Business
Tariff uncertainties to keep gold prices in India between Rs 87-90K range in H1-2025: Report
New Delhi [India], March 29 (ANI): US tariff uncertainties are likely to push gold prices to Rs 87,000- Rs 90,000 in the first half of the calendar year 2025 (January- June), according to a report by ICICI Bank Global Markets.
Currently, the gold prices are at around Rs 83,410 per 10 grams for 22-carat and Rs 90,990 per 10 grams for 24-carat, publicly available data showed.
The report added that the uncertainties arising due to the tariffs will ensure the investment-related demand for gold is in place.
Beginning on April 2, the Trump administration intends to implement reciprocal tariffs on trading partners as part of the “Fair and Reciprocal Plan”.
In India, the local gold prices rose by 4 per cent in the past month, reflecting the global market trend and an appreciation of 2 per cent in rupee terms against the US dollar.
“Going forward, local gold prices are expected to trade with an upside bias in the INR 87,000 per ten grams to Rs 90,000 per ten grams range in 1H2025 and moving to the Rs 94,000 per ten grams to the Rs 96,000 per ten grams range in 2H2025,” the report added.
The report anticipated that the gold prices in the global markets will be in the range of USD 3200 per ounce to USD 3400 per ounce level by December 2025.
Additionally, the US Federal Reserve‘s potential decision to lower interest rates in 2025 and 2026 could make gold more attractive, as lower US yields may support gold demand, the report added.
Central banks may also continue to diversify their reserves by holding more gold, which could keep prices steady for the long term, as per the report.
“Elevated levels of gold prices appear to be weighing on jewellery demand, which worked to pull gold imports to their lowest level in the past 11 months, at USD 2.3bn, reflecting a 14 per cent MoM decline and a 63 per cent YoY decline. Demand should pick up, responding to the festive related seasonal demand that tends to take place,” the report added.
However, gold fund flows into local ETFs still remain fairly robust, as the World Gold Council (WGC) has reported. Gold ETFs recorded inflows to the tune of Rs 19.8bn in February 2025 that were above the average net inflow of Rs 14.8bn recorded in the preceding nine months.
Governor of Kaduna State, Senator Uba Sani, has appointed Ben Solomon Dalhatu Kure as the Managing Director of Kaduna State Media Corporation (KSMC).
Ibraheem Musa, Chief Press Secretary to the Governor, disclosed this in a statement at the weekend.
Kure replaced Ahmed Maiyaki, who has just been appointed the Commissioner for Information.
He is expected to build on Mr. Ahmed Maiyaki’s leadership, which has repositioned the media corporation.
Before this appointment, Kure served as the Chairman of Jaba Local Government from 2016 to 2017, Executive Secretary of the Kaduna State Emergency Management Agency from 2018 to 2019, and Special Adviser (Political Matters) to the Kaduna State Governor from 2019 to 2021.
Dangote Refinery has announced the delivery of its first shipment of compressed natural gas trucks to facilitate its nationwide premium motor spirit and automotive gas oil supply from August 15, 2025.
The 650,000-barrel-per-day refinery disclosed this in a statement by its spokesperson, Anthony Chijiena, on Sunday.
According to him, the refinery, the N720 billion worth investment scheme, is aimed at transforming Nigeria’s fuel distribution landscape by reducing logistics costs and enhancing supply efficiency for customers.
“The fleet of fuel tankers, being imported through Apapa Port, represents a significant capital investment estimated at N720 billion.
“The first consignment of trucks recently departed Apapa Port and was formally received at the refinery site in Ibeju-Lekki by the Vice-President of Oil and Gas at Dangote Industries Ltd., Devakumar Edwin,” the statement reads.
Recall that Dangote Refinery had announced that the fuel distribution scheme would cause a major shakeup in the country’s oil and gas downstream sector.
However, petroleum product retail outlet owners and the Natural Gas Suppliers Association of Nigeria have, in different forums, kicked against the scheme, saying it would result in massive job losses.
The naira bounced back to appreciate against the dollar at the official foreign exchange market on Thursday as Nigeria’s external reserves continued to rise.
The Central Bank of Nigeria’s data showed that the Naira gained slightly at N1,533.73 against the dollar on Thursday from N1,534.44 traded on Wednesday.
This means that Nigeria’s currency marginally strengthened by N0.70 against the dollar on a day-to-day basis.
Meanwhile at the black market, the Naira remained flat at N1,565 on Thursday, the same exchange rate recorded the previous day.
The development follows the continued rise in the country’s external reserves, which stood at $39.99 billion as of 6th August 2025, up from $39.81 billion on the 4th of this month, CBN data showed.
Ekwutosblog reports that in the past four days, the Naira has recorded mixed sentiments of depreciation and appreciation against other currencies.
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