Rising Gold Rates Under Government Watch
Gold Prices Under Watch, Says Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman on Monday stated that the government is closely monitoring gold prices, noting that the yellow metal traditionally experiences seasonal spikes during festival periods but has not crossed “certain limits.”
Addressing a press conference following the customary post-Budget meeting with the Central Board of Directors of the RBI, Sitharaman said, “Gold is always an investment for households, seen seasonal spikes during festival season. We are watching it, but not seeing that prices are gone beyond certain limit.”
On the recent situation at IDFC First Bank, the Finance Minister clarified that there is “no systemic kind of issue,” adding that as a matter of policy, the government does not comment on individual companies.
She further assured the markets on liquidity, saying, “The Reserve Bank of India has sufficient liquidity. We have credit availability for up to five years. We will fulfil whatever the country needs.”
RBI Governor Sanjay Malhotra echoed the Finance Minister’s remarks, noting that despite a rise in gold prices, the order value of gold imports has not increased in recent times. On liquidity, he said, “we stand committed to providing liquidity for the productive needs of our economy.”
On foreign investments, the RBI Governor highlighted that gross Foreign Direct Investment (FDI) has been robust, adding, “Even this year, good growth rate last year, also this year, also, we have sufficient reserves.”
The post-Budget meeting included the Union Minister of State for Finance Pankaj Chaudhary along with the RBI Governor Sanjay Malhotra. Officials emphasized continued monitoring of key economic indicators, ensuring credit flow, and maintaining investor confidence amidst seasonal trends in gold prices and global trade developments.
(This article has been syndicated from ANI)
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