and investors see gold as a precious metal in the long term because when interest rates fall, the prices of gold go up, making it more appealing than other bonds. Central banks, including those in China, are also investing in gold to decrease reliance on US dollars. Investors see gold as a shield during times of inflation, as its value will never decrease. Not every gold bar weighs 400 ounces. According to the United States Gold Bureau, gold bars are used to make deals internationally by central banks and bullion dealers. Why are gold prices going high in India? At the beginning of April 2024, we witnessed an increase in gold prices as the rising tension in the Middle East portrays geopolitical instability, driving investors to shield their wealth through gold. The suspension of interest rate cuts in America is making gold an appealing asset to invest in. (With inputs from agencies)

A gold bar is worth a million dollars for the first time

In a world where stocks and cryptos often steal the spotlight, gold has once again proven it’s more than just a shining metal. Recently, gold prices have glittered to new heights, reaching an all-time high of $2,500 per ounce. So, is it time to consider gold in a portfolio dominated by stocks or will the metal lose its fleeting sparkle? Take a look at this report to find out.

Gold outshines to hit record highs

The USA basketball team won the gold medal at the Paris Olympics 2024 on August 10, Saturday. The USA defeated hosts France 98-87 in the final to make it 5 gold medals on the trot as Steph Curry starred with 8 3-pointers during the match.

Paris Olympics 2024: USA wins fifth straight gold in men's basketball

We look at the dramatic fall in Chinese demand for Gold. The country's demand is cracking under the weight of record-high prices. Jewellery stores in China are seeing a sales slump as customers put off buying gold.

China's falling demand weighs on Gold

Refusal to eat refreshments served by Air India cabin crew led to the arrest of a smuggler who was moving gold worth Rs 69 lakh ($83,000)&nbsp;from Jeddah to New Delhi. The passenger was arrested at the Indira Gandhi International Airport in the capital city of India.&nbsp;

Reports state that the unnamed man refused all refreshments during the five-and-a-half-hour flight, he initially refused to drink any water when the flight attendant offered a bottle to each passenger. The man later also refused to consume the food served, leading to suspicions regarding his behaviour,&nbsp;

One of the flight attendants informed the captain who in turn called the security agencies via Air Traffic Control (ATC) and alerted them of the passenger and his suspicious antics.&nbsp;

After the plane landed, security personnel kept a close eye on the man who attempted to sneak through the&nbsp;Green Customs Clearance Channel. He was stopped and called in for questioning where he admitted to having concealed the gold in his rectum in the form of four oval capsules.&nbsp;

Joint Commissioner (Customs) Monika Yadav revealed that approximately 1096.76 grammes of gold was recovered from the passenger, which comes to approximately $83,000.&nbsp;

"He was arrested under the Customs Act after admitting to smuggling gold from Jeddah," said Yadav.&nbsp;

<a href="https://www.wionews.com/videos/why-air-india-passenger-was-arrested-after-refusing-food-drinks-on-flight-741823">Watch |&nbsp;Why Air India passenger was arrested after refusing food, drinks on flight</a>

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<h2>Previous incidents</h2>

n May, earlier this year, an air hostess was arrested by the&nbsp;Directorate of Revenue Intelligence (DRI)&nbsp;for allegedly smuggling nearly one kilogram of gold from Muscat to Kannur by hiding it in her rectum.&nbsp;

The air hostess, identified as&nbsp;Surabhi Khatun,&nbsp;a native of Kolkata, was detained immediately after she landed at the Kannur International Airport.

It is suspected that Surabhi may have smuggled gold in a similar fashion in the past, as suggested by investigators and evidence collected by them.

As per sources, the involvement of a Kerala-based smuggling gang is also suspected, and further investigation is underway.

<a href="https://www.wionews.com/india-news/air-hostess-detained-for-smuggling-1kg-of-gold-by-hiding-inside-rectum-727390">Also read |&nbsp;Air hostess detained for smuggling 1kg of gold inside rectum</a>

Earlier this month, a souvenir shop at Chennai airport was exposed as a front for a Sri Lankan gold smuggling syndicate earlier. The shop, run by a YouTuber named&nbsp;Mohammed Sabir Ali facilitated the gold smuggling racket out of the southern state of India.

Customs arrested Ali and seven of his employees for their role in&nbsp;&nbsp;267 kg gold worth&nbsp;₹167 crore ($20 million) over a period of two months.

(With inputs from agencies)

Refusal to eat refreshments served by Air India cabin crew led to the arrest of a smuggler who was moving gold worth Rs 69 lakh ($83,000) from Jeddah to New Delhi.

Refusal to eat refreshments served by Air India cabin crew led to the arrest of a smuggler who was moving gold worth Rs 69 lakh ($83,000) from Jeddah to New Delhi. The passenger was arrested at the Indira Gandhi International Airport in the capital city of India. Reports state that the unnamed man refused all refreshments during the five-and-a-half-hour flight, he initially refused to drink any water when the flight attendant offered a bottle to each passenger. The man later also refused to consume the food served, leading to suspicions regarding his behaviour, One of the flight attendants informed the captain who in turn called the security agencies via Air Traffic Control (ATC) and alerted them of the passenger and his suspicious antics. After the plane landed, security personnel kept a close eye on the man who attempted to sneak through the Green Customs Clearance Channel. He was stopped and called in for questioning where he admitted to having concealed the gold in his rectum in the form of four oval capsules. Joint Commissioner (Customs) Monika Yadav revealed that approximately 1096.76 grammes of gold was recovered from the passenger, which comes to approximately $83,000. "He was arrested under the Customs Act after admitting to smuggling gold from Jeddah," said Yadav. Watch | Why Air India passenger was arrested after refusing food, drinks on flight × Previous incidents n May, earlier this year, an air hostess was arrested by the Directorate of Revenue Intelligence (DRI) for allegedly smuggling nearly one kilogram of gold from Muscat to Kannur by hiding it in her rectum. The air hostess, identified as Surabhi Khatun, a native of Kolkata, was detained immediately after she landed at the Kannur International Airport. It is suspected that Surabhi may have smuggled gold in a similar fashion in the past, as suggested by investigators and evidence collected by them. As per sources, the involvement of a Kerala-based smuggling gang is also suspected, and further investigation is underway. Also read | Air hostess detained for smuggling 1kg of gold inside rectum Earlier this month, a souvenir shop at Chennai airport was exposed as a front for a Sri Lankan gold smuggling syndicate earlier. The shop, run by a YouTuber named Mohammed Sabir Ali facilitated the gold smuggling racket out of the southern state of India. Customs arrested Ali and seven of his employees for their role in 267 kg gold worth ₹167 crore ($20 million) over a period of two months. (With inputs from agencies)

Refusal to eat refreshments sparks doubt, leads to arrest of man smuggling gold at Delhi airport

An Air India passenger was arrested for smuggling gold from Jeddah into Delhi. The flight crew grew suspicious after the passenger refused to eat or drink anything during the five and a half hours flight. This report tells you what happened next.

Why Air India passenger was arrested after refusing food, drinks on flight

The Badrinath Kedarnath Temple is in the middle of a raging controversial allegations of theft of gold from the temple. The temple committee president has denied the allegations made by Shankaracharya of Jyotirmath.

India: Badrinath Kedarnath temple President denies allegation over gold scam

India: Kedarnath temple president denies allegations over 'gold scam'

KANNUR: A remarkable discovery was made on friday when a group of local women laborers unearthed a pot containing 18th-century gold and silver coins while digging a rain-harvesting pit at a private rubber plantation in Chengalayi.

The initial reaction was one of fear and speculation. Some women feared the pot contained black magic artifacts, while others worried it might be an unexploded crude bomb, a threat not uncommon in the politically charged region of Kannur. However, their fears quickly turned to excitement when they discovered the pot was filled with precious jewels and old coins, which is considered to be of great value.

The village of Chengalai in Kannur district has suddenly become prominent on the map due to this unexpected finding. The news of the find spread rapidly, creating a buzz of excitement among the villagers.

 
K. Krishna Raj, the officer in charge of the Pazhassi Raja Archaeological Museum, emphasised that the coins exhibit unique hallmarks from the late 18th century, including Indo-French and Kannur Ali Raja markings. The bead necklaces also seem to date from the same era.&nbsp;

Raj underscored the importance of conducting a comprehensive study to fully elucidate the historical context and significance of these artifacts. He emphasised that such a detailed examination is crucial not only for understanding the local history but also for shedding light on broader cultural and trade connections of that era.&nbsp;

In&nbsp;order&nbsp;to&nbsp;safeguard&nbsp;the&nbsp;location&nbsp;for&nbsp;potential&nbsp;State&nbsp;Archaeology&nbsp;Department&nbsp;excavations&nbsp;in&nbsp;the&nbsp;future,&nbsp;the&nbsp;police&nbsp;have&nbsp;cordoned&nbsp;off&nbsp;the&nbsp;area.&nbsp;Historians and archaeologists are eager to explore the historical significance of the find, which has the potential to shed new light on the region's past.

(With inputs from agencies)

KANNUR: A remarkable discovery was made on friday when a group of local women laborers unearthed a pot containing 18th-century gold and silver coins while digging a rain-harvesting pit at a private rubber plantation in Chengalayi.

KANNUR: A remarkable discovery was made on friday when a group of local women laborers unearthed a pot containing 18th-century gold and silver coins while digging a rain-harvesting pit at a private rubber plantation in Chengalayi. The initial reaction was one of fear and speculation. Some women feared the pot contained black magic artifacts, while others worried it might be an unexploded crude bomb, a threat not uncommon in the politically charged region of Kannur. However, their fears quickly turned to excitement when they discovered the pot was filled with precious jewels and old coins, which is considered to be of great value. The village of Chengalai in Kannur district has suddenly become prominent on the map due to this unexpected finding. The news of the find spread rapidly, creating a buzz of excitement among the villagers. K. Krishna Raj, the officer in charge of the Pazhassi Raja Archaeological Museum, emphasised that the coins exhibit unique hallmarks from the late 18th century, including Indo-French and Kannur Ali Raja markings. The bead necklaces also seem to date from the same era. Raj underscored the importance of conducting a comprehensive study to fully elucidate the historical context and significance of these artifacts. He emphasised that such a detailed examination is crucial not only for understanding the local history but also for shedding light on broader cultural and trade connections of that era. In order to safeguard the location for potential State Archaeology Department excavations in the future, the police have cordoned off the area. Historians and archaeologists are eager to explore the historical significance of the find, which has the potential to shed new light on the region's past. (With inputs from agencies)

Hidden treasure unearthed by laborers' women in Kerala

Kannur: A remarkable discovery was made on Friday (Jul 12) when a group of local women labourers unearthed a pot containing 18th-century gold and silver coins while digging a rain-harvesting pit at a private rubber plantation in Chengalayi.

The initial reaction was one of fear and speculation. Some women feared the pot contained black magic artefacts, while others worried it might be an unexploded crude bomb, a threat not uncommon in the politically charged region of Kannur. However, their fears quickly turned to excitement when they discovered the pot was filled with precious jewels and old coins, which are&nbsp;considered to be of great value.

Also read&nbsp; |&nbsp;<a href="https://www.wionews.com/india-news/to-mark-world-skydiving-day-indian-minister-jumps-from-plane-watch-740590">Indian minister skydives from plane to mark World Skydiving Day. Watch</a>

The village of Chengalai in Kannur district has suddenly become prominent on the map due to this unexpected finding. The news of the find spread rapidly, creating a buzz of excitement among the villagers.

K. Krishna Raj, the officer in charge of the Pazhassi Raja Archaeological Museum, emphasised that the coins exhibit unique hallmarks from the late 18th century, including Indo-French and Kannur Ali Raja markings. The bead necklaces also seem to date from the same era.&nbsp;

Also read &nbsp;|&nbsp;<a href="https://www.wionews.com/trending/karnataka-police-punish-waterfall-bathing-tourists-by-taking-their-clothes-away-video-goes-viral-740559">Karnataka Police punish waterfall-bathing tourists by taking away their clothes, video goes viral</a>

Raj underscored the importance of conducting a comprehensive study to fully elucidate the historical context and significance of these artefacts. He emphasised that such a detailed examination is crucial not only for understanding the local history but also for shedding light on broader cultural and trade connections of that era.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/parents-must-be-told-if-their-children-aged-18-21-are-in-live-in-relationship-uttarakhand-panel-740473">Parents must be told if their children, aged 18-21, are in live-in relationship: Uttarakhand panel</a>

In&nbsp;order&nbsp;to&nbsp;safeguard&nbsp;the&nbsp;location&nbsp;for&nbsp;potential&nbsp;State&nbsp;Archaeology&nbsp;Department&nbsp;excavations&nbsp;in the future,&nbsp;the&nbsp;police&nbsp;have&nbsp;cordoned&nbsp;off&nbsp;the&nbsp;area.&nbsp;Historians and archaeologists are eager to explore the historical significance of the find, which has the potential to shed new light on the region's past.

(With inputs from agencies)

Kannur: A remarkable discovery was made on Friday (Jul 12) when a group of local women labourers unearthed a pot containing 18th-century gold and silver coins while digging a rain-harvesting pit at a private rubber plantation in Chengalayi.

Kannur: A remarkable discovery was made on Friday (Jul 12) when a group of local women labourers unearthed a pot containing 18th-century gold and silver coins while digging a rain-harvesting pit at a private rubber plantation in Chengalayi. The initial reaction was one of fear and speculation. Some women feared the pot contained black magic artefacts, while others worried it might be an unexploded crude bomb, a threat not uncommon in the politically charged region of Kannur. However, their fears quickly turned to excitement when they discovered the pot was filled with precious jewels and old coins, which are considered to be of great value. Also read | Indian minister skydives from plane to mark World Skydiving Day. Watch The village of Chengalai in Kannur district has suddenly become prominent on the map due to this unexpected finding. The news of the find spread rapidly, creating a buzz of excitement among the villagers. K. Krishna Raj, the officer in charge of the Pazhassi Raja Archaeological Museum, emphasised that the coins exhibit unique hallmarks from the late 18th century, including Indo-French and Kannur Ali Raja markings. The bead necklaces also seem to date from the same era. Also read | Karnataka Police punish waterfall-bathing tourists by taking away their clothes, video goes viral Raj underscored the importance of conducting a comprehensive study to fully elucidate the historical context and significance of these artefacts. He emphasised that such a detailed examination is crucial not only for understanding the local history but also for shedding light on broader cultural and trade connections of that era. Also read | Parents must be told if their children, aged 18-21, are in live-in relationship: Uttarakhand panel In order to safeguard the location for potential State Archaeology Department excavations in the future, the police have cordoned off the area. Historians and archaeologists are eager to explore the historical significance of the find, which has the potential to shed new light on the region's past. (With inputs from agencies)

India: Hidden treasure unearthed by women labourers in Kerala

China's Central Bank, the People's Bank of China, did not purchase any gold in June. This marks the second consecutive month of no gold purchases, ending an 18-month streak that had driven gold prices to record highs. Meanwhile, India's central bank increased its gold reserves by over nine tons, bringing the total to 841 tonnes, the largest monthly increase since July 2022.

China holds back on gold purchases, India leads among G20 nations

China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Last month marked the end of an 18-month buying streak that pushed Gold prices to record highs. Prices peaked at $2400 an ounce in May but suffered a decline as China awaits price correction to around $2200 per ounce.

Despite the dip, Gold prices were boosted by emerging economies like India &amp; Turkiye. India boosted its gold reserves by nine tonnes in June, bringing the total reserves to 841 tonnes. This marks the largest monthly increase in two years. India also leads among Asian G20 countries in the highest value of Gold as a percentage of total reserves.&nbsp;

China was the largest institutional buyer of Gold in 2023. This aggressive buying trend, led by China &amp; India, was to counter the geopolitical uncertainties roiling currency and stock markets. This led to a global surge in Gold prices. However, in 2024, economic slowdown and property woes have forced China to pump stimulus into the market. This has raised costs for the government, which is now waiting for Gold prices to drop before resuming buying.

Will Gold prices dip?

Gold prices have been on an upward trend, more so after Russia's war in Ukraine spooked investors to pivot to safe-haven assets. While China has been a major factor driving the Gold uptick, the prices are only expected to jump as geopolitical uncertainties continue. US Federal Reserve's rate cut bets in November offsets the lack of buying momentum from China, with India leading the Gold demand in 2024.

The World Gold Council notes that Central Banks and Emerging markets are crucial to sustaining Gold demand as supply challenges loom due to mining bottlenecks and environmental permit difficulties.

China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Last month marked the end of an 18-month buying streak that pushed Gold prices to record highs.

China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Last month marked the end of an 18-month buying streak that pushed Gold prices to record highs. Prices peaked at $2400 an ounce in May but suffered a decline as China awaits price correction to around $2200 per ounce. Despite the dip, Gold prices were boosted by emerging economies like India & Turkiye. India boosted its gold reserves by nine tonnes in June, bringing the total reserves to 841 tonnes. This marks the largest monthly increase in two years. India also leads among Asian G20 countries in the highest value of Gold as a percentage of total reserves. China was the largest institutional buyer of Gold in 2023. This aggressive buying trend, led by China & India, was to counter the geopolitical uncertainties roiling currency and stock markets. This led to a global surge in Gold prices. However, in 2024, economic slowdown and property woes have forced China to pump stimulus into the market. This has raised costs for the government, which is now waiting for Gold prices to drop before resuming buying. Will Gold prices dip? Gold prices have been on an upward trend, more so after Russia's war in Ukraine spooked investors to pivot to safe-haven assets. While China has been a major factor driving the Gold uptick, the prices are only expected to jump as geopolitical uncertainties continue. US Federal Reserve's rate cut bets in November offsets the lack of buying momentum from China, with India leading the Gold demand in 2024. The World Gold Council notes that Central Banks and Emerging markets are crucial to sustaining Gold demand as supply challenges loom due to mining bottlenecks and environmental permit difficulties.

India & Turkiye lead global gold buying as China holds back

China's central bank did not buy any gold in the month of June, thereby marking the second straight month of no addition to reserves. This was a pause while gold prices eased from their record highs.

According to official data published Sunday, the People's Bank of China held 72.8 million troy ounces of gold at the end of June, while in May, it ended an 18-month buying spree during which gold prices surged to unprecedented levels.

However, despite this pause, some analysts believe that the PBOC could resume buying due to China's desire to diversify its reserves and hedge against the depreciation of currencies. In a report, the World Gold Council indicated that about 20 central banks intend to increase their gold holdings in the coming year due to geopolitical and financial risks.

The high gold price could have kept many people at bay, having hit an all-time high above $2,400 an ounce in May. Since then, prices have partially fallen as investors pulled back on expectations of a US interest rate cut this year. The announcement by the PBOC of a buying pause in May was followed by the biggest intraday fall of gold in nearly three years.

Meanwhile, central banks across the world are on a record gold-buying spree. The total central bank consumption was 1,037 tonnes in 2023, the second-highest annual purchase in history after 1,082 tonnes in 2022. While China is holding its gold purchase programme for later, India boosted its gold reserves by most in two years in June, according to the World Gold Council.&nbsp;

China's central bank did not buy any gold in the month of June, thereby marking the second straight month of no addition to reserves. This was a pause while gold prices eased from their record highs.

China's central bank did not buy any gold in the month of June, thereby marking the second straight month of no addition to reserves. This was a pause while gold prices eased from their record highs. According to official data published Sunday, the People's Bank of China held 72.8 million troy ounces of gold at the end of June, while in May, it ended an 18-month buying spree during which gold prices surged to unprecedented levels. However, despite this pause, some analysts believe that the PBOC could resume buying due to China's desire to diversify its reserves and hedge against the depreciation of currencies. In a report, the World Gold Council indicated that about 20 central banks intend to increase their gold holdings in the coming year due to geopolitical and financial risks. The high gold price could have kept many people at bay, having hit an all-time high above $2,400 an ounce in May. Since then, prices have partially fallen as investors pulled back on expectations of a US interest rate cut this year. The announcement by the PBOC of a buying pause in May was followed by the biggest intraday fall of gold in nearly three years. Meanwhile, central banks across the world are on a record gold-buying spree. The total central bank consumption was 1,037 tonnes in 2023, the second-highest annual purchase in history after 1,082 tonnes in 2022. While China is holding its gold purchase programme for later, India boosted its gold reserves by most in two years in June, according to the World Gold Council.

China’s central bank pauses gold purchases for second month

Headlines of the hour: - Reformist Pezeshkian is Iran's president-elect - Calls for exit grow, Biden won't budge - Only god almighty can oust me from race: Biden - PM Modi Russia visit: Focus of defence ties - Sahel alliance summit: Leaders reach Niger - 4th case of brain eating Amoeba in Kerala - Gold regains its shine this week

WION Headlines | Gold regains its shine this week | Reformist Pezeshkian is Iran's president-elect

Why are people rushing to buy gold across Asia? Join us as we dive into the latest global economic trends impacting the yellow metal. Discover why gold has become the go-to asset for investors and central banks, from currency devaluation fears to inflation spikes and geopolitical tensions.

Gold frenzy sweeps across Asia amid economic stability

Why are people rushing to buy gold across Asia? Join us on gravitas as we dive into the latest global economic trends impacting the yellow metal. Discover why gold has become the go-to asset for investors and central banks, from currency devaluation fears to inflation spikes and geopolitical tensions.

Gravitas | Gold rush: Asia's economic uncertainties fuel record high demand

Global markets witnessed a lot of turbulence heading to this year. Geopolitical tensions and inflation concerns were at their peak. Cut to 6 months later, and the global markets have witnessed record highs. Asian stocks have breached&nbsp;multiple peaks, with India &amp; Pakistan's stock markets leading the rally. US stocks are also at record highs. But what's driving this rally?

The surge in tech stocks has bolstered the markets in 2024. While investors are still navigating interest rate dynamics, companies like Nvidia have soared exponentially, rising to over 150 per cent in the year. Reuters data shows that the MSCI's 47-country world stocks index has clocked up 11 per cent since January. Meanwhile, the top tech firms have surged 30 per cent. The magnificent seven alone has surged $8.3 trillion in the last 18 months. This contrasting jump explains the&nbsp;market's triumph.

This comes at a time when major economies have witnessed or are about to witness 'unexpected' elections. Election uncertainties have certainly caused market volatility, which has benefitted short-sellers as well. In Nvidia's recent $430 billion 3-day slump, short-sellers reportedly made $5 billion.

Gold and cryptocurrency shine

Cocoa prices surged to record highs of $11,000 in the initial months of 2024. Since then, the prices have witnessed a downward trend,&nbsp;declining to a 2-year low.

But what shines is GOLD! The yellow metal has hit record highs in 2024. The demand for safe-haven assets has overall surged in 2024, with investors looking for safer bets amid volatility.&nbsp;

Cryptocurrencies also made a comeback, with the approval of Exchange-Traded Funds (ETFs). The prices broke multiple record highs as it cruised through the $70,000 mark.

Global markets witnessed a lot of turbulence heading to this year. Geopolitical tensions and inflation concerns were at their peak. Cut to 6 months later, and the global markets have witnessed record highs.

Global markets witnessed a lot of turbulence heading to this year. Geopolitical tensions and inflation concerns were at their peak. Cut to 6 months later, and the global markets have witnessed record highs. Asian stocks have breached multiple peaks, with India & Pakistan's stock markets leading the rally. US stocks are also at record highs. But what's driving this rally? The surge in tech stocks has bolstered the markets in 2024. While investors are still navigating interest rate dynamics, companies like Nvidia have soared exponentially, rising to over 150 per cent in the year. Reuters data shows that the MSCI's 47-country world stocks index has clocked up 11 per cent since January. Meanwhile, the top tech firms have surged 30 per cent. The magnificent seven alone has surged $8.3 trillion in the last 18 months. This contrasting jump explains the market's triumph. This comes at a time when major economies have witnessed or are about to witness 'unexpected' elections. Election uncertainties have certainly caused market volatility, which has benefitted short-sellers as well. In Nvidia's recent $430 billion 3-day slump, short-sellers reportedly made $5 billion. Gold and cryptocurrency shine Cocoa prices surged to record highs of $11,000 in the initial months of 2024. Since then, the prices have witnessed a downward trend, declining to a 2-year low. But what shines is GOLD! The yellow metal has hit record highs in 2024. The demand for safe-haven assets has overall surged in 2024, with investors looking for safer bets amid volatility. Cryptocurrencies also made a comeback, with the approval of Exchange-Traded Funds (ETFs). The prices broke multiple record highs as it cruised through the $70,000 mark.

Global markets roundup: Tech rally leads global markets in 2024

For centuries, gold has been the source of much intrigue. The yellow metal has been a symbol of wealth, power, and beauty, The precious metal has fueled empires and ignited exploration.

China leads global gold production

For centuries, gold has captivated humanity. A symbol of wealth, power, and beauty, it has fueled empires and ignited exploration. But this landscape is shifting. China has emerged as the leading producer and consumer of gold.

Gravitas: China emerges as top gold producer & consumer

In a historic move, the Reserve Bank of India has moved back 100 tonnes of gold reserves from the UK. This marks the first large-scale relocation of gold by India since 1991.

India brings back gold from the UK | World Business Watch

The Reserve Bank of India (RBI) has moved over 100 tonnes of gold from the UK to its domestic vaults. It marks the first time at least since early 1991 when the precious yellow metal at this scale has been added to the stock held locally, according to media report.

Why did RBI move 100 tonnes of gold from the UK to Indian Vaults?

Watch top headlines of the hour: - Israel recalls Ireland, Norway envoys - Chad PM submits resignation - Sweden plans $7 billion aid for Ukraine - Gold prices dip

Chad PM submits resignation | Gold prices dip

China is on a gold-buying spree. For the past 18 months, the people's bank of china has been steadily accumulating gold reserves, marking the longest buying streak on record. This strategic move reflects a global trend – central banks around the world, particularly those in emerging markets like china, Turkiye, and India, are accumulating gold at an unprecedented pace.

Gold prices reach record highs amid growing global demand

India is gearing up to celebrate the festival of gold - Akshaya Tritiya. This comes at a time when gold prices are on a historic climb, reaching $880 per 10 grams. This marks a significant 17% increase since last year's festival. Now, this surge has sparked a critical question: will these record highs dampen consumer demand during Akshaya Tritiya?

Gold prices soar ahead of Akshaya Tritiya

The demand for gold is surging worldwide. Institutional investors, retailers and Central Banks are increasingly turning to Gold. Why is this happening?

Gravitas | Why are Central Banks accumulating Gold?

A gold pocket watch recovered from the wealthiest passenger aboard the Titanic fetched a staggering £1.2 million ($1.46&nbsp;million), setting a new record for Titanic memorabilia sales.

The watch, once owned by businessman John Jacob Astor who died&nbsp;with the ship in 1912 at 47, was acquired by a private collector in the US at Henry Aldridge &amp; Son in Devizes, Wiltshire, during an auction on Saturday.

This breaks the previous record of £1.1 million&nbsp;paid for a violin played during the Titanic's sinking, also sold by the same auction house in 2013.

A representative for the auction house mentioned that the £1.2 million ($1.46&nbsp;million)&nbsp;price tag for the pocket watch covered all fees and taxes borne by the purchaser.

Similarly, the case for the violin was also sold at the same auction for £360,000, inclusive of fees and taxes.

Auctioneer Andrew Aldridge expressed to the PA news agency that the prices achieved for the Titanic memorabilia during the sale were&nbsp;“absolutely incredible”.

He said: “They reflect not only the importance of the artefacts themselves and their rarity but they also show the enduring appeal and fascination with the Titanic story.

“112 years later, we are still talking about the ship and the passengers and the crew. The thing with the Titanic story, it’s effectively a large ship hits an iceberg with a tragic loss of life, but more importantly is 2,200 stories," he added.&nbsp;

<a href="https://www.wionews.com/trending/titanic-floating-door-prop-sold-for-staggering-718750-at-auction-704578">Also read |&nbsp;‘Titanic’ floating door prop sold for staggering $718,750 at auction</a>

Rather than trying to get on another lifeboat, John Jacob Astor, who was from a wealthy family, was last seen chatting and smoking. A week later, his body was found in the ocean, along with his fancy gold pocket watch.

Aldridge said: “Astor is well known as the richest passenger [on] board the RMS Titanic and was thought to be among the richest people in the world at that time, with a net worth of roughly $87m – equivalent to several billion dollars today.

“At 11.40pm on 14 April 1912, the Titanic hit an iceberg and started to take on water," he said.

“At first, Astor did not believe the ship was in any serious danger, but later it was apparent she was sinking and the captain had started an evacuation after midnight, so he helped his wife into lifeboat 4,” he added.&nbsp;

Madeleine Astor lived through the disaster, and her husband's body was found close to where the Titanic sank on April 22nd.

<a href="https://www.wionews.com/trending/dinner-menu-for-first-class-passengers-onboard-titanic-sold-for-103000-658185">Also read |&nbsp;Dinner menu for first-class passengers onboard Titanic auctioned for $103,000</a>

Vincent Astor, John Jacob Astor's son, passed the watch to William Dobbyn, the son of his father's executive secretary.

Also watch |&nbsp;Titanic: Kate Winslet's iconic coat made of pink wool up for auction

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/titanic-kate-winslets-iconic-coat-made-of-pink-wool-up-for-auction-wion-newspoint-625262/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

A gold pocket watch recovered from the wealthiest passenger aboard the Titanic fetched a staggering £1.2 million ($1.46 million), setting a new record for Titanic memorabilia sales.

A gold pocket watch recovered from the wealthiest passenger aboard the Titanic fetched a staggering £1.2 million ($1.46 million), setting a new record for Titanic memorabilia sales. The watch, once owned by businessman John Jacob Astor who died with the ship in 1912 at 47, was acquired by a private collector in the US at Henry Aldridge & Son in Devizes, Wiltshire, during an auction on Saturday. This breaks the previous record of £1.1 million paid for a violin played during the Titanic's sinking, also sold by the same auction house in 2013. A representative for the auction house mentioned that the £1.2 million ($1.46 million) price tag for the pocket watch covered all fees and taxes borne by the purchaser. Similarly, the case for the violin was also sold at the same auction for £360,000, inclusive of fees and taxes. Auctioneer Andrew Aldridge expressed to the PA news agency that the prices achieved for the Titanic memorabilia during the sale were “absolutely incredible”. He said: “They reflect not only the importance of the artefacts themselves and their rarity but they also show the enduring appeal and fascination with the Titanic story. “112 years later, we are still talking about the ship and the passengers and the crew. The thing with the Titanic story, it’s effectively a large ship hits an iceberg with a tragic loss of life, but more importantly is 2,200 stories," he added. Also read | ‘Titanic’ floating door prop sold for staggering $718,750 at auction Rather than trying to get on another lifeboat, John Jacob Astor, who was from a wealthy family, was last seen chatting and smoking. A week later, his body was found in the ocean, along with his fancy gold pocket watch. Aldridge said: “Astor is well known as the richest passenger [on] board the RMS Titanic and was thought to be among the richest people in the world at that time, with a net worth of roughly $87m – equivalent to several billion dollars today. “At 11.40pm on 14 April 1912, the Titanic hit an iceberg and started to take on water," he said. “At first, Astor did not believe the ship was in any serious danger, but later it was apparent she was sinking and the captain had started an evacuation after midnight, so he helped his wife into lifeboat 4,” he added. Madeleine Astor lived through the disaster, and her husband's body was found close to where the Titanic sank on April 22nd. Also read | Dinner menu for first-class passengers onboard Titanic auctioned for $103,000 Vincent Astor, John Jacob Astor's son, passed the watch to William Dobbyn, the son of his father's executive secretary. Also watch | Titanic: Kate Winslet's iconic coat made of pink wool up for auction (With inputs from agencies)

Titanic's wealthiest passenger's gold pocket watch sells for record $1.46mn

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