Author: Team Editors admin

GFMS head: India’s imports of gold in 2012 may drop 26%

Gold imports to India, the world’s biggest consumer, are likely to fall by as much as 26 per cent, or by 200 to 250 tonnes, in 2012 as record high prices hit the budgets of consumers, said the head of Thomson Reuters GFMS on Friday.

The south Asian country had imported a record 969 tonnes of the yellow metal in 2011 but higher import duties and a sliding rupee this year have helped cut purchases.

Global prices could rise to peak at $1,800 to $1,850 an ounce by the end of 2012, driven by surplus cash in the market and a weaker US dollar, Philip Klapwijk, global head of analytics of the London-based firm, told reporters here on sidelines of an international Gold convention.

International spot gold was trading at $1,666.7 an ounce at 1226 GMT.

India’s gold imports in the second quarter of 2012 plunged over 56 per cent on the year to 131 tonnes, the World Gold Council has said.

August 24, 2012
Gold climbs Rs 80 to fresh high of Rs 31,115

Gold climbed to a new record of Rs 31,115 per 10 grams, spurred by gains in the overseas market where it rose to over four-month high on speculation that the US will take steps to spur economic growth.

Gold rose by Rs 80, surpassing its Thursday’s record of Rs 31,035 per 10 grams. On the other hand, silver met resistance at existing higher levels and declined by Rs 150 to Rs 56,850 per kg.

Traders said gold’s rally in global markets influenced sentiment here.

In New York, gold spurted by 2 per cent to USD 1,677.50 an ounce, its highest level since April 13 in New York.

Besides, sustained buying by stockists and investors also helped gold to register gains for the fifth day in a row, they added.

Back home, gold of 99.9 and 99.5 per cent purity rose by Rs 80 to set a new peak level of Rs 31,115 and Rs 30,915 per 10 grams, respectively.

The metal has gained Rs 595 in last four sessions. Sovereign gained Rs 50 to Rs 24,700 per piece of eight grams. Silver ready declined by Rs 150 to Rs 56,850 per kg and weekly-based delivery by Rs 90 to Rs 56,480 on reduced offtake by industrial units.

Silver coins fell by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.

August 24, 2012
Ten central banks have more than 21 thousand tons of gold in the world led by the U.S. Federal

In a time which increased gold futures toward their highest levels since early May in light of expectations stimulate the U.S. third for largest economies in the world, there are still expectations constantly pace driven by rising long-term with continued high demand and declining supply.

Despite the decline in demand of 7% or approximately 76 metric tons in the second quarter to its lowest level in two years, demand remained strong central banks to diversify their reserve assets, and the protection of national wealth.

According to the World Gold Council data central banks bought 157.5 metric tons of the precious metal in the second quarter, up 63% compared with the first quarter, and a rise of 137.9% on an annual basis.

While the purchases of those banks 254 tons in the first half, up from 200 last year, which prompted the World Gold Council to sign a record of them this year than last year, which was the highest since 1964.

And the importance of following up the development of the precious metal reserves of those banks, the following list includes the world’s top ten banks in terms of possession of the precious metal according to the World Gold Council data, totaling 21,363.8 tons United States accounts for 38% of them.

Country Gold reserves in tons    Ratio in gold to total reserves at in Central Bank

United States    8,133.5                                                      75.1%

Germany    3,395.5                                                                           71.9%

Italy       2,451.8       71.3%

France 2,435.4                                                                             71.6%

China 1,054.1    1.6%

Switzerland                  1,040.1                                                                                  14.2%

Russia                             918.0    9.2%

Japan                              765.2       3.1%

Netherlands    612.5                                                                                       60.2%

India                                 557.7                                                                                        9.8%

August 24, 2012
Gold between the hammer price rises and the anvil investment

is it time to invest in gold? Is the time is right to do so, or is still time for stocks and bonds? Several questions facing investors, especially small about the best ways to make a profit. Unit questions with increasing remember many depositors in Europe and America what happened to their savings five years ago.

Panic crossed his faces as result of the inability of some banks to repay and deposits because of a lack of liquidity is difficult to erase from memory. Consequences were catastrophic for some people who did not find has sufficient savings to enable them to repay the value of the mortgage, prompting banks to book on their homes, and the fate of these “street.” These memories and many of its accompanying economic developments play a prominent role in the gold back to the fore as one of the most prominent forms of investment.

Belief in the markets that economic conditions – inflation or deflation – and gold prices reflecting mirrors put each other. Unfortunately, things are not going that way. Economic developments and changes in the price of gold you need to have some time to catch each other. Global market has been waiting for some time steps of “quantitative easing” by the central banks in the major industrialized countries to pump more liquidity into the markets to alleviate the economic crisis.

Precious metal prices continue to rise, especially with the dollar slipped against the euro. With interest rates remaining at European banks at an all time low, and the absence of any indication that it will be filed soon, it becomes lower interest rate factor encouraging demand for buying gold.

World Gold Council recalls that the central banks at the highest level to buy the precious metal since 2009. Council statistics indicate that the average formal sector demand for gold record in this quarter, an unprecedented rise amounted to 157.5 tonnes, more than twice the rate recorded in the second quarter of 2011 represented 16 per cent of the total global demand. Was boosted by a number of central banks balances of gold during this period, including the National Bank of Kazakhstan and the central banks in the Philippines, Russia and Ukraine. Other words, central banks lose days after the last confidence in euro and the dollar.

If the sovereign debt crisis “Greece – Spain – Portugal – Italy – Ireland” continuing in the euro zone, boosted investor confidence in the importance of acquiring gold savings. The rate demand for bullion and gold coins by retail investors an increase of 15 per cent on an annual basis for up to 77.6 tons, an increase of more than 19 per cent on the quarterly average over five years, which is 65.2 tons. Will gold became a safe haven for governments and individuals alike?.

Arab economic expert in London Marwan Al Asmar answers for “economic newspaper”, saying “I do not encourage investment in gold” and this situation causes he believes “investment in real assets such as farms, for example more useful, prices gold unpredictable, and under the food crisis expected globally, the prices agricultural products may be more profitable. ”

But Marian Web, editor of Money Week comment on such views in her article about the future of gold, saying “holding gold is the best guarantee in the face of crises than bonds, states go bankrupt, but gold will not get lost value never” and demonstrate Marianne their views reminded readers the incident beginning this year, when the Swiss authorities discovered attempts to smuggle 50 kilograms of gold in a car coming from Italy.but if that is the situation, why gold did not achieve high record prices till now?

It is true last year’s expectations was that an ounce two thousand dollars, but that did not happen.”

And the logic purely economic, the ounce of gold did not reach for that price because the relationship between supply and demand do not allow this price has pointed the World Gold Council in its report on trends demand for gold that the volume of global gold demand reached 990.0 tonnes in the second quarter of 2012, a decline of 7 per cent, compared to what it was in the second quarter where he was 1,065.8 tons. Perhaps not allow price rises gold ounce prices expected for the following reasons:

First, the production gold mines and large corporations continuous rates normal, and that the central banks and the World Bank put forward years ago large quantities of gold has reduced the gold reserves necessary to cover the currency, and the repurchase by the central banks for gold is not pace huge. Secondly gold is not the only safe haven, investors turn now to currencies such as the Swiss franc and the Japanese yen and this limited the ability of the precious metal to rise to prices is unprecedented. Finally major investments from by international companies rely on the concept of portfolio diversification invest in a variety of areas, including gold but it is not the only investment. “

August 24, 2012
Gold recorded its highest prices since May

Gold prices rose and silver to their highest level in more than three months yesterday after months of minor moves after revived the minutes of the latest meeting of the Federal Reserve Board (the U.S. central bank) hopes to launch more bond purchases soon.

It is expected that the economic stimulus raises expectations for inflation, which will benefit gold, which is considered a hedge against rising prices, while enhanced prospects for economic recovery sentiment in the various sectors of the assets which involve higher risks.

The minutes of the meeting showed the U.S. central that it is likely to launch a new round of monetary stimulus “very soon” unless the economy improved significantly. Said Chen Min, an analyst at Janroy futures in China “tone of the Fed in the minutes of the meeting completely different from what it was in previous statements and helped gold to break the previous range and move to a higher price range before the peak consumption season.”

Spot gold rose 0.7% to $ 1665.9 an ounce, its highest level since the first of May, before falling back slightly to $ 1662.84. Futures rose U.S. gold for December delivery was 1.5% to $ 1665.70 an ounce.

And silver rose instant more than 2% to $ 30.51, its highest level since early May. And instant platinum rose to about 1558 dollars per ounce, its highest level since the third of May, down the difference between the price of gold and platinum to near $ 100, which is less difference in more than three months. Palladium scored in the spot market the highest level in two months at 637 dollars per ounce.

SINGAPORE (Reuters)

August 24, 2012
Gold jumps above 1670 dollars an ounce, supported by hopes of monetary stimulus in the U.S.

Gold jumps above 1670 dollars an ounce

Gold climbed above the level of 1670 dollars per ounce on Thursday, its highest level in almost four months, supported by hopes of a new round of monetary stimulus in the U.S. and news that Spain was negotiating the terms of a potential financial aid package.

Silver jumped more than 2 percent and Platinum Group also stepped up on concerns about supplies because of labor unrest in South Africa.

And precious metals received a boost after sources told Reuters that Spain was in talks with the euro area on the conditions of international assistance despite the fact that Madrid have not yet taken a final decision on the request for financial assistance.

The price of gold for immediate transactions of more than 1 percent during the session to $ 1672.70 per ounce, its highest level since early May, before easing slightly to $ 1670.30 in late trading in New York.

And gains the yellow metal reached 3.5 percent since the beginning of the week and is moving towards recording the largest monthly increase since record a gain of 11 percent in January.

And U.S. futures rose gold for December delivery about 2 percent to a record settlement at $ 1672.80 an ounce.

The price of silver for immediate transactions 2.2 percent, to 30.49 dollars an ounce.

Platinum rose 0.4 percent to $ 1536.75 an ounce, while palladium jumped 3.5 percent to $ 650.75 an ounce

Reuters

August 24, 2012
Dubai second largest distribution center for gold bullion in the world and with over 600 stores

World jewelry designer Pena Ghuinka confirmed that Dubai success in strengthening its position as a global and regional gold and jewelery trade, where is the emirate’s second largest distribution center for bullion in the world, where imported 360 tons of bullion a year to re-export mostly (about 350 tons).

She said in a statement to “statement of economic” to that Dubai is home to over 600 stores of gold, concentrated 275 of them in the Dubai gold market, making it more market the world’s busiest in terms of number of stores located in it, pointing out that per capita in Dubai gold sales amounting to 31.1 grams is the highest in the world,And 48% are bought him gifts during occasions.

Pena Ghuinka said : a citizen in Dubai spending 7340 AED is equivalent to $ 2,000 a year on jewelry, noting that 95% of visitors to the emirate are buying gold. She explained that the gold jewelery of 21 carat carat which constitutes 95% of the gold market in Dubai and the region, with the rest concentrated in pieces of 18-carat. Pointing out that Dubai imports 90% of jewelry from countries such as India, Italy, Bahrain, thus strengthening its position on the global jewelery trade map. ”

Gold expectations in 2012

On the prospects of the gold market, jewelry, Ghuinka predicted to record year 2012 an increasing demand for these commodities, driven by emerging economies such as India and China, which contributes to the increase in production and raise sales, and added: “experts attribute the prosperity of the gold market to volatility continuing in oil prices, as well as prospects positive enjoyed by the precious metal. ”

On the competition between jewelry designers individuals and large companies specializing in this sector said Ghuinka: currently dominate jewelery houses famous global markets but there are promising opportunities for designers individuals, where witnessing their increasing demand by researchers for exclusivity and exclusive jewelry, ie those that do not manufacture numbers large, as investors continue to jewelry collectors searching for unique pieces and distinct in the market, which means fierce competition among designers and jewelery houses are increasingly “.

Global market

Indicated designed Pena Ghuinka that the volume of jewelery market globally up to $ 146 billion, up share GCC at 10%, pointing out that the industry and the jewelery trade occupies an important position within the UAE economy, through its contribution to the GDP of the state.

And confirmed by another increase in consumer spending on jewelry and gold jewelry, where these products recorded a growth in demand by 14% during the first quarter of this year, the equivalent of $ 28.3 billion is the value of 519.8 tonnes of gold ornaments.

August 24, 2012
Gold prices in India hit record high, buyers refrain

India’s benchmark gold futures rose 1.26 percent on Thursday to hit a new peak, driving away physical traders seeking to stock the yellow metal in the middle of the festive season.

The key gold for October delivery on the Multi Commodity Exchange (MCX) hit its peak at 30,699 rupees per 10 grams, before trading 1.09 percent higher at 30,646 rupees, backed by overseas leads, though a stronger rupee kept the upside limited.

Global gold rose to their highest levels in more than three months on Thursday, shaking off months of lethargy after minutes from the latest U.S. Federal Reserve meeting fuelled hopes for the swift launch of more bond buying.

The rupee, which rose to an over one-week high on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

“Buying is nil and there will be more of scrap,” said Ketan Shroff, director with Pushpak Bullion in Mumbai.

Festival season is underway in India, the world’s biggest consumer, and will continue till November. Weddings also take place during this period. Gold sales are expected to fall 40 percent during this period to 200 tonnes.

Gold imports have already halved so far this year and a likely drought could further dent rural demand. Rural areas, which depend on monsoon rains for yields and income, contribute to about 60 percent of the country’s demand.

In the spot market, HDFC Bank quoted 30,825 rupees per 10 grams, up about 300 rupees from previous close.

Silver also surged more than 2.5 percent to hit its highest level in four months, following the yellow metal.

The most-traded silver contract for September delivery was 2.53 percent higher at 56,710 rupees per kg, after hitting a high of 56,856 rupees, a level last seen on April 19.

August 23, 2012
Rise in gold prices after the increase of investors in gold bullion

with the increasing volume of the investors property of gold bullion to a record for fear of slowing economic growth and after the two Billionaires John Paulson and George Soros bought more gold, rose gold traders speculating on gold during the last six weeks.

In a poll conducted by Bloomberg News, and published the Middle East predicted 14 of the 26 analysts higher prices next week, while the predicted six of them falling prices, while six others, they were neutral, making rate speculation on higher prices highest since July 6.

The Paulson increase its stake in SPDR Gold Trust, the largest producer trader in the stock market powered gold, 26 per cent in the second quarter, and the Soros increase volume his possessions of gold has more than doubled, according to records revealed the Securities and Exchange on 14August.

The euro zone shrank in the second quarter after the worsening debt crisis led to the entry of at least six countries in a state of recession, as revealed EU data released on August 14.

And increased purchases of bullion and gold coins by 15 per cent in Europe in that period, according to the World Gold Council said yesterday.

And slowed growth in the United States during a period of three months until last June, and may extend slowing economic growth in China to the seventh quarter after the cessation of export growth in July, as disappointing industrial production and lending economists’ expectations.

August 23, 2012
7 billion pounds of gold sales in Egypt during the first half of 2012

According to the World Gold Council report that the value of gold sales in Egypt during the first half of the year 2012 increased to 1157 million dollars “7 billion pounds”, compared to 797 million dollars in the same period last year, at a time when global demand fell during the second quarter , and increased demand in Egypt during the first half of this year in terms of quantity to 21.9 tons, compared to 17.2 tonnes in the corresponding half of 2011.

Council data showed that the value of jewelery demand in Egypt reached in the first half amounted to 1081 million versus $ 797 million in the same period of 2011, while the volume of demand for jewelry in terms of quantities in the first half of 2012 amounted to 20.8 tons, compared with 16, 3 tons in the same period of comparison from last year.

At the level of the value of investment demand in gold 55 million dollars, and 1.1 tons in the first half of 2012, compared to 40 million, and the size of 900 kg, in the period from January to June 2011.

World Gold Council said in its report on gold demand trends that the size of the global demand for gold reached 990 tonnes in the second quarter of 2012, a decline of 7%, compared to what it was in the second quarter where it was 1065.8 tons.

Remained the volume of demand for gold in terms of value relatively stable at 51.2 billion dollars, compared to what it was where it was 51.6 billion dollars in the second quarter of 2011, and the average price of gold during the second quarter of $ 1609.49 an ounce, recording a rise 7 % from the average price in the second quarter of 2011.

August 22, 2012