December 2019 - My Wordpress

Gold dealers in India offered a discount last week due to plentiful supplies

Gold prices inched lower on Monday as investors moved to riskier assets following the announcement of an interim deal between the United States and China that cooled a 17-month-old trade dispute.

Spot Gold

Spot gold was down 0.1 per cent at $1,473.88 per ounce, as of 0050 GMT. US gold futures were down 0.2 per cent at $1,478.60.

TRADE AGREEMENT
The “phase one” trade agreement was announced on Friday and on Sunday US Trade Representative Robert Lighthizer said US exports to China will nearly double over the next two years although officials are yet to decide a date to sign the agreement.

TARIFFS IN CHINA

The United States suspended some tariffs on Chinese goods that was due to go into effect on Sunday, while China State Council’s customs tariff commission said it had dropped its plan for additional tariffs on some US goods.

ASIAN MARKET

Asian shares rose as investors breathed a sigh of relief after a thaw in tariff war.

US ECONOMY
The US economy is doing well and looks set to stay that way next year, two top Federal Reserve policymakers said on Friday, remarks that suggest they are content to leave interest rates where they are However, data from US showed on Friday retail sales increased less than expected in November as Americans cut back on discretionary spending despite a strong labour market.

BREXIT
In the UK, British Prime Minister Boris Johnson will “get Brexit done” by Jan. 31 and then agree to a new trade deal with the European Union by the end of 2020, cabinet office minister Michael Gove said on Sunday.

COMEX
Speculators slashed their bullish positions in COMEX gold in the week to Dec. 10, data showed.

INDIAN GOLD MARKET
Gold dealers in India offered a discount last week due to plentiful supplies and slack demand during the wedding season, with other regions in Asia expecting improvement in buying ahead of the Christmas and Chinese New Year festivities.

PALLADIU -PLATINUM -SILVER MARKETS
Elsewhere, Palladium rose 0.6 per cent to $1,941.09 an ounce, silver shed 0.1 per cent to $16.92 per ounce, while platinum fell 0.2 per cent to $926.08.

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December 16, 2019

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Spot Gold price 24 karat on Thursday a rise of Rs 15

Spot gold price for 24 Karat in Delhi were trading up by Rs 15 and the upside was limited on rupee appreciation. The spot rupee was trading 16 paise stronger against the dollar during the Silver prices also gained Rs 50 to Rs 45,726 per kg from Rs 45,676 per kg.

In the international market, both gold and silver were trading higher at $1,466.50 per ounce and $16.97 per ounce, respectively.

Best Price

Bullion prices traded firm on Thursday, maintaining positive trading for the third consecutive day on the US-China trade deal worries

In the previous trade, the spot gold price had closed at Rs 38,980 per 10 gram.

The worsening protests in Hong Kong and weak industrial production data from China also supported gold prices.

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December 14, 2019

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The Diamond Industry Is in a Pricing Crisis

Anglo’s De Beers unit will mine 1 million carats less than previously forecast in both 2020 and 2021, according to an investor presentation on Tuesday. That equates to less than 1% of global output, but slows the pace of the company’s expansion as an oversupply of rough diamonds weighs on the industry.

De Beers’s buyers have grown increasingly frustrated with the cost of rough stones as the price of polished gems slump. That’s led to wafer-thin margins and losses for some of the traders buying stones from De Beers and Russian rival Alrosa PJSC.
The crisis has spread to engulf the world’s diamond miners as well. De Beers, which dictates prices to its select group of clients, reported sales through November were more than $1.2 billion lower than the same period in 2018.

The company, which says it mines to meet demand, has responded by offering more flexibility to its customers, allowing them to reject some purchases. Last month, De Beers cut prices across the board by about 5%.

Even so, the company’s production is still set to rise to as much as 34 million carats next year, from 31 million carats in 2019.

Bloomberg
Source: diamond

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December 11, 2019

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60% Consumption of Gold Fall in Rural India This Year 2019

Investment demand for gold, which had slipped by 35 per cent in the July-September quarter, may decline further in the fourth quarter of 2019 as rural India has stayed away from investing in gold after the kharif crop harvest. Investment demand for gold in rural India, which picks up every year after harvesting of the kharif crop, has plunged 50-60 per cent this year compared with a year ago.

Crop loss due to heavy and unseasonal rains this year has kept farmers away from gold purchases. Farmers are now buying gold only for wedding purposes, and the ticket sizes are small. Of the 850-900 tonnes of gold consumed annually in India, rural consumption accounts for nearly 60 per cent.

60% consumption of Gold Fall

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December 9, 2019

THE NEXT LEG OF GOLD RALLY GOLD needs to top $1,515

It has been a mixed year for gold as after reaching $1,580 in early September, prices corrected to $1,450 on optimism of US-China trade deal. Equity markets are trading at record highs, which again means that funds are flowing into stocks, as investors are in risk on mode. The US dollar is getting stronger, another headwind for gold.

With fears of a global recession abating and treasury yields reversing course, gold investors seem to have lost momentum and gold has crashed from $1,580 to sub $1,500 levels. Now gold is near $1,450-$1,440, which is its support zone.

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In spite of the recent correction, gold performance for 2019 is still positive and bullish picture has not deteriorated from medium to long term point of view.

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December 8, 2019

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Silver futures on Wednesday traded higher by Rs 297

Silver futures on Wednesday traded higher by Rs 297 at Rs 45,591 per kg after speculators raised bets, driven by a firm trend overseas.

Silver contracts for March delivery rose by Rs 297, or 0.66 per cent, to Rs 45,591 per kg in a business turnover of 10,821 lots on the Multi Commodity Exchange. Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices here.

In the international market, silver traded 0.62 per cent higher at $17.36 an ounce in New York.

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December 5, 2019

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BIS HALLMARK IS MANDATORY FROM 2021

Hallmarking:
The Narendra Modi Government has decided to make Bureau of Indian Standards (BIS) hallmarking mandatory for gold jewellery and artefacts from January 15, 2021. The move would protect the consumers from buying inferior quality ornaments and compel the jewellers to maintain legal standards of fineness.

Department of Consumer Affairs:
According to Department of Consumer Affairs Minister Ram Vilas Paswan, the Department of Consumer Affairs will issue a notification by January 15, 2020, for making gold and artefacts hallmarking mandatory. “Jewellers and retailers will be given one year time to exhaust their existing stocks,” he added.
The Government plans to implement gold hallmarking in four phases, starting with the metro cities. Asked about the penalty in case of violation, a senior BIS official explained that there is a provision for a fine of a minimum Rs 1 lakh.
He said the fine may go up to five times of the value of article as well as one year jail under the BIS Act passed last year.
According to the BIS Act, 2016, jewellers are required to mark gold under three measurements – 14 carat, 18 carat and 22 carat. A carat is a measurement indicating the proportion of gold in an alloy out of 24 parts. So, an 18-carat gold is 18/24 parts gold

Assaying and hallmarking centres:
There is 877 Assaying and hallmarking centres spread in 234 districts across the country to help more jewellers register themselves for the BIS hallmarking licence. At present, there are only 26019 jewellers across the country who has registered with the BIS.
Indian demand for jewellery was down 32 per cent at 101.6 tonnes in the quarter ended September, according to the World Gold Council.
The Government has earlier notified to the World Trade Organisation its intention to implement mandatory hallmarking for gold jewellery and artefacts to be sold across the country.

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December 4, 2019

SPOT GOLD

GOLD prices fell on Monday as investors turned to riskier assets on signs of economic growth following reports of an expanding Chinese factory sector and as a rising dollar reduced demand.
Spot gold was down 0.5 per cent at $1,456.70 per ounce by 0802 GMT, having earlier touched its highest since Nov. 22. US gold futures fell 0.7 per cent to $1,463.
An unexpected expansion in factory activity during November in China, the world’s second-largest economy and biggest gold user, spurred investors into equity markets

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December 3, 2019

Month: December 2019

Gold dealers in India offered a discount last week due to plentiful supplies

Spot Gold price 24 karat on Thursday a rise of Rs 15

The Diamond Industry Is in a Pricing Crisis

60% Consumption of Gold Fall in Rural India This Year 2019

THE NEXT LEG OF GOLD RALLY GOLD needs to top $1,515

Silver futures on Wednesday traded higher by Rs 297

BIS HALLMARK IS MANDATORY FROM 2021

SPOT GOLD

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Store

Opening Hours

Terms & Conditions

Who We Are?

✅1st in Chennai Specialized in Buying Gold ✅Exact Old Gold Buying rate Displayed Daily ✅Best Price on Gold, Silver and Platinum ✅Free Valuation ✅100% Price Guarantee ✅Instant Payment – Cash /IMPS/RTGS/G-PAY

We buy all kinds of gold. It doesn’t matter if your gold is broken, scratched, bent or damaged. Examples of gold items we buy include:

We also buy silver and platinum such as silver jewellery, silverware, silver coins, silver bars, platinum rings etc.. we maintain full confidentiality when you sell your Gold, Silver or Platinum to us.We maintain full confidentiality when you sell your Gold, Silver or Platinum to us.

Store

Opening Hours

Terms & Conditions

✅1st in Chennai Specialized in Buying Gold
✅Exact Old Gold Buying rate Displayed Daily
✅Best Price on Gold, Silver and Platinum
✅Free Valuation
✅100% Price Guarantee
✅Instant Payment – Cash /IMPS/RTGS/G-PAY