Russian Finance Minister Anatoly Siluanov said on Saturday that the five BRICS countries could mitigate the backlash of Western sanctions against Russia on their economies by pooling their efforts and using a range of financial instruments at their disposal.”The current crisis is man-made and BRICS countries have all the instruments necessary to mitigate its consequences for the national and global economies,” Siluanov was cited as saying by the Russian Finance Ministry.
The minister blamed economic sanctions on Russia for “destroying the foundation of the existing international monetary and financial system based on the US dollar” and urged BRICS to rely more on their national currencies in foreign trade, integrate payment systems and create an alternative to the SWIFT payment messaging platform.
Central banks of BRICS countries — Brazil, Russia, India, China and South Africa — have already agreed to conduct the fifth test of a banking mechanism that will allow them to jointly pool “alternative currency” reserves to shield their economies from outside shocks, the ministry said.
The price of 24-carat gold on 11 April, Monday is Rs 53,020, indicating no change from yesterday’s value. One kilo of silver is valued at Rs 67,100, after a steep fall of Rs 4,400 from yesterday’s price.
The value of gold in India varies daily due to excise duty, making charges, state taxes and other factors. Here is the price of the precious yellow metal in some Indian cities on 11 April:
In Mumbai, Kolkata and New Delhi, the price of 10 grams of 22-carat gold stands at Rs 48,600, according to the Good Returns website. In Chennai, the same quantity of 22-carat purity is valued at Rs 49,190.
If we look the value of 24-carat in the four metro cities, 10 grams is priced at Rs 53,020 in Mumbai, New Delhi and Kolkata. In Chennai, the same quantity of the precious yellow metal is Rs 53,660, today.
In Bengaluru, Kerala and Hyderabad, 10 grams of 22-carat gold is being bought and sold for Rs 48,600. The same quantity of 24-carat purity is being traded at Rs 53,020 in the three southern regions.
In Pune and Vadodara, 10 grams of 24-carat purity is valued at Rs 53,120, while the same amount of 22-carat gold is being sold at Rs 48,700.
In Jaipur and Lucknow, 22-carat of the yellow metal is being purchased at Rs 48,750 for 10 grams. The price of 24-carat gold in the two cities stands at Rs 53,170 currently.
In Mangalore, Bhubaneshwar and Visakhapatnam, 22-carat is being sold for Rs 48,600 for 10 grams. The same quantity of 24-carat purity is valued at Rs 53,020 in the three cities.
In Patna and Nagpur, 10 grams of 22-carat gold is being sold at Rs 48,700, while the same amount of 24-carat purity is valued at Rs 53,120.
If we look at the latest Multi Commodity Exchange (MCX) data, gold futures, due to mature on 3 June, dipped 0.02 percent to Rs 52,060.00. Silver futures, which are set to mature on 5 May, also slipped 0.02 percent to Rs 66,980.00.
