GOLD PRICES ROSE 0.3%

Gold prices rose on Wednesday, after surging more than 3 per cent in the previous session.

As the US Federal Reserve cut interest rates to help soften the economic blow from the coronavirus outbreak.

FUNDAMENTALS

Spot gold climbed 0.3 per cent to $1,644.97 an ounce by 0052 GMT.

Having registered its biggest one-day percentage gain since 2016 gold prices in the previous session

G7 finance ministers and central bank governors said on Tuesday :

They would use all appropriate policy tools to achieve strong, sustainable growth and safeguard against risks from the virus, which has fuelled global recession fears.

The World Health Organization warned

Of a global shortage and price gouging for protective equipment to fight the epidemic and asked companies and governments to increase production by 40 per cent as the death toll mounted.

Palladium slipped 0.4 per cent to $2,490.62 per ounce, while platinum was up 0.1 per cent at $875.62.

Silver rose 0.3 per cent to $17.22 an ounce.

Demand for platinum from the auto industry will rise this year for the first time since 2016

But it won’t be enough to offset a decline in investment buying, leaving the global market in surplus again, the World Platinum Investment Council said.

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March 4, 2020

7-year high on profit-taking GOLD PRICES -FALLS

Gold prices fell 1 per cent on Tuesday as investors chose to pocket profits after the metal hit a seven-year high in the previous session, although growing fears over a spike in new coronavirus cases outside of China capped bullion’s losses.

FUNDAMENTALS

Spot gold was down 0.7 per cent to $1,649.49 per ounce by 0132 GMT, having touched a session low of $1,642.89.

ASIA MARKET

ASIAN shares extended losses amid fears the virus was rapidly mutating into a pandemic that could cripple global supply chains and wreak far greater economic damage than first thought.

CORONA VIRUS

The death toll climbed to seven in Italy on Monday and authorities sealed off the worst-affected towns, closed schools and halted the carnival in Venice, where there were two cases, while several Middle East countries were dealing with their first infections.

FINANCIAL MARKET

Financial markets on Monday ratcheted up bets the US Federal Reserve will be pressed to cut interest rates to cushion a feared hit to economic growth from the epidemic.

PROFIT TAKING

Bullion rose to a more than seven-year high of $1,688.66 in the previous session.

US gold futures fell 1.5 per cent to $1,651 an ounce.

The 1 per cent fall of Gold prices was because of margin calls but definitely that has triggered an added wave of profit-taking

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February 25, 2020

Gold deposits found in Uttar Pradesh

Gold mine in UP After two decades of painstaking research,

the Uttar Pradesh Directorate of Geology and the Mining and Geological Survey of India

have discovered two goldmines —

one each at Son Pahadi and Hardi village — in the state that could collectively possess 3,350 tons of gold ore.

The gold deposits together could be five times that of India’s current reserves.

In Son Pahadi the gold deposit is estimated at approximately 2,943.25 tonnes,

while almost 646.15 tonnes could be found at the Hardi field.

India’s current gold reserves is around 626 tonnes.

The gold at both deposits could amount to approximately Rs 12 lakh crore.

Gold deposits found in Sonbhadra district by Geological Survey of India and Uttar Pradesh Directorate of Geology & Mining. K K Rai,

District Mining Officer says,

“Government is thinking of putting these deposits on lease for mining, for which survey is being done”. (20.02.20) pic.twitter.com/mgC7QW4Ufo

According to officials, a seven-member team tasked with geo-tagging and mapping goldmine areas visited Sonbhadra on February 20.

Officials claimed that the mineral-rich mines of Sonbhadra are easy to dig

give their geographical position as they are mostly situated on hillocks.

The officials believe that the government will begin the auction process once compensation payout and necessary approvals are granted.

Gold mine in UP

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February 21, 2020

gold buyers

10 Things You Didn’t Know About The Republic Day

10 Things You Didn’t Know About The Republic Day On 26th January

What does Republic mean? Republic refers to a state in which the supreme power lies in the hand of the subject or people and they elect a representative to run the state. It also refers to “no monarchy” and our constitution adopted a Democratic government.
The Indian Constituent Assembly adopted the Constitution on 26th November 1949 and it came into real effect on 26th January 1950 -Republic Day .
One may ask why 26^th January was selected as the Republic Day? It is because it was on this date in the year 1930, Indian National Congress proclaimed a “Purna Swaraj” or Complete Freedom opposing the British Government.
Till the time, the Constitution was at the drafting table, the state was following the colonial Indian Government of India Act. Thus, the head of the state was an appointed Governor-General and not an elected President.
As the Constitution came into being, Dr. Rajendra Prasad became the 1^st President of India.
Do you know that the Indian Air Force was known as the “Royal Air Force”? On this day, this word “Royal” was dropped from the name and the new name was Indian Air Force.
The whole nation waits to watch the Republic Day Parade on Television on 26^th Several people have been the guest of honor for this Republic Day Parade. Do you know who the 1st guest of this Parade was? It was the then Indonesian President Sukarno in the year 1950 who graced this event.
The Constitution of India is the longest one in the world. The makers of the Indian Constitution copiously read all the Constitutions of all the independent nations from four corners of the world and incorporated all the good things here. For example, the 5-year plan was taken from the Constitution of USSR while the division of power between the Union & the State was taken from the Constitution of Canada.
21 gun salutes follow the act of the President of India hoisting the National Flag on 26^th January.
This Republic Day celebration is a three day affair. It ends with “Beating the Retreat” – a military ceremony held on 29^th

Republic day

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January 26, 2020

RHODIUM OUTPERFORMS BITCOIN With 220% Gains

BITCOIN/RHODIUM

Everyone’s always comparing Bitcoin to gold. However, other precious metals rhodium have shown significant promise due to their rarity and how costly they are to find.

MYSTERIOUS METAL RHODIUM

Rhodium is one standout that has seen incredible price movement this past year and exceeded all expectations. It’s even left Bitcoin in the dust. The precious metal was trading at around $2,500 per oz. at the beginning of 2019 and has since surged to around $8,000. That’s a shocking gain of around 220% for just the year alone. Bitcoin, on the other hand, had more modest returns by comparison. The leading cryptocurrency rose from around $3,800 to $7,200 in 2019, a return of about 89% or so.

OUTPERFORMING

In the past four years, rhodium has broken all expectations. The metal has risen 12-fold in the past four years, outperforming all major commodities and currently even Bitcoin. This is due to its high demand in the automobile sector and its rarity which leads to wild volatility. Rhodium is used for electrical contacts and catalytic converters in cars. It can also be used in nuclear reactors to measure neutron flux levels.

DEMAND RHODIUM

Rhodium, however, is difficult to come by to acquire and trade. The precious metal’s demand will likely continue to grow, but supply is struggling to keep up. Global production is currently at around a 10th of platinum or palladium, according to Bloomberg. South Africa currently accounts for more than 80% of global output which has led to a massive mining boom in the country.Still, rhodium looks to have bested Bitcoin in 2019 despite the fact that most investors have never even heard of it.

PRICE RALLY

It’s unclear whether the precious metal can continue this price rally, but it might be time for Bitcoin fans to start keeping an eye on this sought-after commodity. It may have more room to shine as automobiles look for more efficient exhaust emission controls.

courtesy:beincrypto

Bitcoin commodities gold Precious metals Rhodium

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January 16, 2020

Spot Gold slips near seven year high as US-Iran tensions ease

Spot gold fell 0.2 per cent to $1,562.81 per ounce by 0107 GMT. In the previous session, prices hit their highest since April 2013 at $1,582.59. US gold futures fell 0.2 per cent to $1,566.00.Gold prices inched lower on Tuesday, a day after hitting their highest in nearly seven years, with a lack of immediate escalation between the United States and Iran denting bullion‘s safe-haven appeal.

Goldmax

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January 7, 2020

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.

Gold markets India spot gold

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December 16, 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.

sell gold for cash

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

gold buyers

Gold slighlty Up as US-China trade uncertainty lingers

:: GOLD PRICE held steady on Friday as doubts prevailed over an interim trade deal being reached between the United States and China this year.
:: SPOT GOLD was little changed at $1,464.36 per ounce by 0317 GMT. US gold futures were up 0.1 per cent to $1,464.60.

:: SILVER lost 0.1 per cent to $17.07 per ounce, and palladium was down 0.1 per cent to $1,758.62 per ounce, but was set to post its best week in five, gaining 3 per cent.Weighing on bullion.

:: Asian equities rose, but gains were capped by trade worries, while the dollar held overnight gains. GOLDMAX

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November 22, 2019

7 Things To Know While Selling 24K 999 Gold Coins

Gold is something that many Indians buy during festivals such as Akshaya Tritiya, Dhanteras . Other than jewellery, we buy physical gold in the form of bars and coins. Many prefer to buy gold coins over jewellery as the former can be bought in denominations low as 0.5 grams. When you are planning on selling gold coins here are 7 things that you must keep in mind.

1. Purity of gold coins

2. Hallmarking

3. Denominations

4. Packaging

5. Wastage charges

6. Options to Sell from

7. Ease of selling

To get the maximum output Check the above points before you sell and make a calculation based on that day price , then proceed to a reputed gold buyer . do keep in mind that , usually it is seen that gold coins or jewellery brought from one jeweller (let us say A) is sold to another jeweller (let’s say B) will fetch you a lower resale amount. “This is because jeweller B pays you only for the gold and not for making charges, wastage ,administrative fees, and profit margins that you have paid while buying from jeweller A,” also note that banks will not buy back those coins as per a Reserve Bank of India (RBI) directive.

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gold

November 18, 2019

Category: gold buyers

GOLD PRICES ROSE 0.3%

7-year high on profit-taking GOLD PRICES -FALLS

Gold deposits found in Uttar Pradesh

10 Things You Didn’t Know About The Republic Day

10 Things You Didn’t Know About The Republic Day On 26th January

RHODIUM OUTPERFORMS BITCOIN With 220% Gains

BITCOIN/RHODIUM