22 April 2013
Berita Semasa 22 April 2013 ...
Gold plunge could be as low as $880 an ounce
Other analysts said the gold price could bounce back up just as quickly as it fell and critical of traders and investors who saw the gold price as a commodity that would only go up, expecting it to hit $2,000.
The Gold plunge is likely to last for some time as investors are moving away from the precious metals to equities after they were hit further Monday.
Analysts said the speed of the fall has surprised market watchers, with gold trading below $1,450 an ounce on Monday and 24 per cent below its record highs of 2011, putting it in bear territory.
Some analysts predicts the price will fall by at least one third to $1,000 an ounce and as low as $880.
They attributed gold's plunge to a scenario in which loose monetary policy of central banks around the globe and low interest rates and a weak US currency was coming to an end.
During a 12-year run of gains until this year, gold had been an investment for all seasons: when there was economic growth it was a hedge against inflation, when growth was going backwards it was a safe haven.
The explanations and rumors for why the price of gold is falling ranged from positive views about the US economy sparking an end to monetary stimulus to consortium of bullion or central banks artificially pushing the price down and selling in large volumes to China.
However, other analysts said the gold price could bounce back up just as quickly as it fell and critical of traders and investors who saw the gold price as a commodity that would only go up, expecting it to hit $2,000.
Sumber : Google
21 April 2013
Berita Semasa 21 April 2013 ...
India Q1 Gold imports drop 24% to 200 tons
In India, buying has also been hit by a falling rupee, which makes domestic gold more expensive than its global counterpart, which is priced in dollars.
World's largest gold consumer India's imports of the metal dropped sharply during the first three months of this year.
According to leading gold trade body Bombay Bullion Association, country's gold imports have fallen nearly 24% to 200 tons in the first quarter and probably dropped at the same pace in April.
In India, buying has also been hit by a falling rupee, which makes domestic gold more expensive than its global counterpart, which is priced in dollars.
Indian gold futures hit Rs 27,100 per 10 grams on Monday, their lowest level since December 31, 2011 and about 17% down from their peak of Rs 32,464 struck in November last year.
Internationally, investors have dumped gold and flocked to equity markets in recent weeks as Cyprus plans to sell gold reserves to raise around 400 million euros. That has raised concerns that other indebted euro zone countries could follow suit.
Even escalating tensions on the Korean peninsula have failed to burnish gold's safe-haven appeal.
India raised import duty by 50% to curb imports, which helped push the current account deficit to a record 6.7 % of gross domestic product in the December quarter.
Analysts said ahead of the tax increase in January,India's gold imports surged 23% year-on-year as buyers stocked up. But global and domestic prices have fallen as much as 15% since then, and gold sank to a two-year low on Monday.
Sumber : Google
20 April 2013
Berita Semasa 20 April 2013 ...
India to receive only conflict-free Gold from Dubai
Dubai is one of the major gold suppliers to India and is also a hub for conflict gold, illegally mined by rebel outfits in Africa and sold clandestinely to buyers across the globe
World's largest gold consumer India continued it's efforts to keep away from conflict gold and got an assurance from Dubai in this regard.
According to Indian trade body Gem and Jewellery Export Promotion Council (GJEPC), Multi media Commodities Centre Authority (DMCC), has assured it that it will not export "conflict gold" to India.
DMCC said Dubai has come up with norms to ensure that only "responsible gold" is exported to other nations.
The assurance was given to GJEPC by DMCC during the recently concluded Dubai Precious Metals Conference. GJEPC has requested the Reserve Bank to permit gold only from refineries accredited to the London Bullion Market Association.
Dubai is one of the major gold suppliers to India and is also a hub for conflict gold, illegally mined by rebel outfits in Africa and sold clandestinely to buyers across the globe, thus enabling them to finance their wars against establishments.
Analysts said conflict gold is the greatest generator of revenue for armed groups operating and committing mass atrocities in eastern parts of Congo. In 15 major mines and other smaller mines across the region, children work in life threatening conditions to extract gold.
The move comes at a time when members of Organisation for Economic Co-operation and Development (OECD), one of the largest buyers of Indian jewellery, have alleged that Indian jewellers are using conflict gold in their operations.
There are 34 OECD countries which include the US, France, Germany, Italy and the United Kingdom. Nearly $70 billion worth of gold was traded through Dubai during 2012.
India imports nearly 200 tonne of gold from Dubai. In 2012, India imported 864 tonne of gold for meeting its domestic consumption and for exporting to the world market in value-added forms.
Sumber : Google
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