Saturday, 18 November, 2017

India bucks global gold trend to record 15% rise

Gold Rises To New 25 Year High Above $725 Geopolitical risks and negative bond yields will continue to spur demand
Kelvin Reese | 06 May, 2017, 03:05

Jewellery demand in the first quarter was marginally up at 481 tonne from Q1 2016.

Inflows to exchange-traded gold funds shrank to a fraction of the year-ago period.

When see from a value perspective, the demand increased 18 percent to Rs 32,420 crore from Rs 27,540 crore in in the corresponding period previous year, according to the World Gold Council (WGC) that released its "Gold Demand Trends" report on Thursday.

According to the latest Gold Demand Trends report by the World Gold Council (WGC), Indian consumers enjoyed a period of relative stability in the domestic market.

The first-quarter drop in central bank buying is reported to feed into an 18 per cent fall in global gold demand. Continued currency weakness in Turkey meant that the price of gold in lira rose more than in any other currency during Q1 (+12%), undermining the jewellery demand.

"There is also quite high levels of recycling [in Egypt] partly because people want to get their hands on cash", said Mr Hewitt.

In Turkey, jewelry demand dropped to a four-year low of 7.7 tons due to high gold prices and the recent referendum process.

Trump effect: Infosys to hire 10000 workers in t
Infosys is hiring for four technology and innovation hubs across the country, the first of which will open in IN in August. Clients in the USA contribute about 60 per cent of the company's software export revenue per year.

Infant, toddler rescued from overturned truck amid Texas floods
He then came upon a terrifying scene: a pickup truck flipped over in rushing floodwaters near Myrtle Springs, Texas . Knowing he wasn't strong enough to help, Mitchell pulled out his cellphone and began filming the daring rescue.

Instant games on FB Messenger now
The company is also launching rich gameplay and Game bots, features that were previewed to developers at F8. The popular gaming title, Miniclip's 8 Ball Pool , will also be available to play on Instant Games soon.

This will not have an immediate impact on the price of gold, but it will support investment sentiment, Hewitt said.

A focus on capital outflows may have been weighing on the Chine2se central bank's interest in gold, the WGC's head of market intelligence Alistair Hewitt said. Bar and coin investment, however, was healthy at 289.8t ( 9% y-o-y), while demand firmed slightly in both the jewellery and technology sectors.

Global jewellery demand in 1Q17 was 480.9 tons, about 1 percent more than 1Q16. It also states that while demand remained fairly flat overall, there were variances at the country level, with gains concentrated in India, Iran and the US. Despite that, notional demand was average historically and price weakness likely will be limited, RBC said.

"Elsewhere the picture was less rosy: central bank demand was down and jewellery demand is still in the doldrums, although there are signs of improvement, especially from India where the gradual remonetisation of the economy is supporting the jewellery market".

The outlook for India's gold demand is robust, but GST remains a cause of concern. Demand from general industry rose one per cent to 12.1 tonnes, but dentistry demand fell five per cent to 4.3 tonnes. Trade in gold and jewellery reached Dh65.6bn past year, accounting for 27 per cent of the total gold trade.

The US is still the largest single holder of official gold with 8 133 t; Germany is second with 3 377 t and the International Monetary Fund third with 2 814 t.

Recommended

  • Selena Gomez and The Weeknd officialize MET Gala's red carpet

    Selena Gomez and The Weeknd officialize MET Gala's red carpet

    Arm-in-arm, the new couple arrived on the glamorous red carpet and turned heads with their public display of affection. The starlet also joined her boyfriend on tour in Brazil where she cheered him on from backstage.
    Parents lose custody of kids amid probe of YouTube 'pranks'

    Parents lose custody of kids amid probe of YouTube 'pranks'

    These pranks included stunts like smashing Cody's XBox with a hammer and telling him that they were putting him up for adoption. As for Mike and Heather Martin, their YouTube channel has been scrubbed, save for a single apology video posted last week.
    Government 'needs a good shutdown,' frustrated Trump tweets

    Government 'needs a good shutdown,' frustrated Trump tweets

    The measure will spare a damaging government shutdown, but it has left out many of Trump's biggest policy requests. As he struggles to produce wins, some signs of frustration are starting to appear.
  • First Trailer for The Dark Tower Film Man in Black Gunslinger

    First Trailer for The Dark Tower Film Man in Black Gunslinger

    Reports stated that the movie is the first in a series which may include a television entries and a miniseries. The Man in Black walking through a field of corpses, promising that someday the tower will fall.
    Flood watch issued for parts of ME  ahead of work week rain

    Flood watch issued for parts of ME ahead of work week rain

    Their all-time flood record is only about two-and-a-half feet more than that at 26.5 feet, so that was a pretty good flood there. Peaks are not expected on many rivers until Tuesday afternoon ahead of more rain that will aggravate the flooding situation.
    Penguins Head Back To Michigan For NCAA Regionals

    Penguins Head Back To Michigan For NCAA Regionals

    MI handed United Kingdom its season-ending loss in the second round of last season's NCAA Championship, downing the Wildcats, 4-1. The Blue Devils have played South Florida five times, going 5-0 against the Bulls. "We feel comfortable on our courts".
  • Business wins, 'clobbered' Philippines environment chief says after ouster

    Business wins, 'clobbered' Philippines environment chief says after ouster

    According to Recidoro, the mining industry's experience with Lopez is not really "a victory but more of a victory of due process". Duterte had previously reappointed Lopez twice after she was bypassed by the CA.

    Indian equities close flat on negative global cues

    Foreign funds sold net shares worth Rs 1,150.45 crore last Friday, as per provisional figures issued by stock exchanges. However, it fell to 29,854.87 before quoting at 29,889.40 at 1100 hrs, showing a loss of 28.92 points or 0.10 per cent.
    Russian Court Upholds Conviction of Opposition Leader Navalny

    Russian Court Upholds Conviction of Opposition Leader Navalny

    However, opinion polls suggest he would stand little chance of beating Mr Putin, who continues to enjoy favourable ratings. Authorities have so far not opened an investigation into the attack. "Nobody promised it would be easy", said Volkov.
  • Venezuelans again take to streets as death toll jumps to 37

    Venezuelans again take to streets as death toll jumps to 37

    On Tuesday, Venezuelan President Nicolas Maduro announced his decision to call the constituent assembly to amend the constitution. More than 200 people were injured as fights raged in various parts of the capital, Blyde and another opposition mayor said.
    Fred Hoiberg said Isaiah Canaan will start again Friday

    Fred Hoiberg said Isaiah Canaan will start again Friday

    Team-mate Avery Bradley was 11-of-19 from the floor as the Celtics became the first team in the series to win on home court. Jimmy Butler and Robin Lopez added 14 points apiece for the Bulls, who were without point guard Rajon Rondo (broken thumb).
    NRA spy satellite launched into orbit Monday by SpaceX

    NRA spy satellite launched into orbit Monday by SpaceX

    Landing, refurbishing and reusing rockets is key to the company's vision of making space travel increasingly affordable. The cancelled Space-X Falcon 9 Rocket that was scheduled to launch Sunday will attempt to blast off today.

North Korea celebrates as South Korea, US keep watch North Korea celebrates as South Korea, US keep watch It is loaded with nuclear missiles as part of the US' strategy to contain North Korea's nuclear and missile programmes, CNN noted. Secretary of State Rex Tillerson is to chair a ministerial-level Security Council meeting on the North on Friday.

First female usher in WH history no longer in post The Washington Post , which first reported the story, said that the White House fired Reid. Trump wasn't at the White House on Friday when staff were informed of the firing.

Hernandez family planning private funeral in Connecticut MA prison officials said Hernandez hanged himself in his cell and pronounced dead at a hospital early Wednesday, April 19, 2017. Hernandez's family made a decision to donate his brain to the Boston University Chronic Traumatic Encephalopathy Center.

Spurs will take title race down to the wire - Chelsea's Matic We scored a good second goal, although maybe it was a bit lucky, and a fantastic third, so it feels good. We win and Tottenham win, they are always close.

North Korea vows to bolster nuclear force in response to U.S. threat North Korea vows to bolster nuclear force in response to U.S.  threat Pyongyang is looking to develop a long-range missile, one that could carry a nuclear warhead 9,000 kilometers to the USA mainland. The missile, called the NK-17, is among those the officials said the North has launched knowing they might not be ready.

Tri-Cities celebrates National Small Business Week Tri-Cities celebrates National Small Business Week The over 40,000 small businesses in the City of Boston create jobs, wealth and opportunity for the city's workers and residents. Henry said it's customer service that has set his family's business apart and kept them going for 49 years.

Nearly 400 jobs to go in milk factory shutdowns Nearly  400 jobs to go in milk factory shutdowns Tasmanian dairy manufacturers are not looking to buy the Edith Creek plant after Murray Goulburn closes it in December. We recognise this has been a challenging period for suppliers and appreciate their ongoing support.

Hulu launches live TV service Hulu's live TV beta service is now available to the public via iOS and Android devices, the Apple TV, Xbox One, and Chromecast. The Unlimited Screens package allows unlimited simultaneous streams inside your home and up to three outside your home.

Citizens don't have absolute rights over their bodies Citizens don't have absolute rights over their bodies Vidhi assisted the government in framing the Aadhaar (Targeted Delivery of Financial Subsidies, Benefits and Services) Act, 2016. The court earlier on March 27 specified that Aadhaar card should not be made mandatory for availing governmental schemes.

AMD boasts of Ryzen-driven growth AMD boasts of Ryzen-driven growth He reduced his 12-month price target on the company to $10.60 from $11, representing 22 percent downside from Monday's close. Rosenblatt Securities began coverage on shares of Advanced Micro Devices in a research note on Wednesday, February 22nd.

Kyle Walker Reportedly Wants Tottenham Exit After Mauricio Pochettino Row The 26-year-old, who now earns around £65,000-a-week at Spurs, is set to discuss his future with the club at the end of the campaign.

Sainsbury's pre-tax profit falls 8% Sainsbury's pre-tax profit falls 8% The catalogue retailer, which was acquired by Sainsbury's for £1.4bn in September a year ago , saw sales, climb 4.1%. The supermarket is accelerating plans to put 250 Argos Digital stores in its branches, it said on Wednesday.

Unbelievable Plane Crash Caught on Camera Unbelievable Plane Crash Caught on Camera The footage recorded by a motorist's vehicle showed the plane clipping power lines as it went down. A small plane crashed in Mukilteo Tuesday afternoon, blocking traffic on State Route 525.

Madhya Pradesh decides to shift to January-December fiscal year Madhya Pradesh decides to shift to January-December fiscal year Change in the fiscal year would mean shifting the tax assessment year, changes in infrastructure, especially at the company level. The committee stated that the move would align the fiscal with the monsoon cycle and the country's agricultural harvests.

Melania Trump creates shitstorm after liking tweet that mocks her marriage Melania Trump creates shitstorm after liking tweet that mocks her marriage One of them explains with humor: "The thing that Melanie has in common with me is that we both love this tweet". Even the original tweet owner seemed taken aback by the behaviour, speculating that the account wasn't real.