Consumer investment in gold increased in the second quarter of 2021 but some investors were less bullish, according to the World Gold Council’s latest Gold Demand Trends report. The two forces helped create a gold demand of 955.1 tonnes over the quarter, a 9% rise from the first quarter of 2021. Last year, the demand for […]
Gold imports to India jumped multi-fold to $ 7.9 billion (Rs 58,572.99 crore) during the April-June 2021 quarter due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to $ 688 million (Rs 5,208.41 crore) in the corresponding period […]
The mid-year Gold outlook for 2021 released by the World Gold Council warns of the threats lurking on account of new variants of Covid, which may limit the uptake in gold jewellery in key markets. “Interest rates will likely remain key drivers of financial assets. Gold is no exception. Yet, the negative impact of higher […]
Indonesia, home to one of the world’s largest gold mines, plans to set up a bullion bank to spur trading of the precious metal domestically. The government is consulting with parties including the central bank and the mining industry, with a plan to start operating the bank in 2024, Trade Minister Muhammad Lutfi stated. “Our […]
Worldwide gold and copper production growth will resume in all earnest following the stop-start nature of covid-19 disruption miners experienced at times during the past 18 months, two new reports by Fitch Country risk and Industry Research show. For gold, Fitch expects production growth in 2021 to achieve its fastest rate in three years. Over the medium-term (2021 to 2025), global […]
Gold price in India reported its biggest monthly decline since November 2016, as upcoming U.S. jobs data and U.S. Federal Reserve kept investors on the sidelines. On Multi Commodity Exchange, August gold futures were trading flat, below the crucial Rs 47,000-mark, at Rs 46,550. In the previous session, gold futures ended at Rs 46,555 per 10 grams. Silver […]
Saudi Arabia plans to auction two major mining licenses in 2022 as the world’s biggest oil exporter seeks foreign investments into a sector that has $1.3 trillion in untapped potential reserve value, the vice-minister for mining affairs told S&P Global Platts. “We are planning for two major auctions of licenses next year for commodities including […]
Copper prices saw the worst week in a year, as gold crashed through $1,800 an ounce last week, and palladium gave up almost $300 an ounce in a single day after the US Federal Reserve signalled that higher interest rates may happen sooner than expected. This pushed the dollar to its highest in two months, making commodities priced in […]
Mandatory hallmarking of gold jewellery and artefacts will come into force in India in a phased manner from today, starting with a roll-out in 256 districts across India where hallmarking centres already exist, a government statement said. Jewellers in these districts will be allowed to sell only 14, 18 and 22 carats of gold jewellery. […]
Gold prices edged above $1,900 an ounce level on Friday, supported by a pullback in the dollar and lower bond yields, after data showing a rise in U.S. inflation was viewed inadequate to alter the Federal Reserve’s easy monetary policy, Reuters reported. Spot gold was up 0.1% at $1,900.40 per ounce, as of 0658 GMT. […]
