London: Gold fell for the fifth straight session on Wednesday, hitting a three-week low as the dollar strengthened to a six-week high versus the euro after weak euro zone data. While gold has recovered around 7 per cent from a two-year trough of $1.321.35 an ounce hit in mid-April, its safe-haven appeal has been battered by record-high US equities and signs of an improving US economy.
Spot gold fell 0.8 per cent to $1,414.56 an ounce at 1000 GMT, having touched its lowest since April 23 at $1,408.19 earlier. Bullion was on track to post a daily fall for a fifth consecutive session, its longest run of losses since January 2011. It has fallen more than 14 per cent so far in 2013 after gaining for the past 12 years. US gold futures for June fell 0.8 per cent to $1,413.70 an ounce.
"The dollar is very robust and seems poised for more strength in the coming months, adding further pressure to technically weak gold prices," VTB Capital analyst Andrey Kryuchenkov said. The dollar rose to a six-week high against the euro after surprisingly weak first-quarter economic growth numbers from Germany and France, while European shares were mixed, taking a breather from a sharp rally.
While a weak European growth outlook lifts the chance of another interest rate cut by the European Central Bank, the US economy showing signs of a recovery underpins expectations that the Federal Reserve may wind down its asset purchases programme by the
05:10 PM, May 15, 2013
Singapore: Gold ticked up on Monday, holding near its highest level in more than a week, as a rebound in prices from a 2-year trough failed to curb investor appetite for the precious metal. Spot gold had risen $1.15 an ounce to $1,463.65 by 0025 GMT, having posted its biggest weekly gain in three months last week. Gold plunged to around $1,321 on April 16, its lowest in more than...
09:21 AM, Apr 29, 2013
New Delhi: The government on Tuesday slashed the tariff value of gold and silver to USD 499 per 10 grams and USD 890 per kg, respectively, taking into account weak global prices of the precious metals. Tariff value is the base price on which the customs duty is determined to prevent under invoicing. During the first fortnight of April 2013, the tariff value of gold stood at USD 521 per...
07:43 PM, Apr 16, 2013
Gold prices have slipped in the past six months and the near-term outlook is bearish. Why is the yellow metal losing its sheen and is it time to dump the metal from your portfolio? ...
11:24 PM, Apr 15, 2013
Mumbai: The market ended on a strong note on Monday after inflation data hit a fresh 40-month low at 5.96 per cent. Core inflation data was also below 4 per cent. Banking stocks closed with smart gains on hopes of a rate cut by the central bank on May 3. The Sensex closed at 18357 up 115 points and the Nifty ended at 5568 up 39 points. Gold prices took...
09:50 AM, Apr 15, 2013
Physical buyers shied away from the gold market as prices hovered above $1,600 an ounce, waiting for the boost from the Cyprus crisis to fade and pull prices lower. Demand from India, the world's biggest gold consumer, languished before next week's Holi festival, a period considered inauspicious for gold purchases, coinciding with the end of the financial year when traders prefer to keep low inventories. ...
05:44 PM, Mar 21, 2013
India held its gold import duty unchanged in Thursday's budget, defying industry expectations that the world's biggest bullion buyer would increase rates to curb demand and rein in a record current account deficit. The government could still raise the duty if imports do not ease in response to a January hike to 6 per cent from 4 per cent. ...
06:44 PM, Feb 28, 2013
India, the world's biggest gold importer, is likely to take more steps to curb purchases of bullion, a senior official with India's second-biggest gold importer, state-run MMTC Ltd, told reporters on Monday. India's passion for gold, seen by many as a hedge against persistently high inflation, has led hefty imports which have contributed to a rise in its current account deficit. ...
03:27 PM, Feb 18, 2013
New Delhi: Gold prices on Monday set a fresh all-time high of Rs 32,950 per 10 grams in Delhi on persisting demand from stockists and jewellers amid continuing weakness in rupee, dampening retail shopping in ongoing wedding season. Gold of 99.9 and 99.5 per cent purity added Rs 100 each to Rs 32,950 and Rs 32,750 per 10 grams, respectively in the bullion market here. Sovereigns held steady at Rs...
11:03 AM, Nov 27, 2012
Mumbai: The import of gold is likely to decline by 40 per cent in the last four months of the year to about 200 tonnes due to fall in demand for the yellow metal amid high prices and poor monsoon, Bombay Bullion Association said on Tuesday. "Import of the precious metal is not very encouraging and we expect about 40 per cent drop in shipments into the country at 200...
09:07 PM, Aug 21, 2012
New Delhi: Gold prices touched all-time high of Rs 30,420 per 10 grams in the bullion market in Delhi on Wednesday on the back of rising demand for the wedding season amid strong cues from the global markets. Gold spurted by Rs 270 to surpass its previous record of Rs 30,400 set on June 6. Silver prices also rose by Rs 600 to Rs 55,600 per kg on increased offtake...
04:19 PM, Jun 13, 2012
New Delhi: Gold prices rose by Rs 55 to touch fresh all-time high of Rs 29,750 per 10 grams in the bullion market on Friday on sustained buying from stockists and investors even though the metal declined in global markets. Silver, on the other hand, remained under selling pressure and declined by Rs 300 to Rs 55,900 per kg on lack of buying support. Traders said sustained buying by stockists...
06:22 PM, May 04, 2012
Mumbai: Gold imports are unlikely to rise immediately as the spurt in demand on account of 21-day stir by bullion traders will be met by existing stocks, Bombay Bullion Association on Friday said. "Jewellery manufacturing was completely stopped during the 21-day strike. Therefore, there is an inventory of 5-10 tonnes of gold, which will be used to fulfill the demand. So, we feel import is not likely to rise," Bombay...
02:39 AM, Apr 07, 2012
New Delhi: Bullion and jewellery markets remained closed for tenth straight today in various parts of the country to protest imposition of excise duty on unbranded jewellery and doubling of import duty on gold. Thousands of jewellers and their workers came out in the walled city area to demand withdrawal of the one per cent excise duty imposed on non-branded jewelry, said All India Sarafa Association president Sheel Chand Jain....
05:53 PM, Mar 26, 2012
New Delhi: Finance Minister Pranab Mukherjee on Sunday bluntly told bullion dealers, who have gone on strike against the levies on gold, that their pressure tactics "will simply not not work". Mukherjee in his budget proposals has doubled the basic customs duty on standard gold bars to 4 per cent and non-standard gold to 10 per cent. He has also imposed a one per cent excise duty on unbranded jewellery....
04:40 AM, Mar 19, 2012
Mumbai: Gold prices maintained their spectacular surge and reached fresh highs at the domestic bullion market on Saturday on investment-driven buying fuelled by the ongoing bullish trend in international market. Silver also galloped to revisit its three-month high on hectic speculative activity on the back rising industrial demand. Standard gold (99.5 purity) advanced by Rs 225 per 10 grams to end at Rs 27,975 from Friday's closing level of Rs...
07:57 PM, Aug 20, 2011
New Delhi: Gold climbed to an all-time high of Rs 28,150 per 10 grams in the national capital on Friday, posting its biggest-ever single day gain of Rs 1,310 amid frantic buying triggered by robust demand in global markets. The trading sentiment at home was bolstered by gold's ascent to a record level in overseas markets as mounting concerns over sovereign debt and slower growth spurred investors to seek the...
04:46 PM, Aug 19, 2011
Singapore: Gold edged up on Friday as investors used bullion to shelter from the storm engulfing financial markets on concerns that the United States may be facing another recession and Europe's debt crisis is spreading to some of its largest economies. Gold fell as much as $40 an ounce from a record high on Thursday because investors needed to sell the precious metal to cover losses in other asset classes,...
01:31 PM, Aug 05, 2011
Gold prices struck a record high for a second time this week. ...
05:34 PM, Nov 25, 2009
It is the first time since 2000 that the IMF has sold gold to a Central bank. ...
01:13 AM, Nov 04, 2009
