Bullion Update

Silver, gold shines again after recent decline

The demand for gold and silver witnessed a rise on the beginning of the auspicious occasion of Vikram Samvat 2065. Prices of silver increased by Rs 95 per kg and closed at Rs 17,370 while the prices of gold increased by Rs 245 and closed at Rs 12,100. The Bombay Bullion Association said that industrial and ornament users preferred purchase of these metals as a best investment mode amid the volatile financial markets.

Some buying in precious metals was witnessed on occasion of Dhanteras and 'Lakshmi Poojan' as it is considered an auspicious occasion for buying gold and silver as per Indian traditions.

Gold price surges by 500 per ten grams; ended day at Rs 1203

Gold price surges by 500 per ten grams; ended day at Rs 12030After four day's continuous fall, precious metal Gold finally settled the day at Rs 12,030 on bullion market, higher by Rs 500 per ten grams, on fresh festival demand. In addition, Silver also recovered on renewed industrial demand.  

According to market experts, Gold finished higher in global market as safe-haven buying emerged on fears that global stocks markets were heading into a free fall.  

Black Friday: Gold drops below 12 K level; stock, crude prices collapses

Tracking weak global cues, Stock markets around the globe took severe beating on 
Friday and oil prices plunged to $ 62.85 per barrel, their lowest in more than a year. 

Even gold, the traditional safe haven in times of panic, fell sharply below Rs 12,000-mark, as a rising dollar and stock-market losses forced investors to sell the metal to raise cash.

Standard gold and ornaments dropped by Rs 500 each at Rs 11,950 and Rs 11,700 per ten gram respectively. 

According to market analysts, people are liquidating gold and other commodities as their losses in stock markets deepen. They said the credit crisis and rising concerns of global inflation keep mounting pressure on the stock markets everywhere.

IndusInd Bank inks partnership deal with World Gold Council

IndusInd Bank inks partnership deal with World Gold CouncilIndusInd Bank, a Mumbai based new generation bank, has signed a co-partner pact with the World Gold Council (WGC) for joint promotion of packaged and certified gold coins and ingots in India. 

The lender stated in a release that, it has introduced sale of imported 24 carat pure Swiss Gold with a view to providing complete financial and investment solutions to its customers and non-customers, under the brand name “Suvarna Mudra. 

The gold coins are available in denominations of 5gm, 10gm and 50gm across all 180 branches of the Bank.

Gold loses Rs 370 per 10 gram; settles the day at Rs 12,155

Gold PricesGold prices slumped sharply today to end the day with a loss of Rs 370 per 10 grams to Rs 12,155. The price of Gold in local markets dropped due to dramatic collapse in the international prices.

In the local market, standard gold (99.5 purity) ended at Rs 12,155 and pure gold (99.9 purity) also went down by Rs 355 per 10 grams to Rs 12,230 from Rs 12,585 yesterday.

Along with this, Silver also eased further on lack of industrial demand. Silver ready (.999 fineness) corrected by another Rs 70 per kilo to Rs 17,980 from Rs 18,050.

Gold demand drops 47% during Q2

The demand of gold is decreasing in India. A drop of 47 percent was recorded in the gold demand during the second quarter. The overall demand of gold has recorded decline of 19 per cent as per report of the World Gold Council (WGC) due to firm prices of the precious metal.

The demand of gold jewellery also fell by 19 percent. This may be due to less spending by the customers following high price rise. India has recorded a huge fall in jewellery demand for the second quarter. The gold demand in China and Egypt has been recorded 2 per cent higher.

The industrial and dental demand has also declined to 111.8 tonnes. The CEO of World Gold Council (WGC) said that the demand is low due to high and volatile gold price, inflation and global slowdown.

MCX finally launches future contract in Gold Coins

MCX finally launches future contract in Gold Coins

Premier commodity exchange, Multi Commodity Exchange of India (MCX) has informed that it has launched futures contracts in gold, effective from 8 May 2008.

The 'Gold Guinea' would have two contracts, July and August 2008. The trading unit of the contract would be eight grams and maximum order size would be 10 kg with tick size (minimum price movement) of Re 1 per eight grams. MCX has made delivery under these contracts compulsory.

MMTC unveils plans to introduce spot trading in gold coins

MMTC unveils plans to introduce spot trading in gold coins

State-run MMTC Limited, India’s Premier bullion trader, plans to introduce spot trading in gold coins on the country's leading agri-commodity bourse National Commodity and Derivative Exchange by July this year.

Currently, gold futures are traded in variants of 10 grams, one kilo and 8 gram coins on NCDEX counter.

MMTC India (MMTC) is a state-owned international trading company which engages in import and export of precious metals, minerals, metals, coal and hydrocarbons, agro products and fertilizers.

AIG launches “AIG World Gold Fund”

AIG Global Asset Management Company (India) has finally launched “AIG World Gold Fund” – an open ended Fund Scheme, which will invest in companies engaged in extracting, processing and marketing of gold.

The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units of AIG PB Equity Fund Gold based in Zurich, which invests primarily in shares of gold mines worldwide with major investments in Canada.

The scheme will offer growth option and dividend option. The dividend option offers dividend payout and dividend reinvestment facilities.

All That Glitters Is Gold, Gold & Gold

Gold CoinsA big part of Delhi’s population has blocked jewellery shops on Wednesday, to purchase gold on the auspicious occasion of ‘Dhanteras.’

This gives a huge fillip to trade in the metal that has crossed all its previous record highs throughout the world.

Jewellers told that gold prices have climbed Rs 210 per ten gram at Rs 10,650 since last ‘Dhanteras.’

Jewellers were anticipating that the rising gold rates would have an effect on festival sales, but their projection goes wrong when some of them reported over 40% increase in earnings against Dhanteras last year.

Gold Touches New High @ $799.30

GOLDGold price is on the rise! Once again gold prices have hit a 28-year high at $799.30 an ounce on Thursday. Gold rallied to its highest level since 1980 on the US Federal Reserve's decision to cut rates and on rising crude oil prices before falling back, as investors chose to lock in profits in London.

"Customers are reluctant to buy gold because of the high price. While their number has not dropped, they are buying in lesser quantity," said Suresh Zaveri, a Vile Parle jeweler.

Ashok Gupta of Totaram Jewelers said, “Market right now is bad, and the mood among the buyers is to wait”.

Gold Demand will surge in India

As per previous reports from World Gold Council, the prices for yellow metal are likely to go up as the festive season starts in India. The latest reports have pointed out that the demand for Gold in India will rise as the income for various groups has increased. The gold demand may touch US $20 billion by 2010 and by the end of year 2015, it could be well above US $30 billion.

Reliance Money will shortly Bring Lower Gold Coin Variants

Reliance Money
New Delhi: To cash in on festive excitement, Reliance Money, part of ADAG’s financial services unit Reliance Capital, will launch low-end variants of gold coins weighing as low as half a gram.

Sudip Bandyopadhyay, Reliance Money CEO said, “We are planning to launch gold coins of 0.5 gm, 1 gm and 2 gm before Diwali to meet the demand from lower-income segments.”

Mr. Sudip added that a coin weighing half gram would cost Rs 500 a unit whereas those weighing one gram would cost 1,000.

At present, Reliance Money provides coins of 5 gm and 8 gm priced at Rs 5,200 and Rs 8,000 correspondingly exclusive of taxes.

Gold Prices Rise Further To One-Month High

New Delhi: Gold prices gained further to touch its monthly peak of Rs 9,020 per ten gram, higher by Rs 10, on the bullion market yesterday on firm buying by local parties amidst tautening worldwide trends.

Buying action picked among retail customers fearing the increase might go on.

Market analysts said increased purchases by retail customers for the upcoming festive season against firm worldwide movement mainly led to upsurge in gold rates.

Worldwide drift that normally provide directions in domestic market showed a rise in gold by $2.90 to $668.20 per ounce and silver by 12 cents to 11.905.

Gold Price may touch $700 per ounce by the end of 2007

GoldGFMS CEO Paul Walker has predicted Gold price to touch $700 per ounce by the end of year. The reason behind this is weak outlook for the US dollar and sub-prime worries in United States. Mr. Walker further stated “The sub-prime issue is just the tip of the iceberg. It is symptomatic of a larger malaise in the system.” He was in Mumbai for fourth India International Gold Convention.

Gold Resiles The Global Market, Silver Did The Same

GoldGold, rebounding on the bullion market on Saturday closed with a gain of Rs 55 at Rs 8,720 per ten gram, and Silver also did show surge on the market.

According to Marketmen, fresh buying by retailers and jewellery fabricators on the back of firming trend in overseas markets mainly helped pumping up the gold prices.

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