Name: Gold, Silver Rates today October 04, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata
Uploaded: 2023-10-04T11:30:27.000+05:30
Duration: T00M23S
Channel: Editorji News Desk
Description: The average price of 1 gram of 22K Gold stood at ₹5,259 while the cost for 24K gold prices stood at ₹5,737 and 1 kg silver stood at ₹70,700

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

RBI Monetary policy expectation: May keep interest rates unchanged

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

The RBI Monetary Policy committee is expected to remain status-quo on the repo rate. If left unchanged, this would be the 5th credit policy in a row where the MPC has left the rates unchanged.&nbsp;
The RBI previously halted its rate hike cycle in response to global disruptions causing inflation earlier in 2023. The recent 7.6% GDP growth in the September quarter, attributed to government spending and manufacturing, might prompt cautious moves by the RBI, particularly regarding food inflation. Hence, the RBI's commentary will also be crucial to watch out for. Meanwhile, forecasts also suggest a potential GDP growth adjustment to 6.8% for 2023-24.&nbsp;
Also read/watch - <a title="RBI unveils Sovereign Gold Bond series X redemption, 112% profit" href="https://www.editorji.com/business-news/rbi-unveils-sovereign-gold-bond-series-x-redemption-112-profit-1701673690666">RBI unveils Sovereign Gold Bond series X redemption, 112% profit</a> 
Aligned with government targets, controlling retail inflation remains crucial for the RBI with a clear inflation target of 4%.&nbsp;&nbsp;
October's inflation at a four-month low of 4.87%, primarily due to reduced food prices, aligns with the MPC's projection for 2023-24, indicating a decline from the previous year's 6.7%.

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

IBA's proposal: Banks consider transition to five-day workweek

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

In a potential move set to restructure the banking landscape in India, the Indian Banks Association (IBA) has submitted a proposal to the Finance Ministry advocating for a transition to a five-day workweek for banks.
This proposed shift has sparked discussions and raised questions about its impending impact.
According to statements made by Bhagwat Karad, Minister of State for Finance, the Finance Ministry has officially received the proposal from the IBA.
However, Karad refrained from disclosing any specifics about the proposal's current status or whether the Ministry is actively considering its adoption.
Presently, banks in India remain closed on the second and fourth Saturdays of each month. Should the proposal for a five-day workweek gain approval, it is anticipated that bank employees' work hours may undergo alterations.
Additionally, the operational hours for customers seeking banking services are likely to be extended to accommodate the condensed workweek.
Also Watch: <a href="https://www.editorji.com/business-news/banks-may-soon-have-a-5-day-work-week-with-all-saturdays-off-1691398685692#google_vignette">Banks may soon have a 5 day work week with all Saturdays off</a>

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Sensex ends seven-day surge, drops 132 points

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Equity indices Sensex and Nifty ended their seven-day winning streak, closing lower on Thursday as profit-taking took precedence following recent substantial gains. The BSE Sensex dropped 132.04 points, or 0.19%, to close at 69,521.69, hitting an intraday low of 69,320.53. Similarly, the broader Nifty declined 36.55 points, settling at 20,901.15, down 0.17%.
Amid negative cues from Asian markets and selling pressure from foreign institutional investors, traders exercised caution. The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review.
Key losers in the Sensex included Bharti Airtel, Hindustan Unilever, Tata Steel, and ITC, while Power Grid, UltraTech Cement, NTPC, and Titan saw gains.
Market expert Vinod Nair highlighted the cautious investor sentiment in anticipation of the monetary policy announcement. Factors like Q2 GDP growth, global oil prices, and bond yields are anticipated to play a role in the RBI's decision.
In the global arena, Asian markets, including Nikkei 225, Hong Kong's Hang Seng, and China's Shanghai Composite, saw declines. European markets witnessed mixed trends, with France's CAC 40 rising, Germany's DAX falling, and London's FTSE 100 experiencing losses. The US markets closed with the S&amp;P 500 registering a slight decrease on Wednesday.
Brent crude, the global oil benchmark, was trading at USD 75.05 a barrel, up by 1.01%.
The previous day saw both Sensex and Nifty hitting record highs, with a surge in stock prices. However, Wednesday also saw foreign institutional investors selling shares worth Rs 79.88 crore, according to exchange data.

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Budget 2024-25: Nirmala Sitharaman confirms no major announcements

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Union Finance Minister Nirmala Sitharaman addressed the public's expectations, clarifying that the upcoming February 1 Interim Budget for the fiscal year 2024-25 won't feature any major announcements. Emphasizing its nature as a vote-on-account, she highlighted its purpose to sustain expenditure until the next government assumes power after the 2024 general elections, the dates for which are yet to be disclosed.
Speaking at the CII's Global Economic Policy Forum 2023 in New Delhi, Sitharaman emphasized, "The February 1 Budget is just a vote on account; a budget to meet expenditure till the next government comes to power. No spectacular announcements." She indicated that the comprehensive budget would follow in July.
The Interim Budget primarily comprises estimations related to government expenditure, revenue, fiscal deficit, and financial projections for the forthcoming months. It refrains from major policy declarations to avoid encumbering the government with additional commitments. Complying with the Election Commission of India's code of conduct, the interim Budget refrains from unveiling major schemes that could sway voter sentiment in favor of the incumbent government.
Additionally, the interim Budget does not include the presentation of the Economic Survey. Instead, it primarily secures Parliamentary approval for crucial expenditures like salaries and ongoing operational costs through a vote-on-account.
Notably, significant policy changes and long-term projects typically await the full Budget presentation post-general elections, which generally remains valid for up to two months but can be extended if required.
Also Watch: <a href="https://www.editorji.com/business-news/union-budget-2024-experts-push-for-higher-tobacco-taxes-says-report-1701092206039#google_vignette">Union budget 2024: Experts push for higher tobacco taxes says report</a>

The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations

Pakistan economic crisis: Cash-strapped country secures a critical $655 million loan

The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations

Cash-strapped Pakistan recently secured a significant financing package of USD 655 million from the Asian Development Bank (ADB), a move swiftly taken after Finance Minister Shamshad Akhtar declared the nation's public debt as "unsustainable."
The ADB's funding includes three distinct loans: USD 300 million for enhancing domestic resource mobilization, USD 275 million to rehabilitate schools damaged during the destructive August 2022 floods, and USD 80 million to bolster agricultural productivity for improved food security, as announced by the ADB.
Debt Dilemma: Contradictory Views on Pakistan's Sustainability
In tandem, the World Bank's Debt Management and Sustainability Mission held discussions with Finance Minister Akhtar to assess the country's debt management, a report by the Express Tribune stated.
Despite Akhtar's assertion of Pakistan's debt being "unsustainable," World Bank Vice President for South Asia Martin Raiser contradicted this view, labeling the debt as "sustainable." Notably, the ADB is footing the salaries of half of Pakistan's Debt Management Office staff&mdash;a responsibility ideally borne by the country's finance ministry.
However, despite concerns about unsustainable debt, Pakistan pursued one of the expensive loans offered by multilateral lenders, often known for providing financing at concessional rates.
Loan Dynamics: Balancing Expensive ADB Funding with Shorter Terms
The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations. At current market rates, Pakistan faces an interest cost exceeding 6%, nearly three times higher than the concessional lending rates by the World Bank and the ADB.
Furthermore, the loan's 15-year term is comparatively shorter than previous ADB financing, raising questions about Pakistan's increasing debt burden for ventures that could potentially be addressed through internal initiatives rather than relying on foreign aid.
Notably, the ADB's intervention aims to strengthen Pakistan's tax system and address challenges such as a complex tax structure, a high level of informality in the economy, and weak tax administration, factors contributing to the nation's relatively weak tax revenue performance compared to regional counterparts.

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha fro Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in entreprise valuation for the same asset

Adani Ports in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha: Report

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha for Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in enterprise valuation for the same asset

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha for Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in enterprise valuation for the same asset

Adani Ports:&nbsp;Adani Ports is reportedly in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value. As per The Economic Times report, the due diligence process to acquire the port is currently underway.
<h3>Adani Ports and Special Economic Zone</h3>
This acquisition is part of the Adani group's string-of-pearls strategy that involves owning facilities in both eastern and western water margins. If the deal goes through, this will be the Adani Ports and SEZ&rsquo;s sixth acquisition of a multi-purpose facility in the eastern coast.
Also Read: <a href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
At present Shapoorji Pallonji Maintenance owns 56% in Gopalpur Ports, while the rest is owned by Orissa Stevedores . The Economic Times report also mentioned that JSW Infrastructure was in talks with the Mistrys for the same asset for Rs 3,000 crore enterprise valuation. However, the port is valued around Rs 5,000 crore and the Mistry&rsquo;s equity value was at Rs 2,000 crore.
As per credit rating firm Care Edge the port has a long term bank facilities of Rs 1,432 crore as on February. Gopalpur Ports has been operational since 2015 and is located between the busy Paradip Port and Vizag Port. It is also connected to the Golden Quadrilateral through NH-516.

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Cyclone Michaung

The average price of 1 gram of 22K Gold stood at ₹5,259 while the cost for 24K gold prices stood at ₹5,737 and 1 kg silver stood at ₹70,700

Gold, Silver Rates today October 04, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

<h2>The average price of 1 gram of 22K Gold stood at ₹5,259 while the cost for 24K gold prices stood at ₹5,737 and 1 kg silver stood at ₹70,700</h2>

Gold and Silver rates declined on the Multi Commodity Index on Wednesday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,259 while the 24K gold prices stood at ₹5,737.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹57,650, which was followed by Delhi and Lucknow where the gold costs ₹57,530.&nbsp;
The average price of 10gm of Silver was at ₹707 and 1 kg of silver stood at ₹70,700.
However, in Chennai, Hyderabad and Kerala the metal was sold at ₹73,100, followed by Mumbai and Delhi where the metal was sold at ₹70,700
Indian Major Cities 24 Carat Gold Rate per 10gm Today October 04
Delhi - ₹57,530 Chennai - ₹57,650 Mumbai - ₹57,370 Kolkata - ₹57,370 Bengaluru - ₹57,370
Indian Major Cities 1 KG Silver Rate Today October 04
Delhi - ₹70,700 Chennai - ₹73,100 Mumbai - ₹70,700 Kolkata - ₹70,700 Bengaluru - ₹69,000

RBI MPC MEET Dec 2023: Reserve Bank of India Credit Policy Committee has kept the repo rate unchanged at 6.5% for the 5th time.

RBI MPC Meering December 2023: Repo rate left unchanged at 6.5% for the 5th time

This is the fifth time in a row that the RBI monetary policy committee has maintained status quo on the interest rates keeping it unchanged at 6.5%

<h2>This is the fifth time in a row that the RBI monetary policy committee has maintained status quo on the interest rates keeping it unchanged at 6.5%</h2>

RBI Monetary Policy Meet December 2023: For the fifth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance has been maintained which means the RBI has decided to reduce the money supply in the system to rein in Inflation.
<h3>RBI MPC Meeting Dec 2023: Repo Rate unchanged</h3>
The decision by the MPC indicates the way forward for RBI as for the remainder of the financial year as it seeks to bring inflation under the 4% target. The RBI had increased the RBI repo rate in the last quarter of FY23 by 25 basis points &nbsp;under the liquidity adjustment facility. Since then the interest rate has been kept unchanged.
<h3>RBI MPC Meet Dec 2023: Shaktikanta Das on inflation</h3>
There has been broad-based easing in core inflation, which is indicative of successful disinflation through monetary policy actions, said Das. He added that the near-term outlook however is masked by risks to food inflation, which might lead to an inflation uptick in November and possibly in December. This needs to be watched for second-round effects, if any.
<h3>Economic Projections</h3>
The real GDP projection is also raised. For FY24 the forecast is raised to 7% from 6.5% while the CPI inflation is projected at 5.4%. The GDP for thrid quarter of FY24 will be 6.5%, and 6% for Q4. The CPI inflation projection for Q3 is at 5.6% and Q4 at 5.2%
Also Watch: <a href="https://www.editorji.com/business-news/economy/budget-2024-fm-nirmala-sitharaman-confirms-no-major-announcements-1701947612542#google_vignette" target="_blank">Budget 2024 - FM Nirmala Sitharaman confirms no major announcements</a>

The average price of 1 gram of 22K Gold stood at ₹5,770 while the cost for 24K gold prices stood at ₹6,295 and 1 kg silver stood at ₹77,200

Gold, Silver Rates today December 08, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,770 while the cost for 24K gold prices stood at ₹6,295 and 1 kg silver stood at ₹77,200

Gold Silver Price Today 08 December 2023: Gold prices increased while the silver prices fell on the Multi Commodity Index on Friday
The average price of 1 gram of 22K Gold stood at ₹5,770 while the 24K gold prices stood at ₹6,295.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,660, which was followed by Delhi and Jaipur where the gold costs ₹63,100.&nbsp;
The average price of 10gm of Silver was at ₹772 and 1 kg of silver stood at ₹77,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹80,000 followed by Delhi and Mumbai where the metal was sold at ₹77,200
<h3>24 Carat Gold Price Today December 08 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹63,100 Chennai - ₹63,660 Mumbai - ₹62,950 Kolkata - ₹62,950 Bengaluru - ₹62,950
1 KG Silver Price Today December 08 - Indian Top Cities
Delhi - ₹77,200 Chennai - ₹80,000 Mumbai - ₹77,200 Kolkata - ₹77,200 Bengaluru - ₹76,000

The average price of 1 gram of 22K Gold stood at ₹5,755 while the cost for 24K gold prices stood at ₹6,278 and 1 kg silver stood at ₹77,200

Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,755 while the cost for 24K gold prices stood at ₹6,278 and 1 kg silver stood at ₹77,200

Gold Silver Price Today 07 December 2023: Ahead of the RBI MPC meeting decision, bothe the gold and silver prices remained lower on the Multicommodity Index on Thursday.
The average price of 1 gram of 22K Gold stood at ₹5,755 while the 24K gold prices stood at ₹6,278.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,490, which was followed by Delhi and Jaipur where the gold costs ₹62,930.&nbsp;
The average price of 10gm of Silver was at ₹772 and 1 kg of silver stood at ₹77,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹80,000 followed by Delhi and Mumbai where the metal was sold at ₹77,200
<h3>24 Carat Gold Price Today December 07 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹62,930 Chennai - ₹63,490 Mumbai - ₹62,780 Kolkata - ₹62,780 Bengaluru - ₹62,780
<h3>1 KG Silver Price Today December 07 - Indian Top Cities</h3>
Delhi - ₹77,200 Chennai - ₹80,000 Mumbai - ₹77,200 Kolkata - ₹77,200 Bengaluru - ₹76,500

RBI MPC Meeting October 2023: The RBI monetary policy committee has remained status quo on the interest rates for 4th time in a row. Check out more details on repo rates here,

RBI Monetary Policy Meet October 2023: Repo rate left unchanged at 6.5%

This is the fourth time in a row that the RBI monetary policy committee has remained status quo on the interest rates. Since May 2022, the repo rate has been raised by a total of 250 basis points to bring inflation under control

<h2>This is the fourth time in a row that the RBI monetary policy committee has remained status quo on the interest rates. Since May 2022, the repo rate has been raised by a total of 250 basis points to bring inflation under control</h2>

RBI MPC Meet October 2023: For the fourth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance has been maintained.
<h3>Repo Rate remains Unchanged</h3>
The Standing Deposit Facility and Marginal Standing Facility rates also left unchanged at 6.25% and 6.75% respectively.
During the credit policy announcement, RBI governor Shaktikanta Das cautioned on the need to remain vigilent towards inflation as this might be a major risk to macroeconomic policy &amp; growth.
Also Read: <a href="https://www.editorji.com/business-news/gst-council-to-review-28-levy-on-online-gaming-horse-racing-and-casinos-at-upcoming-meeting-1696425755131">GST Council to review 28% levy on online gaming, horse racing, and casinos at upcoming meeting</a>
<h3>RBI Monetary Policy Meet October 2023: Economic Projections</h3>
Shaktikanta Das Announcement: The RBI Governor has mentioned that the monetary policy focus remains to align inflation at the 4% target. The CPI inflation forecast for FY24 is retained at 5.4%. RBI's GDP growth projection has been kept unchanged at 6.5% for 2023-24.&nbsp;
Since May 2022, the central bank has raised the repo rate by 250 basis points which the governor says is still working through the economy.&nbsp;

Tata group's new iPhone assembly plants in Tamil Nadu's Hosur is set to be  mid-sized among iPhone factories globally. It would likely be bigger than Wistron and smaller than Foxconn’s biggest China facilities 

Tata plans new iPhone assembly plants as Apple looks to expand in India

Tata group's new iPhone assembly plants in Tamil Nadu's Hosur is set to be &nbsp;mid-sized among iPhone factories globally. It would likely be bigger than Wistron and smaller than Foxconn&rsquo;s biggest China facilities&nbsp;

iPhone assembly plant:&nbsp;Tata group is planning to build India's biggest iPhone assembly plants, reported Bloomberg. This comes, as the conglomerate is looking to tap into Apple's ambition to increase manufacturing in India.
<h3>Tata Factory</h3>
As per the Bloomberg report, Tata wants to construct the factory in Hosur in the southern Tamil Nadu state. The facility will likely have about 20 assembly lines and employ 50,000 workers within two years. The report also mentions that Tata group is aiming to make the site operational in 12 to 18 months.
Also Read: <a href="https://www.editorji.com/business-news/tata-to-make-iphones-in-india-for-global-markets-acquires-wistron-plant-for-125-mn-1698413076778">Tata to make iPhones in India for global markets; acquires Wistron plant for $125 mn</a>
Tata already has an electronic manufacturing unit in Hosur where it manufactures iPhone enclosures, or metal casings and the Bloomberg report mentioned that hiring in the unit has been accelerated. In an effort to make its partnership with Apple go beyond manufacturing, Tata has also said that it will launch 100 retail stores focused on Apple products.
As per Bloomberg, the new plant in Hosur is set to be &nbsp;mid-sized among iPhone factories globally. It would likely be bigger than the one Tata acquired from Wistron, which employs more than 10,000 people, and smaller than Foxconn&rsquo;s biggest China facilities that employ hundreds of thousands.
This plan is expected to bolster Apple&rsquo;s efforts to localize its supply chain and strengthen its partnership with Tata. The Indian conglomerate already has an iPhone factory it acquired from Wistron Corp, located in Karnataka.
The Production linked subsidies introduced by the Union government has so far spurred Apple&rsquo;s key suppliers such as Taiwan&rsquo;s Foxconn Technology Group and Pegatron Corp. to ramp up in India. In the last fiscal, Apple assemble more than $7 billion of iPhones in India increasing its share of the device&rsquo;s production to about 7%.

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Gold, Silver Rates today October 04, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,259 while the cost for 24K gold prices stood at ₹5,737 and 1 kg silver stood at ₹70,700

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