Gold prices are soaring to new heights but who is buying. It seems nobody is interested in gold at least in India.
If you take note of India's import data for April and May months, the quantity of gold imported to the country has come down heavily.
Gold's high prices have come as a godsend for diamond jewellery sector as more and more people are now opting for the sparklers.
China recently agreed to make yuan flexible by ending its peg to the dollar. This move was welcomed by several nations, including India.
Slowly, gold import is picking up momentum in India with the Diamond India (DIL), formed by 58 diamond manufacturers for the direct import of rough diamonds, announcing that it will import around 100 kg of gold in July.
JPMorgan Chase & Co said on Tuesday that it had replaced Chief Financial Officer Michael Cavanagh with Doug Braunstein, the company's head of investment banking for the Americas.
The rich grew richer last year, even as the world endured the worst recession in decades.
India gold demand has dipped by over 50% month-on-month for the month of May 2010 as the prices surged to the historic peak levels on the back of uncertainties lingering on the Eurozone economies.
Dollar funding costs edged higher on Tuesday as China's yuan slipped, dashing bets that Beijing may allow it to appreciate more rapidly after a pledge to make the currency more flexible.
Gold prices have once again climbed to record levels of $1264 last week before correcting on profit taking thereby cementing the appeal of the yellow metal as a safe haven for investors. China announced its move toward a more flexible currency exchange rate mechanism which has improved the investor sentiments in general but the softening of the dollar has helped the recent surge in gold prices to record levels.
Press release service Business Wire said on Monday it will no longer accept releases by email after it inadvertently distributed a hoax statement involving a small pharmaceutical company, days after its main rival was burned in a similar fashion.
Caterpillar Inc (CAT.N), the U.S. machinery giant that sells billions of dollars of earth-moving equipment and other products to China each year, said on Saturday it was heartened by China's move to gradually make the yuan more flexible, saying it would help lift U.S. exports.
Will Ahmedabad replace London as the location for clearing houses for the world bullion trade.
If noted expert on bullion market Bhargava N Vaidya's words are of any value, Mumbai and Ahmedabad are better suited for the location for bullion trade clearing houses rather than Loddon.
Having recovered from the recession blues during 2008, the semiconductor market in India posted a healthy growth in 2009 and with Indian economy seen growing at the growth rate of over 9% for 2010-11 the semiconductor segment as well as the allied metal sectors are believed to get a boost on the growth.
With gold prices soaring to unimaginable levels, jewellery shops in India are offering attractive discounts to customers in a bid to lure them back to the shops.
Till now the bullion world used to believe that only China is secretive about its gold reserves and other nations are giving out the data properly tom the world. But, now it has emerged that even Saudi Arabia has been hoarding gold for the past year and its reserves have gone up substantially.
China's currency will not be a specific topic of discussion at the G8/G20 meeting, while paying for future oil spills will be on the agenda, the Kremlin's top economic aide said on Monday.
Gold prices are set for yet another bull run on the back of concerns running high about European economy and investors rushing for gold under haven buying. The movement well understood when most of the investors opined that gold persist as the most safe investment instrument above all commodities and equities.
Once engorged to peak levels, the sugar prices have recently bottomed out at ten-month low levels on weak demand due to monsoon season and anticipation of higher-than-expected sugar production this year trimming the gains of the sugar stocks on the bourses.
According to World Gold Council (WGC) figures, India has retained its position as world's largest gold consumer in the first quarter owing to a 49 percent recovery in demand, thanks to peak wedding and festival season. Gold imports stood at 739 tonnes during the period April 2009 - March 2010.
Even though demand for gold witnessed a fall in India due to the high prices, gold exchange traded funds (ETFs) are going strong still.
In fact gold ETFs are expected to see an upward trend on the back of uncertainties in the global financial system.
Around the turn of every year, bankers can think of only one thing: the size of their bonuses.
The recent gold surge has increased the prospects of gold financers to get outside funding in the form of private equities to carry forward their expansion plans.
