Gold Silver Reports (GSR) – Atlas Jewellery are Set for Their Biggest Monthly Gain – M.M. Ramachandran was released on bail in June more than two years after a Dubai court sentenced him to three years for defaulting on loans. He said the company has paid off part of the money owed to a consortium of banks by selling some assets in Oman.
Futures Signaled Losses for Stock Indexes in Japan
Gold Silver Reports (GSR) – Futures signaled losses for stock indexes in Japan, Hong Kong and South Korea after the S&P 500 Index followed European bourses lower. Reports that the U.S. Treasury will propose limits on Chinese technology investment damped sentiment, though stocks did recoup some losses as National Trade Council Director Peter Navarro said there were no plans to impose restrictions. The dollar weakened and 10-year Treasury yields fell to the lowest in more than three weeks.
Equities Tumbled Around the World on Reports
Gold Silver Reports (GSR) – Equities tumbled around the world on reports that the Treasury department will propose limits on Chinese technology investment, straining already tense relations between the world’s two largest economies. Navarro said on CNBC that there were no plans to impose restrictions, sparking a late-day rebound. China and Europe warned the escalating trade war could trigger a global recession.
Nirav Modi in Connection with a Money Laundering Case Related to the $2 Billion Nirav Modi in connection with a money laundering case related to the $2 billion Punjab National Bank loan fraud
Gold Silver Reports (GSR) — Nirav Modi in connection with a money laundering case related to the $2 billion Punjab National Bank loan fraud, officials said.
RBI Widens ICICI Bank Probe after Whistleblower Complaints
Gold Silver Reports (GSR) – RBI Widens ICICI Bank Probe after Whistleblower Complaints — India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving a whistleblower’s complaints on 20 March and 22 March, a fact that the bank was informed of only in early May.
Gold Prices Rise Today on Jewellers’ Buying, Silver Rate Slip
Gold Silver Reports (GSR) – Gold prices edged higher by ₹ 50 to ₹ 31,650 per 10 gram on Monday on increased demand by local jewellers despite a weak trend overseas, reported PTI. Global gold prices edged lower, pressured by a strong US dollar amid prospects of higher interest rates, while global trade worries kept the precious metal supported above a six-month low hit last week.