According to the report, the current US and the Euro zone crisis will keep the gold prices bullish and they are likely to reach $2,000 an ounce in another 3-4 months
Gold prices are likely to touch $2,000 by March, driven by the global economic crisis, while gold imports may reach 1,000 tonne, a senior SocotiaMocatta official on Thursday said.
"Investor demand has compensated the decline in the jewellery consumption. The rising gold prices, which has boosted the investors appetite, may result in close to 1,000 tonne imports of the yellow metal," Rajan Venkatesh, managing director, India bullion, SocotiaMocatta, a part of the Bank of Nova Scotia, said on the sidelines of FICCI 'Gems and Jewellery Conference'.
The current US and the Euro zone crisis, he said, will keep the gold prices bullish and they are likely to reach $2,000 an ounce in another 3-4 months.
"People are losing faith in cash as load of the US currency can be printed," he said.
The gold prices today in India ruled at Rs28,500 per 10 grams, while it was $1,695.90 an ounce in the global markets.
On silver, Venkatesh said, the imports will be slightly lower than last year's 3,030 tonnes due to the rise in prices.
"Silver business is not that significant (by volume)... a couple of months ago it was very good when prices had tapered off," he said.
The demand will improve if the silver prices come down to Rs40,000-Rs45,000 a kg, he said.
Silver prices today stood at Rs56,250 per kg here and in the global markets it was at $31.88 an ounce.
L&T Infrastructure bond issue will close on December 24, 2011
L&T Infrastructure Finance Company Ltd to issue Tranche 1 Bonds starting , on November 25, 2011, through a public issue of long term infrastructure bonds with a face value of Rs1,000 each in the nature of secured, redeemable, non-convertible debentures having benefits under Section 80CCF of the Income Tax Act, 1961, aggregating up to Rs1,100 crore for FY2012. The minimum subscription will be five bonds and in multiples of one bond thereafter.
The bond issue will close on December 24, 2011, or earlier, as may be decided by the company. The first tranche of bonds will carry an interest rate of 9% per annum payable annually or compounded annually. The Tranche 1 Bonds are proposed to be listed on BSE.
The bonds have been rated ‘CARE AA+’ by CARE and ‘[ICRA] AA+’ by ICRA considered to offer high safety for timely servicing of financial obligations.
The bonds will carry a minimum lock-in period of five years from the date of allotment and can be redeemed after ten (10) years from the date of allotment.
IRDA has introduced a mobile application that would enable people to compare insurance products and premium rates
Buyers of unit-linked products (ULIP) can now compare on their mobile phones schemes offered by different life insurance companies.
The Insurance Regulatory and Development Authority (IRDA) has introduced a mobile application that would enable people to compare insurance products and premium rates.
"The application lets users of mobile phones/devices with internet connectivity check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010," the IRDA said in a statement today.
It would work on Android, iPhone, Nokia and Blackberry platforms and all other mobiles with internet connectivity.
"The application has been developed with the objective of providing a mechanism for consumers to make informed decisions by comparing features of insurance products through mobiles," IRDA said.
The users would be able to compare the features of ULIP, such as premium, benefits, among others.