Gold is up over 20% in one year. that beats inflation, equities & every other mainstream asset class. So, how does gold maintain its Midas touch? This next report answers that question and tells you how you can invest in the timeless metal to craft a precious fortune. Watch this report.

Investing in Gold: Re-discovering a hidden treasure | World Business Watch

If you ventured into the world of investments during the pandemic, you were likely enticed by the stock market and crypto buzz. However, many first-time investors, particularly Gen Z, missed out on the opportunity to seize the dazzling rally.

That's because&nbsp;the youngest working generation arrived fashionably late to the party, facing negative returns as the Russia-Ukraine war and supply chain disruptions dampened risk sentiment.&nbsp;

Understandably, these investors hesitated to dive back into the market. The crypto crash hit even harder, leading most Gen Z investors -- a&nbsp;group of people born between the late 1990s and the early 2010s -- to turn to a timeless gem: gold.&nbsp;

This timeless jewel, renowned for its resilience against inflation, continues to captivate investors.&nbsp;

Gold has surged nearly 20 percent&nbsp;in the past year, outshining inflation and other mainstream assets. In contrast, the S&amp;P 500 -- an index tracking the stock performance of 500 of the largest companies&nbsp;in the United States -- only managed a modest 2 percent&nbsp;uptick during the same period.

While seasoned investors stress on long-term stock strategies, many individuals hesitate to hold onto digital assets locked away in wallets, especially if their performance falters. But gold, in jewelry form, holds a sentimental value that encourages investors to stay the course and enjoy appreciation.&nbsp;

With the rise in popularity of rose and white gold, this radiant metal has gained broader appeal, catering to diverse tastes.

While gold is currently in the spotlight, it has historically underperformed equities in the long run.&nbsp;

So, investors looking for the Midas touch could add a touch of glamour through gold and a bit of sophistication through equities to craft a precious fortune.

If you ventured into the world of investments during the pandemic, you were likely enticed by the stock market and crypto buzz. However, many first-time investors, particularly Gen Z, missed out on the opportunity to seize the dazzling rally.

If you ventured into the world of investments during the pandemic, you were likely enticed by the stock market and crypto buzz. However, many first-time investors, particularly Gen Z, missed out on the opportunity to seize the dazzling rally. That's because the youngest working generation arrived fashionably late to the party, facing negative returns as the Russia-Ukraine war and supply chain disruptions dampened risk sentiment. Understandably, these investors hesitated to dive back into the market. The crypto crash hit even harder, leading most Gen Z investors -- a group of people born between the late 1990s and the early 2010s -- to turn to a timeless gem: gold. This timeless jewel, renowned for its resilience against inflation, continues to captivate investors. Gold has surged nearly 20 percent in the past year, outshining inflation and other mainstream assets. In contrast, the S&P 500 -- an index tracking the stock performance of 500 of the largest companies in the United States -- only managed a modest 2 percent uptick during the same period. While seasoned investors stress on long-term stock strategies, many individuals hesitate to hold onto digital assets locked away in wallets, especially if their performance falters. But gold, in jewelry form, holds a sentimental value that encourages investors to stay the course and enjoy appreciation. With the rise in popularity of rose and white gold, this radiant metal has gained broader appeal, catering to diverse tastes. While gold is currently in the spotlight, it has historically underperformed equities in the long run. So, investors looking for the Midas touch could add a touch of glamour through gold and a bit of sophistication through equities to craft a precious fortune.

Gold rush: How the precious metal is beating S&P 500 returns

The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, Russian customs records show.

The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the Gulf state imported 75.7 tonnes of Russian gold worth $4.3 billion - up from just 1.3 tonnes during 2021.

China and Turkey were the next biggest destinations, importing about 20 tonnes each between Feb. 24, 2022 and March 3, 2023. With the UAE, the three countries accounted for 99.8% of the Russian gold exports in the customs data for this period.

In the days after the Ukraine conflict started, many multinational banks, logistics providers and precious metal refiners stopped handling Russian gold, which had typically been shipped to London, a gold trading and storage hub.

The London Bullion Market Association banned Russian bars made from March 7, 2022, and by the end of August, Britain, the European Union, Switzerland, the United States, Canada and Japan had all banned imports of Russian bullion.

The export records show, however, that Russian gold producers quickly found new markets in countries that had not imposed sanctions on Moscow, such as the UAE, Turkey and China.

Louis Marechal, a gold sourcing expert at the Organisation for Economic Co-operation and Development said there was a risk Russian gold could be melted down and recast and then find its way back into U.S. and European markets with its origin masked.

"If the Russian gold comes in, is recast by a local refiner, sourced by a local bank or trader and then sold on into the market, there you have a risk," he said. "This is why carrying out due diligence is instrumental to end buyers wishing to ensure they respect sanctions regimes."

The UAE government's Gold Bullion Committee said the state operated with clear and robust processes against illicit goods, money laundering and sanctioned entities.

"The UAE will continue to trade openly and honestly, with its international partners, in compliance with all current international norms as set down by the United Nations," it said.

<h2>Thriving gold hub</h2>

In a bid to further isolate Russia, Washington has warned countries, including the UAE and Turkey, they could lose access to G7 markets if they do business with entities subject to U.S. sanctions.

The data reviewed by Reuters does not suggest there has been any violation of U.S. sanctions by those countries.

The U.S. Treasury, whose Office of Foreign Assets Control enforces sanctions, did not respond to requests for comment.

The shipments in the customs data, supplied to Reuters by a commercial provider, show exports of 116.3 tonnes between Feb. 24, 2022 and March 3 this year, although consultant Metals Focus estimates Russia produced 325 tonnes of gold in 2022.

The rest of the gold dug in Russia likely either stayed in the country or was exported in transactions not included in the records. Reuters was unable to determine what proportion of Russia's total gold exports were covered by the data.

Most of the Russian gold shipments to China went to Hong Kong. China's Ministry of Foreign Affairs said the country's cooperation with Russia "shall be free from disruption or coercion from any third party".

Turkey's finance ministry did not respond to requests for comment. The Russian government, customs authority and central bank did not respond to requests for comment about gold exports.

The shift in Russian exports away from London is not seen as a major blow as the hub is not reliant on Russia. In 2021, for example, gold from Russia accounted for 29% of London's imports but in 2018 it made up just 2%, British trade data shows.

The UAE, meanwhile, has long had a thriving gold industry. Trade data show it imported about 750 tonnes of pure gold a year on average between 2016 and 2021 - meaning the shipments in the Russian records would only account for about 10% of its imports.

The UAE is a major exporter of bullion and jewellery.

<h2>DISCOUNT PRICES</h2>

The manager of one company that shipped large amounts of Russian gold to the UAE told Reuters that Russian firms had been selling bullion there at a discount of about 1% to global benchmark prices, offering an incentive to trade.

The manager, who spoke on condition of anonymity, said most of the gold his firm shipped to the UAE was destined for refineries, where it would be melted down and recast.

Reuters asked four of Russia's largest gold miners for comment. Nordgold and Norilsk Nickel declined to comment. Polyus and Polymetal did not respond.

In many cases, the customs records show only shippers or traders involved in the transactions, not the end buyer, which could be a refiner, jeweller or investor.

The records show the biggest handler of Russian gold exported to the UAE was Temis Luxury Middle East, a Dubai subsidiary of French logistics firm Temis Luxury involved in the shipment of 15.6 tonnes valued at $863 million from April 2022 to March 3.

Broca Houy, head of compliance at Temis Luxury Group, said the company "fully complies with the laws and regulations of the United Arab Emirates for freight forwarder business".

He said Temis did not buy Russian gold and only accepted transport orders from operators not subject to U.S. sanctions.

Asked about the shipments, France's finance ministry said it would not comment on individual cases but it was very committed to the application of sanctions.

European sanctions do not typically apply to overseas subsidiaries, so European firms whose subsidiaries were involved in shipments of Russian gold to the UAE, Turkey or Hong Kong would not have necessarily broken any laws, said Tan Albayrak, a sanctions lawyer at Reed Smith in London.

The second-largest handler of Russian bullion in the UAE, with involvement in shipments of 14.6 tonnes worth $820 million, was logistics firm Transguard, part of the Emirates Group, the airline-to-hotels company owned by the Gulf state's wealth fund.

Emirates said it had not bought any Russian gold, operated in full compliance with applicable laws and had now stopped transporting it.

"Due to recent regulatory developments, Transguard is no longer providing logistics services pertaining to shipments of gold to or from Russia," it said.

In Hong Kong, most Russian gold shipments were handled by Vpower Finance Security Hong Kong Ltd, a Chinese logistics company. It was involved in the import of 20.5 tonnes of gold worth $1.2 billion between May 2022 and March 3, the records show.

Vpower Finance Security did not respond to requests for comment.

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The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, Russian customs records show.

The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, Russian customs records show. The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the Gulf state imported 75.7 tonnes of Russian gold worth $4.3 billion - up from just 1.3 tonnes during 2021. China and Turkey were the next biggest destinations, importing about 20 tonnes each between Feb. 24, 2022 and March 3, 2023. With the UAE, the three countries accounted for 99.8% of the Russian gold exports in the customs data for this period. In the days after the Ukraine conflict started, many multinational banks, logistics providers and precious metal refiners stopped handling Russian gold, which had typically been shipped to London, a gold trading and storage hub. The London Bullion Market Association banned Russian bars made from March 7, 2022, and by the end of August, Britain, the European Union, Switzerland, the United States, Canada and Japan had all banned imports of Russian bullion. The export records show, however, that Russian gold producers quickly found new markets in countries that had not imposed sanctions on Moscow, such as the UAE, Turkey and China. Louis Marechal, a gold sourcing expert at the Organisation for Economic Co-operation and Development said there was a risk Russian gold could be melted down and recast and then find its way back into U.S. and European markets with its origin masked. "If the Russian gold comes in, is recast by a local refiner, sourced by a local bank or trader and then sold on into the market, there you have a risk," he said. "This is why carrying out due diligence is instrumental to end buyers wishing to ensure they respect sanctions regimes." The UAE government's Gold Bullion Committee said the state operated with clear and robust processes against illicit goods, money laundering and sanctioned entities. "The UAE will continue to trade openly and honestly, with its international partners, in compliance with all current international norms as set down by the United Nations," it said. Thriving gold hub In a bid to further isolate Russia, Washington has warned countries, including the UAE and Turkey, they could lose access to G7 markets if they do business with entities subject to U.S. sanctions. The data reviewed by Reuters does not suggest there has been any violation of U.S. sanctions by those countries. The U.S. Treasury, whose Office of Foreign Assets Control enforces sanctions, did not respond to requests for comment. The shipments in the customs data, supplied to Reuters by a commercial provider, show exports of 116.3 tonnes between Feb. 24, 2022 and March 3 this year, although consultant Metals Focus estimates Russia produced 325 tonnes of gold in 2022. The rest of the gold dug in Russia likely either stayed in the country or was exported in transactions not included in the records. Reuters was unable to determine what proportion of Russia's total gold exports were covered by the data. Most of the Russian gold shipments to China went to Hong Kong. China's Ministry of Foreign Affairs said the country's cooperation with Russia "shall be free from disruption or coercion from any third party". Turkey's finance ministry did not respond to requests for comment. The Russian government, customs authority and central bank did not respond to requests for comment about gold exports. The shift in Russian exports away from London is not seen as a major blow as the hub is not reliant on Russia. In 2021, for example, gold from Russia accounted for 29% of London's imports but in 2018 it made up just 2%, British trade data shows. The UAE, meanwhile, has long had a thriving gold industry. Trade data show it imported about 750 tonnes of pure gold a year on average between 2016 and 2021 - meaning the shipments in the Russian records would only account for about 10% of its imports. The UAE is a major exporter of bullion and jewellery. DISCOUNT PRICES The manager of one company that shipped large amounts of Russian gold to the UAE told Reuters that Russian firms had been selling bullion there at a discount of about 1% to global benchmark prices, offering an incentive to trade. The manager, who spoke on condition of anonymity, said most of the gold his firm shipped to the UAE was destined for refineries, where it would be melted down and recast. Reuters asked four of Russia's largest gold miners for comment. Nordgold and Norilsk Nickel declined to comment. Polyus and Polymetal did not respond. In many cases, the customs records show only shippers or traders involved in the transactions, not the end buyer, which could be a refiner, jeweller or investor. The records show the biggest handler of Russian gold exported to the UAE was Temis Luxury Middle East, a Dubai subsidiary of French logistics firm Temis Luxury involved in the shipment of 15.6 tonnes valued at $863 million from April 2022 to March 3. Broca Houy, head of compliance at Temis Luxury Group, said the company "fully complies with the laws and regulations of the United Arab Emirates for freight forwarder business". He said Temis did not buy Russian gold and only accepted transport orders from operators not subject to U.S. sanctions. Asked about the shipments, France's finance ministry said it would not comment on individual cases but it was very committed to the application of sanctions. European sanctions do not typically apply to overseas subsidiaries, so European firms whose subsidiaries were involved in shipments of Russian gold to the UAE, Turkey or Hong Kong would not have necessarily broken any laws, said Tan Albayrak, a sanctions lawyer at Reed Smith in London. The second-largest handler of Russian bullion in the UAE, with involvement in shipments of 14.6 tonnes worth $820 million, was logistics firm Transguard, part of the Emirates Group, the airline-to-hotels company owned by the Gulf state's wealth fund. Emirates said it had not bought any Russian gold, operated in full compliance with applicable laws and had now stopped transporting it. "Due to recent regulatory developments, Transguard is no longer providing logistics services pertaining to shipments of gold to or from Russia," it said. In Hong Kong, most Russian gold shipments were handled by Vpower Finance Security Hong Kong Ltd, a Chinese logistics company. It was involved in the import of 20.5 tonnes of gold worth $1.2 billion between May 2022 and March 3, the records show. Vpower Finance Security did not respond to requests for comment. WATCH WION LIVE HERE ×

From Russia with gold: UAE cashes in as sanctions bite

The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar.

According to the state-run outlet, The Sunday Mail, the initiative will allow small amounts of Zimbabwean dollars to be swapped for the digital gold token, allowing more Zimbabweans to hedge against currency volatility. According to Reserve Bank of Zimbabwe Governor John Mangudya, the objective is to "leave no one and no place behind." Last year, the government also issued gold coins in an attempt to absorb surplus liquidity and stabilise the local currency.

Mangudya said the current exchange rate volatility can be&nbsp;attributed&nbsp;to market anticipation of higher foreign currency supply when the tobacco auction season began in March. Zimbabwe has shipped 54.9 kilos&nbsp;of tobacco for $307 million since the auction season began. It shipped 57 million kilos&nbsp;for $295.5 million over the same period last year.

According to Bloomberg, Zimbabwe's currency is valued at 1,001 ZWL for $1, but it is frequently exchanged for 1,750 ZWL on the streets of Harare, the country's capital. Annual consumer price inflation in the country fell to one year low of 87.6 percent&nbsp;in March from 92 percent&nbsp;in February.

ZIMBABWE'S ECONOMIC HISTORY AND DIGITAL CURRENCIES

Zimbabwe has suffered huge economic issues in the past, including one of history's most severe examples of hyperinflation. In the late 2000s, hyperinflation reached astronomical proportions, with prices doubling every few hours, causing the local currency to collapse.

In 2009, the government adopted the US dollar as its primary form of currency in order to stabilise the economy. This, however, was not an effective long-term solution because it hampered the government's capacity to control its monetary policy. In an attempt to revitalise the economy, Zimbabwe reintroduced its own currency, the Zimbabwe dollar, in 2019. However, the re-introduction has been plagued by rapid price hikes and volatile exchange rates, causing substantial issues for the local population.

The introduction of a gold-backed digital currency is seen as a potential solution to address these challenges. By leveraging the stability of gold as a backing asset, digital currency aims to provide a more stable form of currency for Zimbabweans to store value and protect against currency volatility.

As a result of economic issues, crypto usage has increased in several African countries. The Middle East and North Africa are the fastest-growing regions for crypto adoption, primarily to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48 percent&nbsp;from the previous year, according to Chainalysis.

The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar.

The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar. According to the state-run outlet, The Sunday Mail, the initiative will allow small amounts of Zimbabwean dollars to be swapped for the digital gold token, allowing more Zimbabweans to hedge against currency volatility. According to Reserve Bank of Zimbabwe Governor John Mangudya, the objective is to "leave no one and no place behind." Last year, the government also issued gold coins in an attempt to absorb surplus liquidity and stabilise the local currency. Mangudya said the current exchange rate volatility can be attributed to market anticipation of higher foreign currency supply when the tobacco auction season began in March. Zimbabwe has shipped 54.9 kilos of tobacco for $307 million since the auction season began. It shipped 57 million kilos for $295.5 million over the same period last year. According to Bloomberg, Zimbabwe's currency is valued at 1,001 ZWL for $1, but it is frequently exchanged for 1,750 ZWL on the streets of Harare, the country's capital. Annual consumer price inflation in the country fell to one year low of 87.6 percent in March from 92 percent in February. ZIMBABWE'S ECONOMIC HISTORY AND DIGITAL CURRENCIES Zimbabwe has suffered huge economic issues in the past, including one of history's most severe examples of hyperinflation. In the late 2000s, hyperinflation reached astronomical proportions, with prices doubling every few hours, causing the local currency to collapse. In 2009, the government adopted the US dollar as its primary form of currency in order to stabilise the economy. This, however, was not an effective long-term solution because it hampered the government's capacity to control its monetary policy. In an attempt to revitalise the economy, Zimbabwe reintroduced its own currency, the Zimbabwe dollar, in 2019. However, the re-introduction has been plagued by rapid price hikes and volatile exchange rates, causing substantial issues for the local population. The introduction of a gold-backed digital currency is seen as a potential solution to address these challenges. By leveraging the stability of gold as a backing asset, digital currency aims to provide a more stable form of currency for Zimbabweans to store value and protect against currency volatility. As a result of economic issues, crypto usage has increased in several African countries. The Middle East and North Africa are the fastest-growing regions for crypto adoption, primarily to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48 percent from the previous year, according to Chainalysis.

Gold-backed digital tokens: Zimbabwe’s bid to revive its local currency

Gold continues to shine in the global markets as it crosses $ 2000 per ounce rising inflation and a gloom economy. The precious yellow Metals rise is driven by a fault in the US dollar the greenback fell to a two-month low and US treasury yields leads on the back of weak economic data from the United States. The crisis Playbook boosts Gold's appeal to investors gold climbed nearly two percent to 2020 dollars per ounce, gold is traditionally considered a hedge against inflation which central banks across the world are trying to curve through interest rate Cuts Commodities across.

Gloomy economic outlook boosts economic crisis

'It's never enough' - that's what most gold miners who survive from one nugget to the next, always say, when they are asked why they take the risk. There is a huge gold rush in Senegal and the Democratic Republic of Congo, where thousands are lured by dreams of riches hidden underground. But, there's a catch, this precious metal could spell doom for those in search of wealth.

Gold mining spells doom for miners | World of Africa

Christmas came early for a man in Australia who recently discovered a gold nugget worth almost $250,000 in the southeastern state of Victoria. The gold digger found the enormous nugget weighing 4.

Christmas came early for a man in Australia who recently discovered a gold nugget worth almost $250,000 in the southeastern state of Victoria. The gold digger found the enormous nugget weighing 4.6 kilogrammes, with gold making up almost 2.6 kg of the weight, in an area known as the 'Golden Triangle' between Bendigo, Ballarat and St Arnaud. The man only used an amateur metal detector called 'Minelab Equinox 800 detector' worth $800 to make the discovery. The piece has been named 'Lucky Strike Nugget' after it was taken to a prospecting shop by the name 'Lucky Strike Gold'. Shop owner Darren Kamp was in disbelief when he first saw the rock with the unaware owner asking if the find could fetch him even $10,000. “Do you think there’s $10,000 worth in it?” WATCH | Digger unearths archaeological treasure from a burial cave in Israel × Kamp, who often has to deal with customers coming in with false hopes regarding their find, quickly evaluated the piece and said the ballpark figure of the piece of rock in his hand was anywhere north of $100,000. “I looked at him and I said try $100,000," Kamp told The Guardian. “He [owner] said ‘but that’s only half the rock, the other half is at home’.” After getting hold of the entire rock, Kamp arrived at the current figure which is primarily due to the soaring gold prices which are nearing global record highs. “I’ve been prospecting for 43 years. And I haven’t seen a specimen in this amount of gold in my 43 years of prospecting. Maybe in the 1850s there was probably a few found, but in today’s terms it’s very rare," Kamp added. ALSO READ | Australia: Two men dug nuggets worth $250,000 The 'Golden Triangle' has been famous for centuries and has witnessed multiple gold rushes. To this day, people flock to the region to accidentally strike gold using nothing but a metal detector. A $25.50 licence that lasts for 10 years is required to go on such expeditions. Without the license, any gold found goes straight to the crown. According to the geological survey of Victoria, there could be 75 million ounces of gold in the region. Stawell and Bendigo zones hold the greatest potential for gold and at a depth where most modern drilling techniques can be used to reach easily. (With inputs from agencies) WATCH WION LIVE HERE:

LOTTERY! 4.6 kg gold nugget, worth $250,000, discovered by amateur digger

Gold prices have crossed 60,000 Rupees for 10 grams for the first time. The rally comes amidst the U.S. banking crisis and the collapse of Credit Suisse. Is gold the safest investment? Molly Gambhir tells you.

Gravitas: US Banking Crisis | Gold prices hit record high. Is it a good time to invest?

Gold price reached its lifetime high of Rs 60,100 per 10 grams in New Delhi on Monday (March 20), amid the American banking crisis, according to HDFC Securities. The price of the precious metal rallied Rs 1,400 as it ended at Rs 58,700 per 10 grams in the previous trade.&nbsp;

As quoted by news agency PTI, Saumil Gandhi, who is a Senior Analyst - Commodities at HDFC Securities, said: "Spot gold prices in the Delhi markets traded at Rs 60,100 per 10 grams, up Rs 1,400 per 10 grams."&nbsp;

Meanwhile, silver also zoomed Rs 1,860 to Rs 69,340 per kilogramme and both gold and silver were trading higher at USD 2,005 per ounce and USD 22.55 per ounce, respectively in the overseas markets.&nbsp;

As quoted, Gandhi said that the Comex Gold prices traded higher in Asian trading hours on Monday. According to the analyst, the price rose to a fresh 52-week high of USD 2,005 per ounce.&nbsp;

Navneet Damani, Senior VP - of Commodity Research at Motilal Oswal Financial Services, said: "Bullions continue surge, with gold on domestic front hitting a new life-time high of over Rs 60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Fed in its fight against inflation."&nbsp;

The recent collapse of two American banks—Signature Bank and Silicon Valley Bank—led to global economic turmoil. As quoted by Economic Times, Manoj Kumar Jain, Prithvifinmart Commodity Research, said: "The US Fed is scheduled to meet this week and their policy outcomes in light of the banking crisis and mixed US economic indicators could give more direction to bullion markets."&nbsp;

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Gold price reached its lifetime high of Rs 60,100 per 10 grams in New Delhi on Monday (March 20), amid the American banking crisis, according to HDFC Securities.

Gold price reached its lifetime high of Rs 60,100 per 10 grams in New Delhi on Monday (March 20), amid the American banking crisis, according to HDFC Securities. The price of the precious metal rallied Rs 1,400 as it ended at Rs 58,700 per 10 grams in the previous trade. As quoted by news agency PTI, Saumil Gandhi, who is a Senior Analyst - Commodities at HDFC Securities, said: "Spot gold prices in the Delhi markets traded at Rs 60,100 per 10 grams, up Rs 1,400 per 10 grams." Meanwhile, silver also zoomed Rs 1,860 to Rs 69,340 per kilogramme and both gold and silver were trading higher at USD 2,005 per ounce and USD 22.55 per ounce, respectively in the overseas markets. As quoted, Gandhi said that the Comex Gold prices traded higher in Asian trading hours on Monday. According to the analyst, the price rose to a fresh 52-week high of USD 2,005 per ounce. Navneet Damani, Senior VP - of Commodity Research at Motilal Oswal Financial Services, said: "Bullions continue surge, with gold on domestic front hitting a new life-time high of over Rs 60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Fed in its fight against inflation." The recent collapse of two American banks—Signature Bank and Silicon Valley Bank—led to global economic turmoil. As quoted by Economic Times, Manoj Kumar Jain, Prithvifinmart Commodity Research, said: "The US Fed is scheduled to meet this week and their policy outcomes in light of the banking crisis and mixed US economic indicators could give more direction to bullion markets." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

New Delhi: Gold rallies Rs 1,400 to touch life-time high, crosses Rs 60,000-mark

From April 1, jewellers across India have to sell gold marked with a six-digit alphanumeric Hallmark Unique Identification Number (HUID), the federal government has announced.

The decision was taken on Friday after commerce minister Piyush Goyal held a meeting to review the work of the Bureau of Indian Standards (BIS)—an Indian government agency that looks after the quality certification of goods.

In India, gold is certified as pure by the hallmark certificate. Till June 16, 2021, the gold hallmarking was voluntary. It was made mandatory in 256 districts in the first stage, and 32 additional districts were added in the second, bringing the total to 288 districts.

In order to help small and micro businesses comply with the order and promote quality culture, the government has decided to provide 80 per cent concession in marking fee across different products and an additional 10 per cent concession to all units in the Northeast.

"Starting from 1st April 2023, the sale of only gold jewellery with HUID shall be permitted," an official statement said.

Additional secretary in the department of consumer affairs, Nidhi Khare, said that "in consumers interest, it has been decided that after March 31st, sale of gold jewellery and gold artefacts hallmarked without HUID will not be permitted”, reports PTI news agency.

At present, four digits and six-digit HUID are being used.

HUID number is a six-digit alphanumeric code consisting of numbers and letters. It will be accorded to every piece of jewellery at the time of hallmarking and it is unique for every item.

The jewellery is stamped with the unique number manually at the Assaying &amp; Hallmarking Centre (AHC)

(With inputs from agencies) 
&nbsp;

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From April 1, jewellers across India have to sell gold marked with a six-digit alphanumeric Hallmark Unique Identification Number (HUID), the federal government has announced.

From April 1, jewellers across India have to sell gold marked with a six-digit alphanumeric Hallmark Unique Identification Number (HUID), the federal government has announced. The decision was taken on Friday after commerce minister Piyush Goyal held a meeting to review the work of the Bureau of Indian Standards (BIS)—an Indian government agency that looks after the quality certification of goods. In India, gold is certified as pure by the hallmark certificate. Till June 16, 2021, the gold hallmarking was voluntary. It was made mandatory in 256 districts in the first stage, and 32 additional districts were added in the second, bringing the total to 288 districts. In order to help small and micro businesses comply with the order and promote quality culture, the government has decided to provide 80 per cent concession in marking fee across different products and an additional 10 per cent concession to all units in the Northeast. "Starting from 1st April 2023, the sale of only gold jewellery with HUID shall be permitted," an official statement said. Additional secretary in the department of consumer affairs, Nidhi Khare, said that "in consumers interest, it has been decided that after March 31st, sale of gold jewellery and gold artefacts hallmarked without HUID will not be permitted”, reports PTI news agency. At present, four digits and six-digit HUID are being used. HUID number is a six-digit alphanumeric code consisting of numbers and letters. It will be accorded to every piece of jewellery at the time of hallmarking and it is unique for every item. The jewellery is stamped with the unique number manually at the Assaying & Hallmarking Centre (AHC) (With inputs from agencies) WATCH WION LIVE HERE

From April 1, only gold jewellery with hallmarking to be sold in India

As traders are concerned over China’s ongoing civil unrest due to its stern COVID-19 policies, Gold prices in India remained around the same level of Rs 52,980 on Tuesday.

As traders are concerned over China’s ongoing civil unrest due to its stern COVID-19 policies, Gold prices in India remained around the same level of Rs 52,980 on Tuesday. In the domestic markets, on 29 November, the price of 10 grams of 24-carat gold was Rs 52,980 while the price of 10 grams of 22-carat gold was Rs 48,560 on an average. Whereas the silver prices dipped to Rs 61,400. The yellow metal, however, reached a one-week high in the international market on Monday before closing lower for the first time in five days. As of 00:07 GMT, spot gold remained unchanged at $1,741.13 per ounce. The price of US gold futures remained stable at $1,739.60. Gold Prices in Indian cities The gold price today as of 9:33am was INR 4,591 per gram for 24-carat gold, an uptick of 0.42 per cent from yesterday’s close of INR 4,572. Gold is up 0.48% in comparision to last week. The 52-week gold price high is INR 4,647, while the 52-week gold price low is INR 4,332. The price per gram of 22-carat gold is INR 4,208. Gold prices vary by city to city in India. Here is the list of 24-carat and 22-carat gold prices in Indian states City 22 Carat (10gm) 24 Carat (10 gm) Ahmedabad 48,510 ₹52,930 Bangalore 48,510 ₹52,930 Bhubaneswar ₹48,460 ₹52,880 Chandigarh ₹48,610 ₹53,040 Chennai ₹49,160 ₹53,630 Coimbatore 49,160 ₹53,630 Delhi ₹48,610 ₹53,040 Hyderabad ₹48,460 ₹52,880 Jaipur ₹48,610 ₹53,040 Gold price sees an uptick in Dubai The US Federal Reserve officials indication that interest rates will remain high in order to reduce inflation caused gold prices in Dubai to fall around 1% in the previous session however the gold prices increased in early trade on Tuesday. The Spot gold price was up 0.6 per cent at $1,753.22 per ounce at 9:30 AM UAE time.This is the market price at which gold is bought and sold on the spot, and involves immediate exchange of payments and delivery of gold, according to Forbes. St. Louis Federal Reserve President James Bullard stated that in order to contain inflation, the Fed must raise interest rates significantly further and keep them there for the remainder of this year and beyond 2024. Investors are now anticipating comments from Fed Chair Jerome Powell, who will make them on Wednesday at a gathering of the Brookings Institution. Gold Prices in UAE 24 Carat Gold: In the UAE, the 24K gold price remained steady at Dh212.25 per gram at the opening of the markets on Tuesday. 22K, 21K and 18K Carat Gold: Trading slightly higher, 22K, 21K and 18K Carat Gold were at Dh199.5, Dh190.25 and Dh163.25 per gram respectively. The precious metal had hit a one-week high on Monday before closing lower for the first time in five sessions. GOLD UNIT GOLD PRICES 1 Gold Gram Carat 24 AED 233.75 1 Gold Gram Carat 22 AED 210.25 1 Gold Gram Carat 21 AED 200.75 1 Gold Gram Carat 18 AED 172.0 1 Ounce Gold AED 6779.05 1 Kilogram Gold AED 217,975.92 1 Tola Gold AED 2542.43

Gold prices up in Dubai, stable in India, Check today's 24k, 22k rates here

India`s Lovlina Borgohain on Friday bagged gold medal in the women`s 75kg category at the Asian Boxing Championship 2022. Lovlina defeated Ruzmetova Sokhiba of Uzbekistan 5:0 by unanimous decision in the final. This is Lovlina`s first gold medal on the Asian stage. India`s star boxer`s victory is noteworthy because it is her first medal in the 75 kg division. Because her previous weight category was dropped from the Paris Olympics schedule, she has moved up from 69 kg.

Before this, Lovlina had bronze medals from the Olympics, World Championships, and Asian Championships to her name. It would appear that the Assam boxer has launched her campaign for the Olympics in spectacular fashion now that she has a gold medal in her trophy cabinet. In addition to Lovlina, two other competitors, Parveen Hooda (63 kg) and Saweety (81 kg), also took home gold in their respective weight divisions on Friday. Minakshi settled for silver in the 52 kg category.

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India now have three gold medals overall from this edition. At the Asian Championships in 2017, only one Indian woman, Pinki Rani, took home the gold medal.

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India`s Lovlina Borgohain on Friday bagged gold medal in the women`s 75kg category at the Asian Boxing Championship 2022. Lovlina defeated Ruzmetova Sokhiba of Uzbekistan 5:0 by unanimous decision in the final.

India`s Lovlina Borgohain on Friday bagged gold medal in the women`s 75kg category at the Asian Boxing Championship 2022. Lovlina defeated Ruzmetova Sokhiba of Uzbekistan 5:0 by unanimous decision in the final. This is Lovlina`s first gold medal on the Asian stage. India`s star boxer`s victory is noteworthy because it is her first medal in the 75 kg division. Because her previous weight category was dropped from the Paris Olympics schedule, she has moved up from 69 kg. Before this, Lovlina had bronze medals from the Olympics, World Championships, and Asian Championships to her name. It would appear that the Assam boxer has launched her campaign for the Olympics in spectacular fashion now that she has a gold medal in her trophy cabinet. In addition to Lovlina, two other competitors, Parveen Hooda (63 kg) and Saweety (81 kg), also took home gold in their respective weight divisions on Friday. Minakshi settled for silver in the 52 kg category. ALSO READ | Sania Mirza's Instagram post goes viral amid divorce rumours with husband Shoaib Malik India now have three gold medals overall from this edition. At the Asian Championships in 2017, only one Indian woman, Pinki Rani, took home the gold medal. ×

Lovlina Borgohain bags gold in 75kg category during Asian Boxing Championship

NASA is preparing to send a mission to an asteroid that is estimated to be worth more than the global economy. It is believed that the asteroid, 16 Psyche, has gold, nickel and iron worth $10,000 Quadrillion. Molly Gambhir tells you more.

Gravitas: NASA to send a mission to 'golden' asteroid

Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US&nbsp;dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted.

Spot gold was up 0.9% at $1,656.25 per ounce by 1:41 p.m. ET (1741 GMT), having risen more than 1% earlier in the session and moving away from the more than two-week low touched in the last session.

US&nbsp;gold futures settled 0.9% higher at $1,664.

"The dollar's significantly lower ... yields are ticking lower," said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some "safe-haven demand with heightened geopolitical risks."

Making bullion less expensive for overseas buyers, the dollar slipped 1.1%, while Treasury yields also retreated.&nbsp;

However, it's going to be "a struggle for gold to rally even though there's a lot of question marks out in the world. Investors want safety, but it's hard not to go into Treasuries with rates going up as fast as they are," Haberkorn added.

Gold faces headwinds as the Fed is expected to continue on its rate-hiking trajectory and increase its benchmark overnight interest rate by at least 75 basis points at its next policy meeting in November to curb stubbornly high inflation.

Gold prices have fallen 20% since scaling above the key $2,000 per-ounce level in March.

Even though gold is seen as a hedge against inflation, rising interest rates dim the appeal of the non-yielding asset.

"In the near term, however, the recovery in risk assets bolstered by signs of stabilising gilts is raising pressure on precious metal shorts, but gold prices need to break above $1,750/oz to extend the short squeeze," TD Securities said in a note.

Elsewhere, spot silver climbed 2.5% to $18.72 per ounce after posting eight consecutive daily losses. Platinum rose 1.7% to $913.77 and palladium added 0.6% to $1,998.82.

"A surplus palladium market in 2023 should ultimately lead to lower palladium prices, although near term the market remains tight," Heraeus Precious Metals said in a note.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted.

Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted. Spot gold was up 0.9% at $1,656.25 per ounce by 1:41 p.m. ET (1741 GMT), having risen more than 1% earlier in the session and moving away from the more than two-week low touched in the last session. US gold futures settled 0.9% higher at $1,664. "The dollar's significantly lower ... yields are ticking lower," said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some "safe-haven demand with heightened geopolitical risks." Making bullion less expensive for overseas buyers, the dollar slipped 1.1%, while Treasury yields also retreated. However, it's going to be "a struggle for gold to rally even though there's a lot of question marks out in the world. Investors want safety, but it's hard not to go into Treasuries with rates going up as fast as they are," Haberkorn added. Gold faces headwinds as the Fed is expected to continue on its rate-hiking trajectory and increase its benchmark overnight interest rate by at least 75 basis points at its next policy meeting in November to curb stubbornly high inflation. Gold prices have fallen 20% since scaling above the key $2,000 per-ounce level in March. Even though gold is seen as a hedge against inflation, rising interest rates dim the appeal of the non-yielding asset. "In the near term, however, the recovery in risk assets bolstered by signs of stabilising gilts is raising pressure on precious metal shorts, but gold prices need to break above $1,750/oz to extend the short squeeze," TD Securities said in a note. Elsewhere, spot silver climbed 2.5% to $18.72 per ounce after posting eight consecutive daily losses. Platinum rose 1.7% to $913.77 and palladium added 0.6% to $1,998.82. "A surplus palladium market in 2023 should ultimately lead to lower palladium prices, although near term the market remains tight," Heraeus Precious Metals said in a note. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Gold up about 1 per cent after falling 20% as US dollar, treasury yields falter

Have a look at India's gold market. Gold prices are currently nearing a one-month low. The prices are expected to remain in a narrow range.

India gold market: Gold prices near one-month low

According to a Monday media story, a Pakistani jeweller's cabin baggage containing $2.5 million&nbsp;worth of gold was unusually taken during a journey from Dubai to Karachi.&nbsp;

The Express Tribune newspaper said that Mohammad Moonis lost 1,542 kilos of gold during the international trip on Sunday afternoon.&nbsp;

The gold was not found, despite the crew's best efforts once the plane touched down in Karachi.&nbsp;

The jeweller claimed that during the journey, 1.5 kg of gold vanished from a suitcase housed in the cabin of the aircraft. During the trip, he said, he informed the cabin crew of the missing gold.

The victim said that the Airport Security Force (ASF) completely searched every passenger after arriving in an effort to find the missing gold. The gold that was taken during the trip, however, could not be found. The report omitted the name of the airline.&nbsp;

Additionally, the traveller had previously disclosed to the customs officials his intention to smuggle the gold into Pakistan.&nbsp;

Sources claim that the traveller was lawfully bringing back gold worth half the value of the legally exported jewellery. Naurattan Jewellers of Karachi owned the gold.&nbsp;

The newspaper was informed by the on-duty customs officers that a thorough search of the aircraft was carried out in response to the passenger's report.

Also Read:&nbsp;<a href="https://www.wionews.com/photos/in-pics-central-vista-redevelopment-then-vs-now-513488">In pics: Central vista redevelopment: Then vs now</a>

The impacted passenger insisted that the gold was confirmed to be present during the flight and that it was stolen in flight, despite the customs officers' indications that the crime may have happened at the time of departure from Dubai International Airport.&nbsp;

This is the country's second instance of an extraordinary heist. Prior to this, Pakistan Customs recovered a Bentley Mulsanne from Karachi under 'mysterious' circumstances after receiving a tip from a British law enforcement organisation. According to reports, the car was taken to London.

(with inputs from agencies) 
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According to a Monday media story, a Pakistani jeweller's cabin baggage containing $2.5 million worth of gold was unusually taken during a journey from Dubai to Karachi.

According to a Monday media story, a Pakistani jeweller's cabin baggage containing $2.5 million worth of gold was unusually taken during a journey from Dubai to Karachi. The Express Tribune newspaper said that Mohammad Moonis lost 1,542 kilos of gold during the international trip on Sunday afternoon. The gold was not found, despite the crew's best efforts once the plane touched down in Karachi. The jeweller claimed that during the journey, 1.5 kg of gold vanished from a suitcase housed in the cabin of the aircraft. During the trip, he said, he informed the cabin crew of the missing gold. The victim said that the Airport Security Force (ASF) completely searched every passenger after arriving in an effort to find the missing gold. The gold that was taken during the trip, however, could not be found. The report omitted the name of the airline. Additionally, the traveller had previously disclosed to the customs officials his intention to smuggle the gold into Pakistan. Sources claim that the traveller was lawfully bringing back gold worth half the value of the legally exported jewellery. Naurattan Jewellers of Karachi owned the gold. The newspaper was informed by the on-duty customs officers that a thorough search of the aircraft was carried out in response to the passenger's report. Also Read: In pics: Central vista redevelopment: Then vs now The impacted passenger insisted that the gold was confirmed to be present during the flight and that it was stolen in flight, despite the customs officers' indications that the crime may have happened at the time of departure from Dubai International Airport. This is the country's second instance of an extraordinary heist. Prior to this, Pakistan Customs recovered a Bentley Mulsanne from Karachi under 'mysterious' circumstances after receiving a tip from a British law enforcement organisation. According to reports, the car was taken to London. (with inputs from agencies)

Gold worth $2.5 mn stolen from Pakistani jeweller onboard Dubai-Karachi flight

Anna Ushenina, Ukraine's first women’s world champion, is from Kharkiv, just 30 miles from the Russia border and one of the heavily shelled cities in the invasion.

44th Chess olympiad concludes in Chennai, Ukraine win gold in women's category

India has won gold in lawn bowls at the Commonwealth games. Lovely Choubey, Pinki, Nayanmoni Saikia and Rupa Rani Tirkey represented India. Palki Sharma brings the stories of these incredible women.

Gravitas: Commonwealth Games: India wins gold in lawn bowls

It was another memorable day for India in weightlifting as they managed to win two more gold medals at the Commonwealth Games 2022 Day 3. Indian weightlifter Jeremy Lalrinnunga bagged gold with a dominant performance in the 67 kg men’s weightlifting event&nbsp;while Achinta Sheuli finished day 3 on a high for India with gold in the 73 kg event.

In the team’s events, India’s Women`s Cricket team registered their first win of the tournament, beating Pakistan with a comfortable eight-wicket margin. Star opening batter Smriti Mandhana did the star turn for India with a fluent 63 n.o after bowlers Sneh Rana and Radha Yadav had taken two wickets apiece to skittle Pakistan out for 99 in 18 overs.

The Indian Men’s Hockey team also began their campaign on day three of competitions, notching up an ever more dominant and fluent 11-0 win over Ghana. They were ahead 3-0 after the first quarter itself and 5-0 after the first half. Harmanpreet Singh struck a hat-trick while Jugraj helped himself to a couple of goals. Abhishek opened the scoring for India&nbsp;while Shamsher, Akashdeep, Lalit, Mandeep and Varun Kumar were the others who scored. Krishan Pathak also did his bit to have a clean sheet.

ALSO READ |&nbsp;<a href="https://www.wionews.com/sports/cwg-2022-indian-mens-table-tennis-team-marches-into-semifinals-after-win-over-bangladesh-502354">CWG 2022: Indian men's table tennis team marches into semifinals after win over Bangladesh</a>

Also, through to the quarterfinals were the Indian Men`s Table Tennis team after a comfortable victory over Bangladesh in the round of 16. They next play in the semi-finals against Nigeria. While the mixed badminton team reached the semifinal with a sensational 3-0 win against South Africa. So was the in-form swimmer India’s Srihari Nataraj finished 5th in the semifinal 1 of 50-meter backstroke. He finished the semifinal round with a timing of 25.38s to qualify for the final.

Apart from that, Indian squash player Saurav Ghosal defeated Canda’s David Baillargeon 11-6, 11-2, 11-6 to reach the semifinals.World champion Nikhat Zareen got off to a flier in her Women`s 48-50 kg (Light Flyweight) round of 16 bout against Mozambique’s Helena Ismail Bagao with the referee being forced to stop the contest in her favour.

However, Shiva Thapa in his 60-63.5kg (Light Welterweight) bout, went down 1-4 on points to Scotland’s Reese Lynch ending his campaign at the Games.

It was another memorable day for India in weightlifting as they managed to win two more gold medals at the Commonwealth Games 2022 Day 3. Indian weightlifter Jeremy Lalrinnunga bagged gold with a dominant performance in the 67 kg men’s weightlifting event while Achinta Sheuli finished day 3 on a high for India with gold in the 73 kg event.

It was another memorable day for India in weightlifting as they managed to win two more gold medals at the Commonwealth Games 2022 Day 3. Indian weightlifter Jeremy Lalrinnunga bagged gold with a dominant performance in the 67 kg men’s weightlifting event while Achinta Sheuli finished day 3 on a high for India with gold in the 73 kg event. In the team’s events, India’s Women`s Cricket team registered their first win of the tournament, beating Pakistan with a comfortable eight-wicket margin. Star opening batter Smriti Mandhana did the star turn for India with a fluent 63 n.o after bowlers Sneh Rana and Radha Yadav had taken two wickets apiece to skittle Pakistan out for 99 in 18 overs. The Indian Men’s Hockey team also began their campaign on day three of competitions, notching up an ever more dominant and fluent 11-0 win over Ghana. They were ahead 3-0 after the first quarter itself and 5-0 after the first half. Harmanpreet Singh struck a hat-trick while Jugraj helped himself to a couple of goals. Abhishek opened the scoring for India while Shamsher, Akashdeep, Lalit, Mandeep and Varun Kumar were the others who scored. Krishan Pathak also did his bit to have a clean sheet. ALSO READ | CWG 2022: Indian men's table tennis team marches into semifinals after win over Bangladesh Also, through to the quarterfinals were the Indian Men`s Table Tennis team after a comfortable victory over Bangladesh in the round of 16. They next play in the semi-finals against Nigeria. While the mixed badminton team reached the semifinal with a sensational 3-0 win against South Africa. So was the in-form swimmer India’s Srihari Nataraj finished 5th in the semifinal 1 of 50-meter backstroke. He finished the semifinal round with a timing of 25.38s to qualify for the final. Apart from that, Indian squash player Saurav Ghosal defeated Canda’s David Baillargeon 11-6, 11-2, 11-6 to reach the semifinals.World champion Nikhat Zareen got off to a flier in her Women`s 48-50 kg (Light Flyweight) round of 16 bout against Mozambique’s Helena Ismail Bagao with the referee being forced to stop the contest in her favour. However, Shiva Thapa in his 60-63.5kg (Light Welterweight) bout, went down 1-4 on points to Scotland’s Reese Lynch ending his campaign at the Games.

India at CWG 2022: Achinta Sheuli, Jeremy Lalrinnunga secure gold on Day 3

Alison Dos Santos ended Karsten Warholm's reign as hurdles king at the world championships on Tuesday while Britain's Jake Wightman won his country's first 1500m gold in 39 years on a day of upsets. Warholm may have been behind one of the most iconic moments in Olympic history when he smashed the 29-year-old world record to win the 400m hurdles at the Tokyo Games in a time of 45.94sec.

But the 26-year-old came to Eugene on the back of a hamstring injury which ultimately put paid to his medal attempt here. Instead, Dos Santos ran the third fastest time of all time and a championship record of 46.29sec to win gold ahead of Americans Rai Benjamin and Trevor Bassitt.

"It's pretty awesome to win the world title on this track. I didn't care about the time because this is the first time I win a world title," said Dos Santos.

Warholm led coming into the home straight but seized up badly and eventually came in seventh (48.42), breaking a winning streak of 22 races, including 18 finals, dating back to September 2018.

"It was a very tough race," Warholm said. "I had an injury but to me it's always your fight and giving your all and leaving it all on the track.

"I felt I did that. I hope looking back I'll feel proud of that even though I prefer to take a medal."

Whilst everyone knew Warholm was coming back from injury, serious hopes were pinned on Olympic champion Jakob Ingebrigtsen in the men's 1500m. But Wightman had not read the script, playing the Norwegian at his own game by kicking with 200 metres to run and holding his form through to the line.

Wightman sealed victory in 3min 29.23sec, Ingebrigtsen taking silver in 3:29.47, with Spaniard Mohamed Katir claiming bronze (3:29.90).

<h2>- Family affair -</h2>

In a bizarre twist, Wightman's father Geoff is in Eugene doing the in-stadium commentary. Geoff, also his son's coach, was reduced to a cracked voice as he announced to Hayward Field: "That's my son and he's world champion."

"For him to be part of my journey to get to this point, and actually part of the the actual race itself is so unique," Wightman said of his father.&nbsp; "I talked to him and he's very happy. I'm glad he showed some emotion."

Following on from Norway's Olympic gold medallists in failing to nail a world title was 2019 champion Daniel Stahl, the Swede eventually finishing fourth in the discus. Australian Eleanor Patterson won high jump gold in the fourth final of the night with 2.02m on countback from Ukraine's Yaroslava Mahuchikh, Italian Elena Vallortigara taking bronze.

"I'm honestly speechless right now," Patterson said afterwards. "I'm already starting to get sore cheeks from smiling."

<h2>- Kerley out of 200m -</h2>

Day five of action at the world champs also saw newly-crowned 100m champion Fred Kerley fail to advance from the semi-finals of the 200m. Kerley set off smoothly from the blocks but was left grimacing as he hit the home straight at Eugene's Hayward Field, eventually finishing sixth in 20.68 seconds.

Kerley later said he had cramped up in the later stages of the race, but insisted he would be fit to race in the relays. "Bit of cramp, but it's all good," Kerley said. "I'm not in pain, I'll be good." While Kerley was left digesting a disappointing early exit, there were no such worries for defending 200m world champion Noah Lyles, who romped home in his semi-final with a blistering 19.62sec.

The main threat to Lyles' hopes of retaining his 200m world title may well come from teenage team-mate and emerging rival Erriyon Knighton. The 18-year-old prodigy blazed home to win his semi-final in 19.77sec. In the women's 200m, Shelly-Ann Fraser-Pryce kept her bid for a sprint double on track as she sailed into the final.

Fresh from winning a record fifth world 100m title, Fraser-Pryce timed a season's best of 21.83 seconds in the third of three semi-finals.

Joining the 35-year-old, a world 200m champion in 2013, in Thursday's final will be her two teammates who helped snatch an unprecedented cleansweep of the 100m podium for Jamaica on Sunday, Shericka Jackson and Elaine Thompson-Herah.

Alongside the trio of Jamaicans in the final will be Britain's Dina Asher-Smith, the reigning world 200m champion who was fourth in the 100m, Americans Abby Steiner and Tamara Clark, Niger's Aminatou Seyni and Switzerland's Mujinga Kambundji.

Alison Dos Santos ended Karsten Warholm's reign as hurdles king at the world championships on Tuesday while Britain's Jake Wightman won his country's first 1500m gold in 39 years on a day of upsets.

Alison Dos Santos ended Karsten Warholm's reign as hurdles king at the world championships on Tuesday while Britain's Jake Wightman won his country's first 1500m gold in 39 years on a day of upsets. Warholm may have been behind one of the most iconic moments in Olympic history when he smashed the 29-year-old world record to win the 400m hurdles at the Tokyo Games in a time of 45.94sec. But the 26-year-old came to Eugene on the back of a hamstring injury which ultimately put paid to his medal attempt here. Instead, Dos Santos ran the third fastest time of all time and a championship record of 46.29sec to win gold ahead of Americans Rai Benjamin and Trevor Bassitt. "It's pretty awesome to win the world title on this track. I didn't care about the time because this is the first time I win a world title," said Dos Santos. Warholm led coming into the home straight but seized up badly and eventually came in seventh (48.42), breaking a winning streak of 22 races, including 18 finals, dating back to September 2018. "It was a very tough race," Warholm said. "I had an injury but to me it's always your fight and giving your all and leaving it all on the track. "I felt I did that. I hope looking back I'll feel proud of that even though I prefer to take a medal." Whilst everyone knew Warholm was coming back from injury, serious hopes were pinned on Olympic champion Jakob Ingebrigtsen in the men's 1500m. But Wightman had not read the script, playing the Norwegian at his own game by kicking with 200 metres to run and holding his form through to the line. Wightman sealed victory in 3min 29.23sec, Ingebrigtsen taking silver in 3:29.47, with Spaniard Mohamed Katir claiming bronze (3:29.90). - Family affair - In a bizarre twist, Wightman's father Geoff is in Eugene doing the in-stadium commentary. Geoff, also his son's coach, was reduced to a cracked voice as he announced to Hayward Field: "That's my son and he's world champion." "For him to be part of my journey to get to this point, and actually part of the the actual race itself is so unique," Wightman said of his father. "I talked to him and he's very happy. I'm glad he showed some emotion." Following on from Norway's Olympic gold medallists in failing to nail a world title was 2019 champion Daniel Stahl, the Swede eventually finishing fourth in the discus. Australian Eleanor Patterson won high jump gold in the fourth final of the night with 2.02m on countback from Ukraine's Yaroslava Mahuchikh, Italian Elena Vallortigara taking bronze. "I'm honestly speechless right now," Patterson said afterwards. "I'm already starting to get sore cheeks from smiling." - Kerley out of 200m - Day five of action at the world champs also saw newly-crowned 100m champion Fred Kerley fail to advance from the semi-finals of the 200m. Kerley set off smoothly from the blocks but was left grimacing as he hit the home straight at Eugene's Hayward Field, eventually finishing sixth in 20.68 seconds. Kerley later said he had cramped up in the later stages of the race, but insisted he would be fit to race in the relays. "Bit of cramp, but it's all good," Kerley said. "I'm not in pain, I'll be good." While Kerley was left digesting a disappointing early exit, there were no such worries for defending 200m world champion Noah Lyles, who romped home in his semi-final with a blistering 19.62sec. The main threat to Lyles' hopes of retaining his 200m world title may well come from teenage team-mate and emerging rival Erriyon Knighton. The 18-year-old prodigy blazed home to win his semi-final in 19.77sec. In the women's 200m, Shelly-Ann Fraser-Pryce kept her bid for a sprint double on track as she sailed into the final. Fresh from winning a record fifth world 100m title, Fraser-Pryce timed a season's best of 21.83 seconds in the third of three semi-finals. Joining the 35-year-old, a world 200m champion in 2013, in Thursday's final will be her two teammates who helped snatch an unprecedented cleansweep of the 100m podium for Jamaica on Sunday, Shericka Jackson and Elaine Thompson-Herah. Alongside the trio of Jamaicans in the final will be Britain's Dina Asher-Smith, the reigning world 200m champion who was fourth in the 100m, Americans Abby Steiner and Tamara Clark, Niger's Aminatou Seyni and Switzerland's Mujinga Kambundji.

Dos Santos ends Warholm's reign as hurdles king at World C'ships, Britain's Wightman claims 1500m gold

In a North Sudan village, a growing number of traditional miners working at gold-bearing rocks are disposing of mining waste, laden with highly toxic chemicals, including mercury, near farmlands, water sources, and residential areas. Chemical contamination from gold extraction has rendered some locals incapable of moving, walking, standing up or sitting down. This is their story.

World Of Africa: Horrific reality of Sudan's gold rush

The European Union on Friday (July 15) formally proposed latest package of sanctions that includes an import ban on Russian gold. European Commission said in a statement that new measures are considered ""a maintenance and alignment package"

Reuters said that officials privately referred to it as a "sixth-and-a-half" set of sanctions. This was in reference to its limited scope. Six previous rounds of sanctions hit Russian oil or coal.

Some measures could still have a serious impact on the affected sectors.

"We do want to make sure that the war finishes as quickly as possible so that the economic price that Russia has to pay becomes ever higher - the price it has to pay for its aggression," EU Commission Vice-President Maros Sefcovic told a news conference before the sanctions were announced.

In order for these measures to become law, EU countries must now agree on this measures. Europeam diplomats said that the measures were uncontroversial and should pass through easily.

According to Russian customs data, Britain is the largest buyer of Russian gold with 290 tonnes in 2020 worth $16.9 billion.

But a senior EU official insisted that the EU's decision will not be merely symbolic as "it will cut off another tap of funding for Putin's war in Ukraine".

(With inputs from agencies)

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The European Union on Friday (July 15) formally proposed latest package of sanctions that includes an import ban on Russian gold. European Commission said in a statement that new measures are considered ""a maintenance and alignment package" Reuters said that officials privately referred to it as a "sixth-and-a-half" set of sanctions.

The European Union on Friday (July 15) formally proposed latest package of sanctions that includes an import ban on Russian gold. European Commission said in a statement that new measures are considered ""a maintenance and alignment package" Reuters said that officials privately referred to it as a "sixth-and-a-half" set of sanctions. This was in reference to its limited scope. Six previous rounds of sanctions hit Russian oil or coal. Some measures could still have a serious impact on the affected sectors. "We do want to make sure that the war finishes as quickly as possible so that the economic price that Russia has to pay becomes ever higher - the price it has to pay for its aggression," EU Commission Vice-President Maros Sefcovic told a news conference before the sanctions were announced. In order for these measures to become law, EU countries must now agree on this measures. Europeam diplomats said that the measures were uncontroversial and should pass through easily. According to Russian customs data, Britain is the largest buyer of Russian gold with 290 tonnes in 2020 worth $16.9 billion. But a senior EU official insisted that the EU's decision will not be merely symbolic as "it will cut off another tap of funding for Putin's war in Ukraine". (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

EU plans to ban new gold import from Russia

Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/watch-want-to-meet-cute-little-smugglers-these-ants-will-leave-you-in-awe-493869">Watch: Want to meet cute little gold smugglers? These ants will leave you in awe</a>

The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex, and local banks, it added.

Gold coins are used by investors internationally to hedge against inflation and wars.

Watch |&nbsp;WION Fineprint | Zimbabwe to introduce gold coins as local currency tumbles

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Last week, Zimbabwe more than doubled its policy rate to 200 per cent&nbsp;from 80 per cent&nbsp;and outlined plans to make the US dollar legal tender for the next five years to boost confidence.

Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule.

<a href="https://www.wionews.com/world/at-least-35-killed-71-injured-in-zimbabwe-crash-ahead-of-easter-gathering-471284">Also read |&nbsp;At least 35 killed, 71 injured in Zimbabwe crash ahead of Easter gathering</a>

Annual inflation, which hit almost 192 per cent&nbsp;in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalise the economy.

Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the US&nbsp;dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again.

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Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency. The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production. The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said. Also read | Watch: Want to meet cute little gold smugglers? These ants will leave you in awe The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex, and local banks, it added. Gold coins are used by investors internationally to hedge against inflation and wars. Watch | WION Fineprint | Zimbabwe to introduce gold coins as local currency tumbles Last week, Zimbabwe more than doubled its policy rate to 200 per cent from 80 per cent and outlined plans to make the US dollar legal tender for the next five years to boost confidence. Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule. Also read | At least 35 killed, 71 injured in Zimbabwe crash ahead of Easter gathering Annual inflation, which hit almost 192 per cent in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalise the economy. Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the US dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Zimbabwe to introduce gold coins as local currency tumbles

India has raised its basic import duty on gold to 12.5% from 7.5%, as the world's second biggest consumer of the precious metal tries to dampen demand and bring down the trade deficit.

Plunging local currency pushes India to raise taxes on gold, oil

On Friday, India increased&nbsp;its basic import duty on gold from 7.5% to 12.5%, Reuters reported quoting the government.

India being the world's second biggest consumer of the precious metal is attempting&nbsp;to dampen demand and bring down the trade deficit.

Also read |&nbsp;<a href="https://www.wionews.com/world/gold-subdued-on-firm-yields-with-us-inflation-in-focus-486671">Gold subdued on firm yields with US inflation in focus</a>

The rise in duty would eventually result in a increase in the prices and moderate demand in India, which could weigh on global prices. However, according to officials,&nbsp;it may also stoke under-the-counter buying and increase&nbsp;appetite for precious metal smuggled into the country.

Reuters quoted&nbsp;managing director of RiddiSiddhi Bullions,&nbsp;Prithviraj Kothari, "The sudden rise in prices could bring down jewellery demand this month."

Dealers were offering a discount of up to $40 an ounce over official domestic prices after the duty hike, which includes&nbsp;12.5% import and 3% sales levies.&nbsp;While global gold prices fell 0.5% after the duty hike,&nbsp;local gold prices rose around 3%.

Watch |&nbsp;G7 leaders agree to ban gold imports from Russia

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India's May trade deficit widened from $6.53 billion a year ago to $24.29 billion currently, given the surge in gold imports in the month&nbsp;from 678 million&nbsp;a year ago to $6 billion.

Secretary at the India Bullion and Jewellers Association (IBJA),&nbsp;Surendra Mehta claimed that for&nbsp;the short-term gold demand could decrease but in the long run demand would remain strong and imports would rebound.

India's&nbsp;gold demand is mainly fulfilled by&nbsp;imports, which have been putting a pressure on the rupee hitting a record low earlier on Friday.

A Mumbai-based dealer with a global trading firm claimed that the&nbsp;hike has raised the gap between local and overseas prices to nearly&nbsp;15% which can boost smuggling of gold in the country.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-may-palm-oil-imports-surge-to-7-month-high-despite-indonesias-ban-dealers-485914">India's May palm oil imports surge to 7-month high despite Indonesia's ban-dealers</a>

Smuggling was falling after the duty reduction and because of COVID-19 curbs on movement of people. But now it could rise again," the dealer added.

In weak Mumbai market the shares of jewellery makers such as Titan Kalyan Jewellers and Tribhovandas Bhimji Zaveri were down by close to&nbsp;4%.

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On Friday, India increased its basic import duty on gold from 7.5% to 12.5%, Reuters reported quoting the government. India being the world's second biggest consumer of the precious metal is attempting to dampen demand and bring down the trade deficit.

On Friday, India increased its basic import duty on gold from 7.5% to 12.5%, Reuters reported quoting the government. India being the world's second biggest consumer of the precious metal is attempting to dampen demand and bring down the trade deficit. Also read | Gold subdued on firm yields with US inflation in focus The rise in duty would eventually result in a increase in the prices and moderate demand in India, which could weigh on global prices. However, according to officials, it may also stoke under-the-counter buying and increase appetite for precious metal smuggled into the country. Reuters quoted managing director of RiddiSiddhi Bullions, Prithviraj Kothari, "The sudden rise in prices could bring down jewellery demand this month." Dealers were offering a discount of up to $40 an ounce over official domestic prices after the duty hike, which includes 12.5% import and 3% sales levies. While global gold prices fell 0.5% after the duty hike, local gold prices rose around 3%. Watch | G7 leaders agree to ban gold imports from Russia India's May trade deficit widened from $6.53 billion a year ago to $24.29 billion currently, given the surge in gold imports in the month from 678 million a year ago to $6 billion. Secretary at the India Bullion and Jewellers Association (IBJA), Surendra Mehta claimed that for the short-term gold demand could decrease but in the long run demand would remain strong and imports would rebound. India's gold demand is mainly fulfilled by imports, which have been putting a pressure on the rupee hitting a record low earlier on Friday. A Mumbai-based dealer with a global trading firm claimed that the hike has raised the gap between local and overseas prices to nearly 15% which can boost smuggling of gold in the country. Also read | India's May palm oil imports surge to 7-month high despite Indonesia's ban-dealers Smuggling was falling after the duty reduction and because of COVID-19 curbs on movement of people. But now it could rise again," the dealer added. In weak Mumbai market the shares of jewellery makers such as Titan Kalyan Jewellers and Tribhovandas Bhimji Zaveri were down by close to 4%. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India raises import tax on gold to 12.5% from 7.5% in surprise move

G7 nations are considering a plan to ban imports of Russian gold. How will this affect big gold consumers like India? Should 7 countries be permitted to reshape global trade? Palki Sharma Upadhyay tells you.

Gravitas: G7 considering a ban on Russian gold

In a bizarre incident, police in India’s western Mumbai city have recovered 500-gram gold worth Rs 500,000 (US $6,400) from the clutches of rats in a drain.

The incident came to light when a 45-year-old woman, who works as domestic help, told the police that she lost her bag of jewellery when she was on her way to mortgage her gold to pay off a loan that was taken for her daughter’s wedding.

According to the victim, Sundari Planibel, the incident took place at Goregaon's Gokuldham Colony. After seeing children collecting scraps, she gave food wrapped in the same bag that had her&nbsp;gold.

It was only when she reached the bank that she realised her mistake, following which Planibel tried looking for the children in the same area, but couldn't find them.

The 45-year-old woman then approached the police who, with help of local residents, managed to trace the children whom the woman gave her bag.

The children told the police that they threw the bag at a garbage dump as they found the food to be too dry. However, the police couldn’t spot the jewellery on the spot.

The cops then checked CCTV footage which showed a few rats taking the bag of gold from the garbage dump to a gutter, sub-inspector SI C Gharge told ANI news agency.

The police then pried open the grill over the sewer and found the bag, with all the jewellery inside it. It was returned to the complainant on Thursday morning.

(With inputs from agencies)

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In a bizarre incident, police in India’s western Mumbai city have recovered 500-gram gold worth Rs 500,000 (US $6,400) from the clutches of rats in a drain. The incident came to light when a 45-year-old woman, who works as domestic help, told the police that she lost her bag of jewellery when she was on her way to mortgage her gold to pay off a loan that was taken for her daughter’s wedding.

In a bizarre incident, police in India’s western Mumbai city have recovered 500-gram gold worth Rs 500,000 (US $6,400) from the clutches of rats in a drain. The incident came to light when a 45-year-old woman, who works as domestic help, told the police that she lost her bag of jewellery when she was on her way to mortgage her gold to pay off a loan that was taken for her daughter’s wedding. According to the victim, Sundari Planibel, the incident took place at Goregaon's Gokuldham Colony. After seeing children collecting scraps, she gave food wrapped in the same bag that had her gold. It was only when she reached the bank that she realised her mistake, following which Planibel tried looking for the children in the same area, but couldn't find them. The 45-year-old woman then approached the police who, with help of local residents, managed to trace the children whom the woman gave her bag. The children told the police that they threw the bag at a garbage dump as they found the food to be too dry. However, the police couldn’t spot the jewellery on the spot. The cops then checked CCTV footage which showed a few rats taking the bag of gold from the garbage dump to a gutter, sub-inspector SI C Gharge told ANI news agency. The police then pried open the grill over the sewer and found the bag, with all the jewellery inside it. It was returned to the complainant on Thursday morning. (With inputs from agencies) WATCH WION LIVE HERE

Police recover gold worth Rs 500,000 from clutches of rats in Mumbai city

A 12-day long "battle for gold" between six Sri Lankan nationals and Air Customs Officials of the Chennai International Airport is expected to reach the Madras High Court. The Lankan passengers have stayed put at the Chennai airport since June 2nd, demanding that Air Customs officials return the gold bars (weighing 7kg) that was allegedly forcibly taken from them. According to the lawyer representing the Lankans, the six members are transit passengers (on a Dubai-Chennai-Colombo) route and have no Indian Visa. He adds that Indian Customs authorities have no jurisdiction to seize legally purchased gold that was to be taken to Colombo and meant to be declared before Lankan Customs.&nbsp;

According to the Writ Petition shared by the Sri Lankan Nationals' counsel, S. Zahir Hussain, the Sri Lankan passengers had declared the 7kg of gold to Dubai Customs and had received acknowledgement for having purchased the same (based on purchase invoices). It adds that Indian Customs officials had forced the Sri Lankans back into the aircraft at Chennai airport and threatened them of arrest and then snatched nearly 7kg of gold bars from them, during the wee hours of June 2nd.&nbsp;

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Sharing the below declaration from <a href="https://twitter.com/hashtag/Dubai?src=hash&amp;ref_src=twsrc%5Etfw">#Dubai</a> Customs, the SL nationals say that the Gold was meant to be taken to SL legally &amp; Indian Customs has no jurisdiction with transit passengers 
 
Chennai Customs says gold was seized from flight in India, so Indian law applies <a href="https://t.co/DhlIcJrVeg">pic.twitter.com/DhlIcJrVeg</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1536638384776843264?ref_src=twsrc%5Etfw">June 14, 2022</a></blockquote>
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“Sharing the below declaration from #Dubai Customs, the SL nationals say that the Gold was meant to be taken to SL legally &amp;amp; Indian Customs has no jurisdiction with transit passengers Chennai Customs says gold was seized from flight in India, so Indian law applies” 
twitter.com 
Later, on June 3rd the Office of Principal Commissioner of Customs, Chennai International Airport issued a statement on having recovered 60 gold bars weighing 9.02kg, valued at Rs.4.21 crore from the lavatory of Flight 6E-66 and from the arrival hall of the airport. It was mentioned that the Gold was seized under Customs Act, 1962. &nbsp;

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Chennai Air Customs recovered 9.02 Kgs of 24K purity Gold valued at Rs. 4.21 Crores from rummaging of Indigo Flight No.6E 66 dt.02.06.2022 arriving from Dubai and restroom of arrival area of Chennai International Airport. The same was seized under the Customs Act, 1962. <a href="https://t.co/HrUQTLYU7A">pic.twitter.com/HrUQTLYU7A</a>
— Chennai Customs (@ChennaiCustoms) <a href="https://twitter.com/ChennaiCustoms/status/1532966884118712320?ref_src=twsrc%5Etfw">June 4, 2022</a></blockquote>
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“Chennai Air Customs recovered 9.02 Kgs of 24K purity Gold valued at Rs. 4.21 Crores from rummaging of Indigo Flight No.6E 66 dt.02.06.2022 arriving from Dubai and restroom of arrival area of Chennai International Airport. The same was seized under the Customs Act, 1962.” 
twitter.com

However, the petition counters the Customs authorities' claims as false and alleges that the 7kg Gold bars were not recovered from the lavatory but were forcibly taken from the Sri Lankans. The counsel representing the foreign nationals has also requested the Court to order the return of the Gold to the foreign nationals and to quash the Customs' claim of gold seizure, analyse CCTV footage of the incidents and also facilitate safe travel of the foreigners to their home country.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/united-nations-launches-crowd-funding-campaign-to-prevent-oil-spill-disaster-487992" hreflang="en">United Nations launches crowd-funding campaign to prevent oil spill disaster</a>

Speaking to WION, K.R.Uday Bhaskar, Principal Commissioner of Customs, Chennai International Airport, held firm that the gold was seized from the aircraft lavatory and that their press release was accurate in stating so. "There were about 30 International flights that landed on the said day and based on credible information, our officers recovered gold from this Dubai-Chennai flight 6E-66(on which the Lankan Nationals had flown). If a group of passengers say that the gold belongs to them, they can approach us and provide all necessary documents, get it investigated and follow due procedure to get it back" he said. He maintained that the Indian Customs had jurisdiction over the gold, as it was recovered from an aircraft that had landed on an Indian airport.&nbsp;

A 12-day long "battle for gold" between six Sri Lankan nationals and Air Customs Officials of the Chennai International Airport is expected to reach the Madras High Court.

A 12-day long "battle for gold" between six Sri Lankan nationals and Air Customs Officials of the Chennai International Airport is expected to reach the Madras High Court. The Lankan passengers have stayed put at the Chennai airport since June 2nd, demanding that Air Customs officials return the gold bars (weighing 7kg) that was allegedly forcibly taken from them. According to the lawyer representing the Lankans, the six members are transit passengers (on a Dubai-Chennai-Colombo) route and have no Indian Visa. He adds that Indian Customs authorities have no jurisdiction to seize legally purchased gold that was to be taken to Colombo and meant to be declared before Lankan Customs. According to the Writ Petition shared by the Sri Lankan Nationals' counsel, S. Zahir Hussain, the Sri Lankan passengers had declared the 7kg of gold to Dubai Customs and had received acknowledgement for having purchased the same (based on purchase invoices). It adds that Indian Customs officials had forced the Sri Lankans back into the aircraft at Chennai airport and threatened them of arrest and then snatched nearly 7kg of gold bars from them, during the wee hours of June 2nd. Sharing the below declaration from #Dubai Customs, the SL nationals say that the Gold was meant to be taken to SL legally & Indian Customs has no jurisdiction with transit passengers Chennai Customs says gold was seized from flight in India, so Indian law applies pic.twitter.com/DhlIcJrVeg — Sidharth.M.P (@sdhrthmp) June 14, 2022 × “Sharing the below declaration from #Dubai Customs, the SL nationals say that the Gold was meant to be taken to SL legally &amp; Indian Customs has no jurisdiction with transit passengers Chennai Customs says gold was seized from flight in India, so Indian law applies” twitter.com Later, on June 3rd the Office of Principal Commissioner of Customs, Chennai International Airport issued a statement on having recovered 60 gold bars weighing 9.02kg, valued at Rs.4.21 crore from the lavatory of Flight 6E-66 and from the arrival hall of the airport. It was mentioned that the Gold was seized under Customs Act, 1962. Chennai Air Customs recovered 9.02 Kgs of 24K purity Gold valued at Rs. 4.21 Crores from rummaging of Indigo Flight No.6E 66 dt.02.06.2022 arriving from Dubai and restroom of arrival area of Chennai International Airport. The same was seized under the Customs Act, 1962. pic.twitter.com/HrUQTLYU7A — Chennai Customs (@ChennaiCustoms) June 4, 2022 × “Chennai Air Customs recovered 9.02 Kgs of 24K purity Gold valued at Rs. 4.21 Crores from rummaging of Indigo Flight No.6E 66 dt.02.06.2022 arriving from Dubai and restroom of arrival area of Chennai International Airport. The same was seized under the Customs Act, 1962.” twitter.com However, the petition counters the Customs authorities' claims as false and alleges that the 7kg Gold bars were not recovered from the lavatory but were forcibly taken from the Sri Lankans. The counsel representing the foreign nationals has also requested the Court to order the return of the Gold to the foreign nationals and to quash the Customs' claim of gold seizure, analyse CCTV footage of the incidents and also facilitate safe travel of the foreigners to their home country. Also read | United Nations launches crowd-funding campaign to prevent oil spill disaster Speaking to WION, K.R.Uday Bhaskar, Principal Commissioner of Customs, Chennai International Airport, held firm that the gold was seized from the aircraft lavatory and that their press release was accurate in stating so. "There were about 30 International flights that landed on the said day and based on credible information, our officers recovered gold from this Dubai-Chennai flight 6E-66(on which the Lankan Nationals had flown). If a group of passengers say that the gold belongs to them, they can approach us and provide all necessary documents, get it investigated and follow due procedure to get it back" he said. He maintained that the Indian Customs had jurisdiction over the gold, as it was recovered from an aircraft that had landed on an Indian airport.

Indian customs officials and Sri Lankan nationals spar over 'possession' of 7kg gold

The South American nation of Bolivia has seen a spike in gold production in the last five years. A significant proportion of the precious metals production comes through independent gold mines.

Strife between miners & locals: Wildcat gold mining booms in Bolivia

Gold inched lower on Thursday pressured by elevated US&nbsp;Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase.

The&nbsp;ECB&nbsp;said it will end bond buys on July 1 then raise rates by 25 basis points later that month. It will hike again in September and may opt for a bigger move then if the inflation outlook fails to improve.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

Spot gold fell 0.3 per cent&nbsp;to 1,847.59 dollars per ounce by 1249 GMT, little changed after the&nbsp;ECB&nbsp;decision.

US gold futures shed 0.3 per cent&nbsp;to 1,850.00 dollars.

"It seems to be that the&nbsp;ECB&nbsp;are willing to raise rates, but not go particularly aggressive and that's the sentiment the (gold) market's taking away", said Nitesh Shah, analyst at WisdomTree.

Watch |&nbsp;Oil hovers near 13-week high, China optimism backs price surge

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"Inflation upside surprises are always a catalyst for gold price moves. But on the flip side, you got the Fed reacting to these numbers,&nbsp;the market right now is expecting back to back 50 bps rate increases that will act as a headwind", Shah added.

The monthly US&nbsp;consumer price index data on Friday could signal whether the Fed will continue its aggressive policy tightening post July.

The benchmark US&nbsp;10-year Treasury yields held steady near the key 3 per cent&nbsp;threshold, eroding gold's appeal.&nbsp;

Rising interest rates increase the opportunity cost of holding non-yielding bullion, even though the metal is considered a safe haven amid political and economic uncertainties.

Also read |&nbsp;<a href="https://www.wionews.com/world/shrinkflation-is-on-the-rise-companies-reducing-package-size-without-lowering-price-486505">‘Shrinkflation’ is on the rise: Companies reducing package size, without lowering price</a>

"We'll probably have to wait until tomorrow's CPI report before we see a sustainable move in either direction, but we've taken comfort that ETF (exchange-traded fund) flows into gold yesterday were their strongest in a month", City Index senior market analyst Matt Simpson said.

Spot silver dipped 0.5 per cent&nbsp;to 21.92 dollars per ounce, while platinum shed 2.1 per cent, to 984.71 dollars. Palladium fell 0.8 per cent&nbsp;to 1,927.59 dollars.

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Gold inched lower on Thursday pressured by elevated US Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase.

Gold inched lower on Thursday pressured by elevated US Treasury yields as the focus turned to US inflation data for the Federal Reserve's interest rate hike plan after the European Central Bank signalled a July increase. The ECB said it will end bond buys on July 1 then raise rates by 25 basis points later that month. It will hike again in September and may opt for a bigger move then if the inflation outlook fails to improve. Also read | Dollar gains as US stocks fall, ECB decision on tap Spot gold fell 0.3 per cent to 1,847.59 dollars per ounce by 1249 GMT, little changed after the ECB decision. US gold futures shed 0.3 per cent to 1,850.00 dollars. "It seems to be that the ECB are willing to raise rates, but not go particularly aggressive and that's the sentiment the (gold) market's taking away", said Nitesh Shah, analyst at WisdomTree. Watch | Oil hovers near 13-week high, China optimism backs price surge "Inflation upside surprises are always a catalyst for gold price moves. But on the flip side, you got the Fed reacting to these numbers, the market right now is expecting back to back 50 bps rate increases that will act as a headwind", Shah added. The monthly US consumer price index data on Friday could signal whether the Fed will continue its aggressive policy tightening post July. The benchmark US 10-year Treasury yields held steady near the key 3 per cent threshold, eroding gold's appeal. Rising interest rates increase the opportunity cost of holding non-yielding bullion, even though the metal is considered a safe haven amid political and economic uncertainties. Also read | ‘Shrinkflation’ is on the rise: Companies reducing package size, without lowering price "We'll probably have to wait until tomorrow's CPI report before we see a sustainable move in either direction, but we've taken comfort that ETF (exchange-traded fund) flows into gold yesterday were their strongest in a month", City Index senior market analyst Matt Simpson said. Spot silver dipped 0.5 per cent to 21.92 dollars per ounce, while platinum shed 2.1 per cent, to 984.71 dollars. Palladium fell 0.8 per cent to 1,927.59 dollars. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Gold subdued on firm yields with US inflation in focus

British Queen's Platinum Jubilee is a glamour's dream coming alive. Showcasing a surprise comic sketch of the Queen opening the pop concert. The live concert outside Buckingham palace attracts 22,000 people. Performers like Brian May, Rod Stewart, and George Ezra perform live. Prince Charles and Prince William pay an emotional tribute to the Queen.

Queen Elizabeth II's 70th year on the throne: Pop concert opens with Queen's surprise comic sketch

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