2014 January

Gold prices fall on stimulus, demand outlook

Gold today dropped after the Federal Reserve reduced its stimulus and on speculation demand will slow in China before the Lunar New Year holiday. Gold fell by 0.8 per cent to $1,257.24 an ounce and silver by 1.7 per cent to $19.41 an ounce, reaching $19.29, the lowest this year.

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India considering 2% cut in gold import duty

India was considering pruning the gold import duty by 2% from current rate of 10% in view of the demands from the jewelry industry and the increase in gold smuggling. According to officials in the Finance Ministry, the case for reduction of import duty has been finalised but a final

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Is the gold price based on ‘hope’?

The gold price (COMEX:GCG14) slipped further on 29th January morning, in anticipation of the FOMC’s statement later . It was also hit by the rise in Turkey’s key interest rate, this move raised hopes that the flight from emerging markets would now slow somewhat. Today is the second day of

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Indian gold retailers miffed by sudden rush of pre-2005 notes

The announcement to withdraw pre-2005 currency notes by end-March by the Reserve Bank of India (RBI) triggered jewelry sales in India. People resorted to bulk gold purchases in an attempt to make use of the older banknotes with them. The huge rush by customers to offload their stock of old

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Chinese a far more important factor in gold prices going forward than Fed QE tapering

US investors went cold on gold last year because the spectre of Fed QE tapering promised higher interest rates that make gold investments less attractive. But this narrow view point missed the bigger picture entirely as the Chinese used this opportunity to corner the gold market like the Hunt Brothers

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Global demand for gold coins climbs after big bullion slump

Austria’s mint is running 24 hours a day as global mints from the US to Australia report climbing demand for gold coins, while Goldman Sachs says this year’s price rebound will end. Muenze Oesterreich mint has hired extra employees and added a third eight-hour shift to the day in a

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Current Account Deficit to decline to 2.5%, raises hope of gold import duty cut

The Reserve Bank today said Current Account Deficit (CAD) in this fiscal is expected to decline to below 2.5 per cent of GDP from 4.8 per cent a year ago, raising hopes of a cut in import duty on gold. "The full year CAD is likely to be below 2.5

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Revisiting gold import rules, says Anand Sharma

The Union Commerce Ministry was for relaxing gold import rules and actively discussing the issue with the Finance Ministry, Commerce Minister Anand Sharma said here on Monday. “I am for a review and [the matter] is on my table,” Mr. Sharma, told a news conference after opening the CII Partnership

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"The Yellow Metal Is All Going Green" by Mr. Prithviraj Kothari, MD, RSBL

In 2008, when the financial crisis rattled economies, investors inevitably resorted to the perceived safety of gold - and its price escalated from $800 to $1900 an ounce. This, in turn, accelerated the exploration for yet more gold. And gold became the most sought after metal. But in 2013, gold

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India cannot afford gold intoxication: Chakrabarty

‘Gold intoxication’ is prevalent only in India, said KC Chakrabarty, Deputy Governor, Reserve Bank of India (RBI). Speaking at the Indian Institute of Management Bangalore (IIMB)-hosted panel discussion on ‘Gold and India’, Chakrabarty said the society as a whole must work together to change this mindset. “Stop giving/taking gold as

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