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Gold falls-2% as investors drive to cash

Gold Falls – 2% on Wednesday as investors dumped precious metals in favour of cash after additional stimulus measures by the United States failed to calm markets hit by mounting fears over the economic downside from the coronavirus.

Spot gold was down 1.9% to $1,499.59 per ounce by 10:59 a.m. EDT (1459 GMT). U.S. gold futures were down 1.6% to $1,501.10.

Gold continues to suffer from risk-off panics in the market, trading back below $1,500 level as S&P futures gave up stimulus driven gains.

Gold falls

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March 19, 2020

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

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.

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January 7, 2020

gold dealer

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

gold dealer

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

gold dealer

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.

Hallmarking 916

14k 18k 22k BIS gold HALLMARK

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December 4, 2019

Category: gold dealer

Gold falls-2% as investors drive to cash

GOLD PRICES ROSE 0.3%

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

Gold deposits found in Uttar Pradesh

RHODIUM OUTPERFORMS BITCOIN With 220% Gains

BITCOIN/RHODIUM