Category: Gold news

Continued gold rising rising for the second day in a row , trading near its highest level since the week, with the deadlock Ocean between President Barack Obama and Republicans over the debt ceiling while continuing closure of the U.S. government partially for the second week , and with the return of China’s markets to work after the holiday Golden Week .

Obama said he would not negotiate with the Republicans , even with warnings and Treasury Secretary J. Liu to Congress that they need to pass a law to increase the debt ceiling before October 17 .

It also prepares the Democrats in the Senate to vote later this week in order to give power to Obama to raise the debt ceiling in the event did not approve two-thirds of Congress to lift it , and expressed the largest creditor nations to America (China and Japan) have expressed concern in the event of an event of default with the American issue .

In the case have been voted by the Senate with six members from the Republicans to give Obama authority is likely to move the issue of increasing the debt ceiling without any conditions to the House of Representatives, which is controlled by Republicans for a few days in order to ratify it and spare America bankruptcy.

He also said an analyst at Commonwealth Bank of Australia (CBA), the outlook revolves around fluctuating gold prices , and with the approaching deadline for the U.S. debt ceiling issue .

Turning to Asia and with the return of the market in China to work, which support the price of gold is on the rise today with the survival of Chinese demand for gold is high, and this is what leaves China is on track in order to get the title of the largest gold consumer in the world and thus overcome India this year.

Increased demand for gold as a safe haven with continued concern surrounding the issue of America, as of 11:41 am GMT +3 gold trading around $ 1322.54 per ounce and recording a high of 1327.83 and a low of 1320.57 and opened around 1322.53 .

Still   since this morning gold prices show increased and that at the beginning of marginally this week , as the prices exploited fell U.S. dollar, which fell for the fifth day in a row and in light of the continuation of the partial closure of the institutions of federalism in the United States for the second week in a row.

Entered the closure of government in the United States its second week , as each of the Democratic and Republican parties each adheres to his opinion about the preparation of the budget , which adds to the concern about the diuretic continuation of this closure, which may be long , which means that Mufdrh in determining the direction of the market under uncertainty dominating the markets and investors .

The longer shutdown whenever a negative impact on the U.S. economy and therefore some speculation in the markets that graduated that it will push the Fed to maintain stimulus programs for a longer period .

Dollar index, which tracks the performance of the dollar against a basket of major currencies showed today declined for a fifth day in a row and in light of the continued closure of federal institutions , where trading cursor is currently on the levels of 80.03 , compared with the opening level at 80.18 recording its highest level at 80.22 and the lowest at 80.00.

Currently investors are taking cautious in their investment decisions as a result of the uncertainty that we have mentioned because of the closure of the government contributed to postpone the most important U.S. economic data and the most important is the jobs report the U.S. , which was supposed to be released the day before to postpone until tomorrow , as the U.S. data contribute mainly in move the markets , and based upon the orders are to take investment.

At 3:22 pm GMT , the price of the yellow metal trading around $ 1324.54 per ounce higher than the opening price at $ 1311.73 per ounce achieving the highest level at 1328.40 dollars an ounce and the lowest at $ 1308.50 per ounce.

As for silver prices have risen to be traded currently at 22.358 , compared with the opening at $ 21.700 USD achieving the highest level at 22.40 and the lowest at $ 21.618 dollars.

This platinum metal prices rose today by 0.06% to reach $ 1388.88 per ounce , while for metal Albuladinyum fell 0.14 % to $ 697.90 per ounce.

Hindu temples in India resist disclosure of their gold holdings , and perhaps nearly half of the amount , which was held in Fort Knox , amid distrust of the motives of the authorities who are trying to reduce the huge import bill that are harmful to the economy .

Central Bank , which has already taken steps that slowed to a large extent in the supplies received that led to the aggravation of the current account deficit in India, letters to some of the richest temples in the country asking about the details of their gold .

According to the investigation , which they have done , that the Hindu groups armed protect the temples, has contributed to gold stored in the temples by worshipers over thousands of years and we will not allow one , said Secretary of the Hindu nationalist Vishwa Hindu Parishad organized in Kerala , in a statement , Indians buy up to 2.3 tons of gold , on average, every day , the weight of a small elephant – and what they do not give to the gods is mostly hoarded .

And is delivered as jewelry and heirlooms stored away with bars and coins as a hedge against inflation or rapid source of funds in emergency situations.

And that the cost economy , gold imports reached $ 54 billion in the fiscal year ended March 31, 2013, which is the largest non – essential item that is shipped in from abroad and a major factor in the swelling current account deficit to a record level in 2012/2013.

And said Ijorofayor the temple, in Kerala , one of the holiest in India and includes 33.5 meters ( 110 feet ) gold-plated flagpole, and already the Reserve Bank of India (RBI ) that it will not disclose any details.

He said that our gold is mostly offered by devotees , they will not like the details of which will be shared with anyone , and said VM Gopala Menon , the Commissioner of the Board of Directors of the temple .

Estimates by the World Gold Council there are about 2,000 tons of gold are found in temples, worth about $ 84 billion at current prices , which offered devotees Indian in the form of jewelry , bars and coins , and even replicas of body parts, in hopes of winning favors of the gods or in thanks for blessings received and restore health .

Reduction of imports of gold and get became gold weapons away back in circulation priority for the government and the Reserve Bank this year, the import duties at a record 10 percent and the latest new rule, that 20 percent of all imports and must leave the country and exports of jewelry, causing confusion by buying dried for two months.

The head of the main opposition nationalist Hindu Bharatiya Janata Party ( BJP ) in the state Kerala , and RBI want to ” capture ” of gold and perhaps sell the dollar .

The central bank said there was no proposal under consideration to convert gold alloy idle at this stage , but her letters , sent to the leadership of trusts temple in Kerala, and prompted by a report looking at issues relating to gold imports and loans outside the banking system last February , which focused on local temples and treasures for new supplies .

(Reuters) – Gold prices on Monday score the best quarterly performance in spite of weak purchasing for the precious metal as a safe haven amid the absence of certainty about the stop and check the activities of government in the United States because of a dispute over the budget.

Gold rose nearly eight percent in the third quarter of this year to separate a strong recovery in the wake of falling a record 23 percent in the second quarter during which prices fell $ 225 in two days in mid-April. This is also the first quarterly increase in gold prices since the third quarter of 2012.

And the decline in the spot market gold 0.5 percent to $ 1328.74 an ounce at 1842 GMT.

Futures fell U.S. gold for delivery in December, 12.20 at the settlement to $ 1327 dollars per ounce.

Silver fell 0.3 percent to $ 21.67 an ounce.

Platinum fell 0.9 percent to $ 1401.06 an ounce.

Palladium fell 0.9 percent to $ 721.75 an ounce

The price of gold jumped more than one percent on Friday, where the dispute over the U.S. budget and concern for the future of monetary policy in the United States to increase the demand for buying that accelerated pace after the break through a key technical level.

The price of gold in U.S. futures rose 1.6 percent to $ 1345.20 an ounce after crossing the moving average at 100 days of 1341 dollars, the level below which fell last Friday, when prices fell 2.9 percent.

The price of gold in the spot market 1.1 percent to $ 1337.90 an ounce at 1424 GMT, while the price in the U.S. futures for December delivery December 14.30 to $ 1338.40 an ounce.

The price of silver rose 0.7 percent to $ 21.78 an ounce, platinum rose 0.8 percent to $ 1416.24 an ounce, while palladium rose 0.5 percent to $ 721.84 an ounce

Research has been conducted on the rate of gold and silver forecasts for 2014, , despite the fact that the data medium listed down the expectations of current prices.

In a report to the Canadian Bank and Hotgarir Quarterly mined goods, he preferred palladium more than platinum, despite constant of palladium unchanged and platinum rose slightly.

Description BMO palladium , iron , coal preferred goods and said it was ” neutral” on copper , platinum , gold and silver. The bank warned of the diamond , nickel , uranium and zinc , thermal coal and aluminum.

The bank said it looking for overall prices to remain largely a specified range until the end of the year.

Gold forecast was revised 2014 up to $ 1,275 an ounce from $ 1,181 in the past , while expectations silver has been revised up to $ 21 from $ 18 , and gold prices are still relatively volatile , but within a limited range .

The bank said , macro events continue to be the driver of the heavy weight of the direction of the price of gold , but what seems to have been a more recent events pricing combined with a faint interest in the metal, and there is little support to the upside for precious metals in the near future .

And BMO Research Foundation said it expects prices to fall gold and silver in 2014 , on the assumption that the recovery in the United States has made ​​great strides .

He said BMO could support gold in the long term through the repercussions are unknown from years of easy money, during the past four years of printing money and increasing debt levels unprecedented , and medium to repercussions in the long term these measures can only be speculated .

BMO said it is looking for silver to gold was impaired due to industrial demand outlook is uncertain in the United States in the near term , as well as expectations for a large supply growth in 2014 and 2016.

At the same time , BMO said it is looking for palladium to continue to outweigh platinum on the near-term , in particular , noted the bank to resolve some labor issues in South Africa , which limits the possibility of uninterrupted supply of platinum , and hence the rise in the price of the metal .

Palladium is the most leveraged to stronger auto markets of the United States and China , while platinum is more closely related to the automotive markets in Europe weaker.

Said BMO seems to market palladium stay in a large deficit in supply demand in the medium term , although the company said that this is probably already taken into account the price, Bank maintained the median forecast of 2014 palladium than 700 dollars per ounce .

It is expected to decline meaningfully over the next few years the Russian destocking of inventories , which complements mine supply .

She said BMO auditing company forecast platinum 2014 only slightly to $ 1,400 an ounce from the previous $ 1,394 mainly based on the expectations of the South African rand .

Left copper expectations of $ 3.25 pounds, and potential bank said stronger – than – expected growth in mine supply , but said it can be compensated by dragging the stock was higher than expected due to stronger industrial activity in China.

BMO also said copper projects still most important commodity on the block even though the average performance of copper prices and stock for the year so far, and with the expectations of analysts consensus calls for copper prices to fall.

Rose gold and silver prices during the U.S. session after four sessions of declines with rising fears and anxiety that haunt investors about the reach of legislators in the U.S. Congress to the agreement towards the budget of the U.S. government with the growing risk of freezing the work of the U.S. government by the middle of next month after the expiry of the budget year by early next week.

This has warned U.S. Treasury Secretary Jacob Liu on Tuesday from the fact that the U.S. government is likely to have to have about $ 50 billion of cash by mid- October / October , expressing the fact that investor confidence in reaching the American administration to an agreement on the debt ceiling is more than what it should be.

It is worth mentioning that the current U.S. administration when he faced an impasse in their efforts to raise the debt ceiling in August 2011, before it approves the U.S. Congress on a plan to avoid the solution default , signed by President Barack Obama Hanzk , we have seen the arrival of gold prices to new highs reached about $ 1,923.70 per ounce by September 6 of the same year .

This has seen gold prices rose to trade at 1,335.59 $ an ounce , marking its highest level during the day at 1,338.14 $ per ounce compared with the opening level at 1,325.46 $ an ounce and Unrealised as low as 1,316.53 $ an ounce , so at 11:41 GMT New York.

As for silver prices has caused to the march of gold somewhat , to trade at $ 21.86 an ounce , marking its highest level during the day at $ 21.91 per ounce, compared with the opening level at $ 21.73 per ounce and Unrealised as low as $ 21.47 an ounce.

On the other hand showed dollar index, which tracks the performance of the first currency in the world against six major currencies including the euro and the Japanese yen and the pound sterling , declined to currently trade at 80.34 , its lowest level during the day at 80.33 since the opening of trading at levels of 80.59 and achieving the highest level during the day at 80.63 .