Hyderabad: Gold rates in Hyderabad and other cities in India on Friday climbed to a near all-time high. The rates of 24-carat and 22-carat gold reached Rs. 60, 0000, and Rs. 55, 0000 respectively.
In the current month, the rates of the yellow metal saw nearly a seven percent jump.
In the international market, gold rates reached nearly USD 2000 per ounce. There are speculations that it may breach the all-time high of USD 2072 per ounce.
Reasons for rise in gold rates in Hyderabad
Market experts attribute the rise in gold rates in Hyderabad and other Indian cities to the softening of the US dollar rate and the slipping of the dollar index below 102 levels.
Additionally, the collapse of two regional banks in the US and the crisis in a Swiss bank have also contributed to the increase in gold rates in the international market.
The Federal Reserve’s decision on interest rates has also played a key role in the fluctuation of gold rates.
Rates depend on demand and supply
As gold is also a commodity, its rates depend on demand and supply. During times of uncertainty, the rates of the yellow metal increase drastically as investors consider it a safe haven.
However, during market boom periods, its rates return to normal as investors start exploring options that can give them higher returns when compared to gold.
Gold is not only seen as an investment option as many people purchase the yellow for weddings, festivals, and other occasions.
With the rise in gold rates in Hyderabad and other Indian cities, it is likely that the demand for yellow may decrease in the short term.
Crude oil prices have started rising once again. Crude price also crossed $76 in the global market. Its effect is also visible on the retail prices of petrol and diesel (Petrol Diesel Price Today) issued by the government oil companies on Thursday morning.
Today, oil prices have changed in many districts from UP to Bihar. According to government oil companies, petrol became cheaper by 27 paise in Noida and reached Rs 96.65 a litre. Diesel has also fallen by 26 paise to Rs 89.76 a litre. In Lucknow, petrol has become costlier by 14 paise and has become Rs 96.57 a litre, while diesel has gone up by 13 paise to Rs 89.76 a litre. In Bihar’s capital Patna, petrol is being sold 53 paise cheaper at Rs 107.59 a litre, while diesel has fallen by 50 paise to Rs 94.36 a litre.
Talking about crude oil, there has been a significant change in its prices in the last 24 hours. The price of Brent crude is increasing to $ 76.03 per barrel. The WTI rate has also increased to $70.15 per barrel in the global market.
Petrol-diesel prices in all four metros
Petrol Rs 96.65 and Diesel Rs 89.82 per liter in Delhi
Petrol Rs 106.31 and Diesel Rs 94.27 per liter in Mumbai
Petrol Rs 102.63 and Diesel Rs 94.24 per liter in Chennai
Petrol Rs 106.03 in Kolkata and diesel Rs 92.76 per liter
Talking about crude oil, there has been a significant change in its prices in the last 24 hours. The price of Brent crude is increasing to $ 76.03 per barrel. The WTI rate has also increased to $70.15 per barrel in the global market.
Petrol-diesel prices in all four metros
Petrol Rs 96.65 and Diesel Rs 89.82 per liter in Delhi
Petrol Rs 106.31 and Diesel Rs 94.27 per liter in Mumbai
Petrol Rs 102.63 and Diesel Rs 94.24 per liter in Chennai
Petrol Rs 106.03 in Kolkata and diesel Rs 92.76 per liter
New rates are released every morning at 6 am
Every day at 6 am, there is a change in the prices of petrol and diesel. The new rates are applicable from 6 am onwards. After adding excise duty, dealer commission, VAT and other things to the price of petrol and diesel, its price almost doubles from the original price. This is the reason why the prices of petrol and diesel appear so high.
Barcelona: The average age of the European population has gone up by 2.5 years in the past decade, according to Eurostat data published recently.
In Spain, the average age has climbed by 4.3 years, the highest rise in the EU behind Portugal (4.7 years).
However, a Spanish expert told Xinhua news agency on Monday that although half of Europeans are now over 44.4 years old, the main concern is the lack of children being born.
“We are one of the places in the world where people live longest, and this fact that we die later makes the average age go up,” said Albert Esteve, director of the Center for Demographic Studies (CED) in Barcelona.
Half the population in Spain is over 45 years old (46.2 for women), according to Eurostat, but the average age is highest in Italy (48 years), followed by Germany (45.8), Portugal (46.8), Greece (46.1) and Croatia (45.5).
“Where we’re starting to see the effects is in schools with fewer pupils, and in communities where much fewer children will be born, which means many of the major effects will be noted at the bottom rather than the top of the population pyramid,” Esteve said.
The low birth rates driving the rise in the average age of the European population are widespread, but particularly pronounced in Southern countries such as Spain, Portugal and Italy.
“We can’t raise the birth rate because during the critical decade in one’s thirties there’s too much uncertainty compared with other countries, where either due to public help or a good labour market people feel more confident,” Esteve said.
“We need mechanisms to strengthen institutional support so that people can become independent from their parents earlier, and so that they can feel that they have some economic stability between the ages of 29 and 39. I think that would encourage more couples to have children,” the demographer added.
Despite uncertainty over the future of countries with rising numbers of older people, Esteve said society will adjust and adapt to the new situation.
“We know that in the next few years there’ll be an explosion of older people, but what we don’t know is how that older generation will behave, how their habits will change, how the point at which you are considered old will shift,” Esteve told Xinhua.
What it means to be “old” is also changing, the CED chief said.
“Alongside this ageing of the population there has been an increase in life expectancy, and this means that a 70-year-old today is not the same as a 70-year-old a century ago, not in terms of strength, drive, energy, or enthusiasm,” Esteve said.
Hyderabad: Providing a much-needed relief to the gold buyers, the yellow metal rates today dipped in Hyderabad and other cities. Yesterday it reached an all-time high due to the banking crisis in the US and Europe.
Amid the banking crisis, investors are moving their funds toward gold which is considered a safe haven.
The gold rates in Hyderabad for 24-carat and 22-carat that reached to Rs 60320 and Rs 55300 per 10 grams respectively yesterday dropped to Rs 59780 and Rs 54800 per 10 grams today.
Gold rates on MCX
On MCX, the yellow metal hit Rs 60000 for the first time on Monday. However, it later started trading at around Rs 59,700 mark.
Apart from the banking crisis, rising inflation and a hike in interest rates are also responsible for the rise in gold rates in Hyderabad and other cities.
The banking crisis was triggered by Silicon Valley Bank, Signature Bank and now Europe’s Credit Suisse.
It is expected that the gold rate of 24-carat can reach Rs 60500 per 10 grams.
In the current month itself, the gold rates increased by over 6 percent.
Gold, Silver Prices Today: The price of ten grams of 24-carat gold declined today over the trading price on Monday, and is selling at Rs 57,870. Meanwhile, the price of a kilogram of silver increased on March 15, selling at Rs 69,000. The price of ten grams of 22-carat gold in Mumbai, Kolkata, and Hyderabad stands at Rs 53,050 on Wednesday. The price for the same is Rs 53,800 in Chennai, and Rs 53,200 in Jaipur and Lucknow.
The price for a kg of silver on March 15 is Rs 69,000 in most of the major cities – Mumbai, Delhi, Kolkata and Pune – except Chennai and Hyderabad, where it was at Rs 72,500 per kg. One gram of 22-carat gold was at Rs 5,305 this morning while eight grams will cost Rs 42,440. Ten grams of the precious metal will set one back by Rs 53,050 while 100 grams costs Rs 5,30,500.
Gold and silver prices today across major cities in the country
Washington: US Federal Reserve Chairman Jerome Powell stressed on Tuesday that central bank policymakers are prepared to raise interest rates higher than previously expected and pick up the pace of increases in the face of hotter-than-expected economic data, according to a media report.
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell said in remarks prepared for delivery before the Senate Banking Committee, Fox Business reported.
“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” he said.
Central bankers are in the midst of the most aggressive campaign since the 1980s to crush persistently high inflation. Although the consumer price index has slowly fallen from a high of 9.1 per cent notched in June, it remains three times higher than the pre-pandemic average, Fox Business reported.
The Fed’s rate-setting committee meets later this month.
Markets widely expect the Fed to continue raising rates at a quarter-point pace, but a slew of hotter-than-expected economic data reports in recent weeks including the blowout January jobs report and disappointing inflation data that pointed to the pervasiveness of high consumer prices has raised the specter of a higher peak rate or steeper increases, Fox Business reported.
The Labour Department reported in February that the consumer price index rose 0.5 per cent in January, the most in three months. The annual inflation rate also surprised to the upside at 6.4 per cent.
“We will continue to make our decisions meeting by meeting,” Powell said, adding, “Although inflation has been moderating in recent months, the process of getting inflation back down to 2 per cent has a long way to go and is likely to be bumpy.”
After spending a lot of time trying to locate the particular molecules that play a role in diverse cancers, Dr Zahida Qamri changed her career path and started studying the quick response of societies to impactful science. She is currently working with JK Scientists where they handhold talent and guide the students in academics and research
TheNewsCaravan (KL): How you managed clinical trials during the Covid19 lockdown in the US?
DR ZAHIDA QAMRI (DZQ): In the Covid19 spread, the United States of America (USA) was taken off-guard. The healthcare system was not ready and we witnessed a healthcare crisis. The pandemic put the health systems under immense pressure and stretched them beyond their capacity. The disruption of the supply chain from China greatly affected the functioning of health institutions.
However, the experts successfully carried out vaccination trials in a considerably brief period of time. After clearing the phase-1 and phase-2 trials, the vaccine finally got FDA approval. Critically ill patients were given preference for receiving the vaccine dose. The government of the United States funded laboratories to get the vaccine ready in a minimum time span and the initial focus remained on genome sequencing. Researchers used to work day and night to find a single molecule, against which the vaccine could be produced. A Turkish couple finally succeeded in making the vaccine.
KL: What is your story from Kashmir to Ohio?
DZQ: My elementary education was completed at Netaji Memorial School in Balgarden. My high school years were spent at Caset Experimental School. Following that, I attended Kothibagh Higher Secondary School and then Women’s College on MA Road, where I earned my Bachelor’s degree. I then travelled to Delhi to further my education.
In the 1990s, moving to other states for studies was not an easy option in Kashmir, especially for women. But my family was very supportive towards my studies. Being the youngest among my siblings, I witnessed unparalleled encouragement. With the help of my siblings, I moved to Delhi, applied for the entrance test at Aligarh Muslim University and got into Jamia Hamdard. My initial years in Delhi didn’t go as I expected. It was a cultural shock, and added to it was the monsoon season. I had to stay at our principal RN Koul’s house for a year because I was unable to get hostel lodging. During that time, I had to commute between Faridabad to Delhi. So, it was quite challenging initially. However, with time I coped with the challenges and environment as well. I completed my master’s in Biochemistry. It was followed by a doctoral programme at Jamia Millia Islamia, New Delhi.
KL: What was your PhD thesis all about?
DZQ: In the Indian sub-continent, diarrhoea is one of the major health problems in children under one year of age. The diarrhoea-causing bacteria have various strains, among which few could turn out to be fatal. During my doctoral programme, I examined the stool of the children and developed DNA fingerprinting of the bacteria found. The purpose of my study was to identify and characterize the bacterial strains, which cause diarrhoea in infants. I also studied drug resistance among diarrhoea-causing bacteria.
KL: What were the major takeaways from your study?
DZQ: I discovered a small probe that could be used as identifying probe for bacterial strains and how to treat specific strains.
KL: Not all PhDs end up in discoveries. But there is a chain of follow-up studies. Has your PhD proven to be one?
DZQ: Yes, this topic was worked on under the guidance of my PhD supervisor until he retired. Much work has been done in this area in other parts of the world. In science, each investigation or study is an additional item to solve the puzzle and takes years to complete. Only then, can we get a clear picture of things.
KL: What did you do in your post-doctoral research?
DZQ: During my doctoral programme in microbiology, I developed an interest in oncology. I was selected in Safdarjung Hospital, New Delhi as a research scientist, where we worked on breast cancer. During our research, we hoped to identify a cancer-causing gene in the north Indian population. If we locate that gene in any person during genome sequencing, we can inform them about their propensity for cancer. It was during that time that there was a job opening at the Harvard Medical School for breast cancer. Since I had all the qualifications, I was called there. My first post-Doc was at Harvard Medical School.
Post Doc is basically a training that makes you think and analyse critically. It helps broaden our vision. As, I had studied breast cancer at Safdarjung Hospital, New Delhi, I incorporated brain and lung cancer in the study during my postdoc at Harvard. It was a great opportunity. I started drawing experiments and writing grants independently.
I spent 2.5 years at the Harvard Medical School. Then our lab was shifted to Ohio State University. I worked for 10-12 years as a postdoc there. However, due to a lack of funding, I was unable to get grants. So, I decided to get a master’s degree in Clinical and pre-clinical research from Ohio State University. The programme helped me to get into a new field of managing clinical research and locating the impact of the work in laboratories on common people.
Dr Zahida Qamri
KL: What is the status of cancer research? How long will cancer be a challenge to humanity?
DZQ: In this part of the world, cancer is seen as taboo. People suffering from cancer can’t reveal their condition to others because it is treated as an infectious disease. However, in western countries, a person mandatorily undergoes an annual check-up for cancer. So, if we are able to detect cancer at its early stage, we are able to cure the person. But the lack of pre-screening practice makes a large chunk of our population vulnerable to this deadly disease because the patient only comes to know about it when cancer overtakes his body. It is one of the reasons for the high mortality rates here. There is a need for awareness among the general population and to encourage them to go for annual check-ups. This can help us deal with the disease a little better.
KL: How relevant is the subject of clinical trials here? What are the new subfields of biochemistry that have better demand in the market?
DZQ: Clinical trials are a new and emerging discipline. For better management, Western countries are outsourcing the field. To enter the field, you do not require a specialist degree. Clinical trials are managed in a variety of cities in India, including Bangalore and Hyderabad. I am working with JK Scientists and we have conducted a few programmes on clinical studies and how our youngsters can look towards this area as their career. You may even participate from home. Internet access and electricity are two fundamental requirements in this field.
KL: A number of top professionals are serving major medical institutions across the world. Can there be some kind of outreach centre back home?
DZQ: Yes, of course, that is possible, but it requires infrastructure. The government must take the lead and provide the necessary infrastructure.
KL:Did you see any changes in Kashmir’s education system from the days when you were a student?
DZQ: Our youth are still confused about their education and employment. They do not have a long-term goal. I find it similar to what I witnessed 15-20 years ago. Our youth require suitable guidance on maintaining their attention on the good things.
The price of 14.2 kg domestic liquefied petroleum gas (LPG) cylinder has been increased by Rs 50 with effect from today. With this, the domestic cylinder will cost Rs 1,103 per cylinder from today in Delhi, reported news agency ANI citing sources.
Meanwhile, the price of 19 kg commercial cylinders has been hiked by a massive Rs 350.50 and will now be retailing at Rs 2,119.50 in the national capital.
19 kg Commercial LPG cylinder prices increased by Rs 350.50 With this increase 19 kg commercial cylinder will cost Rs 2119.50 in Delhi. New rates are effective from today: Sources
From today onwards commercial LPG cylinder will be available in Delhi for Rs.2119.5 instead of Rs.1769.It was ₹1870 in Kolkata, now it has become ₹2221.5.Its price in Mumbai has increased from ₹1721 to ₹2071.50 now. The cylinder which was available for ₹1917 in Chennai will now be available for ₹2268.
The prices of domestic cooking gas vary from one state to another due to local taxes. The fuel retailers revise the prices of LPG cylinders at the beginning of every month.
The revised rates are applicable from today, March 1.
This is the second hike in commercial LPG cylinder prices this year. Earlier, on January 1, commercial cylinder prices were increased by Rs 25 per unit, after which it was being sold at Rs 1,768 in Delhi, Rs 1,721 in Mumbai, Rs 1,870 in Kolkata and Rs 1,971 in Chennai.
Mumbai: As banks’ chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate.
Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
Even at the lowest 7 per cent, fixed deposit pricing is positive for customers because even after a surprise spurt in retail inflation for January at 6.52 per cent, the real rates are in the green.
Inflation has been over 6 per cent for 10 months of 2022 forcing the Reserve Bank to increase rates by 250 bps to 6.50 per cent through six consecutive hikes beginning May 2022.
For the fortnight to January 13, 2023, credit growth rose 16.5 per cent annualised as against 10.6 per cent growth in deposits. In fact, for almost the entire year, deposit growth has been in the mid-single digit and the recent spike is due to an increase in deposit rates since December.
The rates are better even from other angles, too, as one-year post office deposit fetches 6.6 per cent and 6.8 per cent for two years, while 10-year government securities yield just 7.35 per cent.
The high rate offering also comes as banks have almost fully passed on the 250-bps hike in RBI rate since May last year to their borrowers, they’ve not been doing so for deposits, leading to a funding gap and forcing them to borrow from the market.
According to the new deposit pricing, on average any depositor of a public sector bank is assured of 7 to 7.25 per cent for fixed deposits for a tenor ranging from 200 days to 800 days.
The nation’s largest lender State Bank of India, which has the largest retail franchise with around 20,000 branches, is offering 7.10 per cent for the general public and a higher 7.60 per cent to senior citizens on an annualised basis for fixed deposits in the 400 days bucket.
Punjab & Sind Bank is offering the highest at 8 per cent to retail depositors, and 8.50 per cent to senior citizens for the 221-day bucket.
The Central Bank of India gives the second best rate at 7.85 per cent to senior citizens for 444 days and 7.35 per cent to retail, while Union Bank of India is pricing its 800 days deposits at 7.30 per cent and 7.80 per cent for retail and senior citizens.
Punjab National Bank is offering retail and senior citizens, respectively, at 7.25 per cent and 7.75 per cent on its 666 days bucket, Bank of Baroda’s new pricing comes at 7.05 per cent and 7.755 per cent for 399 days; Bank of India is offering the same rate as that of Bank of Baroda for 444 days, while Bank of Maharashtra’s new rate is 7 per cent and 7.50 per cent for 200 days.
For 400 days, Canara Bank is offering 7.15 per cent and 7.65 per cent; Indian Bank is paying 7 per cent and 7.50 per cent for its 555 days deposits; UCO Bank comes at 7.15 per cent and 7.25 per cent for 666 days; and Indian Overseas Bank is offering 7 per cent and 7.50 per cent for 444 days.
On the other hand, the largest private sector lender HDFC Bank offers only 7 per cent to the general public and 7.50 per cent to senior citizen depositors for five years, while its immediate peer ICICI Bank gives 7 per cent for more than 15 months to retail and 7.5 per cent to senior citizens for over 15 months.
Srinagar, Feb 22: Stating that the notified property tax rates in Jammu & Kashmir are lower than other States and Union Territories, the Jammu & Kashmir government on Wednesday said the tax implications are progressive in nature with minimum implication to small businesses and households.
In an informal interaction with journalists in Jammu, Principal Secretary, Housing & Urban Development Department, Rajesh Prasad said the Government of Jammu and Kashmir has notified the property tax with the aim to improve financial health of municipal bodies to enable them to provide better municipal services.
“Tax rates in UT of J&K are notified in such a way that tax implications are progressive in nature with minimum implication to small businesses and households,” he said, as per news agency—Kashmir News Observer (KNO).
He further said J&K has notified lower property tax rates as compared to neighboring states/UT.
“Jammu & Kashmir is one of the last State/UT in India where property Tax was not imposed till date,” he said.
The bureaucrat said that property tax is linked with the stamp duty tax of an area, so property valuation of the different areas is captured differently. “A property in the old city area or Sarwal will be subjected to lower property tax compared to an upscale area like Gandhi Nagar,” he said.
He further said weightage to age of the property, use type and construction type, etc. is used to arrive at annual taxable value in a more comprehensive manner.
Under the new tax formula, residential houses with an area of up to 1000 sqft will be exempt from property taxes, he said.
“Residential property with built up area upto 1500 sqft are also discounted ensuring relief from Lower Income Group and Middle Income Group category residential houses,” he said .
He said the tax rates for other kind of residential properties have also been kept on the lower side vis-à-vis neighboring states/UT.
He said small commercial establishments especially shops upto size of 100sqft and 200 sqft are also provided relief with very minimal tax implications.
He said that most of the shops especially in neighbourhood areas and old markets fall in this category.
He said the property tax will not be burdening common citizen, as it is to be levied annually and can be paid in two equal installments,
“Further, as per Act 10% rebate can be availed by early submission of property tax,” he said.
He said the new property tax policy will help municipal bodies to generate avenue for better municipal services with minimum tax implications to residents.
“Better municipal services are expected to attract more investment and encourage more people to set up businesses in the J&K. Revenue generated from property taxes will be used to improve infrastructure, build new parks and playgrounds, and maintain existing as well,” he said—(KNO)
