5 January 2013
Berita Semasa 5 Januari 2013 ...
India cuts Gold, Silver import tariff value
According to country's Central Board of Excise and Customs (CBEC), tariff value of gold and silver was slashed to $539 per 10 gm and $979 per kg, respectively
India on New Years day 2013 announced cuts in import tariff value of gold and silver.
According to country's Central Board of Excise and Customs (CBEC), tariff value of gold and silver was slashed to $539 per 10 gm and $979 per kg, respectively
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing.
During December, the tariff value of gold was $550 per 10 gm, while silver was $1,062 per kg.
The government decided to reduce the import tariff value of precious metals following volatile price trend in the international market.
Traditionally, India has been the world's largest consumer and importer of gold. However, doubling of the excise duty to 4% in the last budget and the curbs that RBI imposed on gold loan value and banning banks from funding gold purchase by loan companies have led to sharp drop in imports this year.
In April-October, gold imports declined 35% year-on-year and overall imports is set to drop over 17% to 800 tonnes this year.
Sumber : Google
4 January 2013
Berita Semasa 4 Januari 2013 ...
Kimberley model Gold certification is still far away
However, they said gold business in Switzerland is very nontransparent as Swiss trade statistics do not tell you where the gold comes from that is imported to Switzerland.
Demand for formulating a certification scheme to ensure clean gold remained unanswered despite increase in mine violations across the world, particularly in Africa.
Many experts are calling for a Kimberley certification like body to ensure gold are bought only from registered sources not connected with conflict.
However, there seems to be no cordiantion among various gold dealers to enact such a system for gold, they added.
Though some organizations like London Bullion Market Association's Responsible Gold Guidance (LBMA) are already working to combat systematic or widespread abuses of human rights, to avoid contributing to conflict, to comply with high standards of anti-money laundering and combating terrorist financing practice in the gold sector.
The process for approving a new refinery takes a lot of time under this system as it takes on average three months of checking before any refinery will go into business with a new gold mine.
The system needs to understand where is the material coming from, how are they dealing with the people around them, how are they with the environment, are they respecting all the laws and so on.
As the global economic crisis continues, there is a rush on gold, as it is increasingly regarded as one of the only safe commodities around.
This also increases chances of illegal gold coming into market. Experts said the regulations to fight unclean gold may not work properly unless major refiners act accordingly.
Four of the world's biggest gold refineries are in Switzerland and it is estimated that two-thirds of the world's gold is refined in Switzerland.
Switzerland itself needs to be more open about an industry which is so important on its territory.
However, gold business in Switzerland is very nontransparent as Swiss trade statistics do not tell you where the gold comes from that is imported to Switzerland, analysts said.
Any changes in Swiss law are likely to be a long way off and only after a change in Swiss law, setting up of a Kimberley model certification for gold is possible, they added.
From : Google
3 January 2013
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posted from Bloggeroid
Berita Semasa 3 Januari 2013 ...
Nepal Gold sheds Rs 800 per tola in one week
In early trade Thursday, gold became cheaper by Rs 200 per tola (11.664 grams) and was traded at Rs 58,300 per tola.
Gold prices in Nepal continued to be on the lower side as it shed around Rs 800 per tola after Christmas.
Nepal Gold and Silver Dealers Association (Negosida) attributed the drops mainly to global scenario amid looming fiscal crisis in the United States.
In early trade Thursday, gold became cheaper by Rs 200 per tola (11.664 grams) and was traded at Rs 58,300 per tola.
Negosida also attributed to cheap gold in the domestic market to the increasing value of euro against major currencies that has attracted investors toward it and moved temporarily away from gold.
Analysts said gold traders in Nepal were hopeful that the decline in price would raise demand for the yellow metal in the market.
But the demand, which dropped after the wedding season concluded in mid-December, has not yet increased.
They added that people who are planning to get married in January and February are holding their money in anticipation of further price drop.
As the wedding season approaches, the demand of gold increases but due to the limited supply it makes the trader's difficult to fulfill the demand as per the demand of customers.
According to Negosida, daily demand for gold had jumped to 40 kg during the recently concluded wedding season.
The demand has now dropped to 20-25 kg a day. The price of silver has also dropped by Rs 35 per tola in Nepal. Silver was traded at Rs 1,095 per tola on Thursday.
From : Google
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