New Delhi, Aug 06: Gold prices rose Rs 200 to Rs 99,020 per 10 grams in the national capital on Wednesday due to continuous buying by stockists, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had finished at Rs 98,820 per 10 grams in the previous market session.

In the national capital, gold of 99.5 per cent purity increased Rs 100 to Rs 98,600 per 10 grams (inclusive of all taxes) on Wednesday. It had closed at Rs 98,500 per 10 grams on Tuesday.

“Gold traded with a moderate positive bias on Wednesday as safe-haven demand continued to push precious metals higher,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

US President Donald Trump on Tuesday issued fresh tariff threats on pharmaceutical imports. He said the tariffs would start off small but could rise up to 250 per cent over time.

Additionally, Trump indicated that an announcement regarding tariffs on semiconductors and chips would be forthcoming.

“This tariff-related uncertainty added a risk premium on precious metals,” Gandhi said.

As per Sarafa Association, silver prices climbed Rs 500 to Rs 1,12,500 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at Rs 1,12,000 per kg in the previous market close.

Traders will monitor speeches by Federal Reserve members later in the day, which will provide further guidance on the trajectory of the bullion prices, he added.

Spot gold slipped USD 17.51 or 0.52 per cent to USD 3,363.35 per ounce in New York.

“Gold prices were weak as price as the precious metal prices in the international markets saw weak cues below USD 3,360 per ounce with dollar index showed positive rally in last few days,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.

On the international front, spot silver fell 0.12 per cent to USD 37.76 per ounce.

“Trade tensions continue to escalate as President Trump has threatened to impose tariffs of up to 35 per cent on the EU, if they fail to meet their commitments.

“Meanwhile, investors are closely monitoring US trade negotiations with other countries, as any new tariffs could further weigh on the economy, driving inflation higher, and in turn, support gold prices,” Abans Financial Services CEO Chintan Mehta said.

Mumbai, Aug 06: The Reserve Bank of India (RBI) announced on Wednesday that it has decided to standardise and simplify the procedure for settlement of claims in respect of deposit accounts of deceased customers of banks so that bereaved families do not face any hardship in getting the money or valuables due to them.

Currently, the procedure for settling claims in respect of deceased customers varies across banks. The RBI has decided to streamline and standardise these across all banks to facilitate the settlement of these claims.

RBI Governor Sanjay Malhotra said, “We will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make the settlement more convenient and simpler.”

A draft circular in this regard shall be issued shortly for public consultation, the RBI said.

Under the provisions of the Banking Regulation Act, 1949, a nomination facility is available in respect of deposit accounts, articles kept in safe custody or safe deposit lockers. This is intended to facilitate expeditious settlement of claims or return of articles or release of contents of safe deposit locker upon death of a customer and to minimise hardship caused to family members.

The extant instructions require banks to adopt a simplified procedure to facilitate expeditious and hassle-free settlement of claims made by survivors, nominees or legal heirs, but the procedures vary across banks.

“With a view to enhancing customer service standards, it has been decided to streamline the procedures and standardise the documentation to be submitted to the banks. A draft circular in this regard shall be issued shortly for public consultation,” the RBI statement said.

The RBI has also decided to introduce auto-bidding facilities in Retail Direct for Investment and Re-investment in T-bills.

“To enable investors to systematically plan their investments, an auto-bidding facility for Treasury bills (T-bills), covering both investment and re-investment options, has been enabled in Retail Direct. The new functionality helps investors to mandate automatic placement of bids in primary auctions of T-bills,” according to an RBI statement.

The Retail Direct portal was launched in November 2021 to facilitate retail investors to open their Gilt accounts with the Reserve Bank under the Retail Direct Scheme. The scheme allows retail investors to buy Government Securities (G-Secs) in primary auctions as well as buy and sell G-Secs in the secondary market. Since the launch of the Scheme, various new features, in terms of product as well as payment options, have been introduced, including the launch of a mobile app in May 2024.