According to the All India Sarafa Association, gold of 99.9 per cent purity closed at Rs 96,450 per 10 grams on Tuesday. Gold prices had recorded their biggest single-day rise on April 11, when it jumped by Rs 6,250 in local markets.

So far this year, gold prices have risen by Rs 18,710 or 23.56 per cent from the level of Rs 79,390 per 10 grams on January 1. Gold of 99.5 per cent purity also rose by Rs 1,650 to a new high of Rs 97,650 per 10 grams, compared to its previous closing price of Rs 96,000 per 10 grams.

Apart from this, silver prices increased by Rs 1,900 to Rs 99,400 per kg. On Tuesday, silver had closed at Rs 97,500 per kg.

“Gold once again rallied strongly… MCX gold touched a historic high of Rs 95,000 while COMEX gold crossed $3,300, indicating strong safe-haven demand,” said Jatin Trivedi, Vice President (Research Analyst) of Commodities and Currencies, LKP Securities.

Trivedi said the rise was due to geopolitical uncertainty and the absence of any constructive progress in tariff talks between the US and China. Unless there is a tangible result of reducing tensions, gold is likely to remain at higher levels.

Globally, spot gold hit a record high of $3,318 an ounce. Later, it pared some gains and traded at $3,299.99 an ounce.

Silver rose nearly two percent to $32.86 an ounce in Asian trading hours.

Market participants are now monitoring macroeconomic data, including US retail sales and industrial production, for further signals on the US Federal Reserve’s interest rate cycle, said Sawmil Gandhi, senior commodity analyst at HDFC Securities.

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The post Gold and Silver Price: Gold rises by Rs 1,650 to Rs 98,100 per 10 grams; silver shines by Rs 1,900, check latest price first appeared on Rightsofemployees.com.

This change has been made keeping in mind the safety and convenience of the customers. If you also have a locker of any bank and have kept gold-silver or other valuables in it, then definitely read this news.

The bank will have to pay compensation

According to the notification issued by the RBI, the rules have been changed by the Central (RBI) on the complaint of the customers taking locker in the bank. Often customers keep complaining of theft in bank lockers. Even after long efforts, such customers do not get any satisfactory solution for the stolen goods. But now in case of any untoward incident with the goods kept in the locker, the concerned bank will compensate the customer up to 100 times the locker rent.

There will be transparency in the locker system, many times such cases have come to the fore in which banks used to get away from the theft incident. He hurls the customer saying that he is not responsible in any way. In the order given by RBI, it was said that banks will have to put the list of empty lockers, waiting list number for the locker on the display. This will bring more transparency in the locker system. RBI says that the customer cannot be kept in the dark on behalf of the bank.

Rules for taking rent of the locker On accessing the locker, an alert will be given to you through e-mail and SMS through the bank. RBI has made this rule to protect against any kind of fraud. Banks have the right to take the locker rent for a maximum period of three years at a time. If the locker rent is Rs 2000, then the bank cannot charge you more than Rs 6000, excluding other maintenance charges.

Every person entering the locker room and bank staff is required to be monitored by CCTV cameras. Apart from this, the bank will have to keep 180 days (6 months) of CCTV footage safe. The police will be able to investigate with the help of CCTV footage in case of theft or any other mishap.

The post RBI’s issued new guideline: RBI made a big change in the rules related to bank locker, check new rule immediately first appeared on Rightsofemployees.com.