Gold prices eased in Asian trade Wednesday even after reports of a tumbling euro. Gold for immediate delivery was seen trading at $ 1213.75 an ounce at 11.00 a.m Singapore time while U.S. gold futures for June delivery was at 1213.31 an ounce e at the same time.
Gold's identity as a 'safe haven' for investments may be challenged as the investors in India have discovered yet another safe haven, equities of Reliance Industries Ltd (BOM:500325), which is potentially high yielding investment instrument and has proved to be one of the most sought after asset classes, almost next to gold, among the Indian investor community.
Global stainless steel production in first quarter reached record levels at 7.47 mn metric tonnes, according to International Stainless Steel Forum (ISSF). The growth in production was spread across the world with USA leading the way, ISSF said. It said that the 54.6% growth in output cannot be sustained throughout 2010 as production in first quarter of 2009 was severely impacted by financial crisis.
Global oil prices recovered in Asian trade Tuesday after an overnight slump below $70 a barrel. Light sweet crude for June delivery was seen trading at $70.71 a barrel at 12.00 noon Singapore time while Brent crude was at $ 75.80 a barrel in London. Analysts said the black gold gained momentum as some investors took the view a drop below $70 a barrel made the commodity attractive to buy.
Gold prices advanced in Asian trade Tuesday but remained volatile as investors began profit taking on recent highs of the precious metal. The yellow metal however remained $20 below a lifetime high struck last week, while another increase in holdings in the world's largest gold-backed ETF showed investors were keeping faith with the metal.
Platinum and palladium prices have witnessed a big surge in the recent past following the increased demand from auto sector in China and India. But this surge has hit the auto makers in India in a big way. Due to increased competition in Indian market car makers in India have been witnessing a price war. At that time the steel prices soared and along with that platinum and palladium prices also shot up.
Global gold demand is set to fall in 2010 if the sales of the yellow metals on Akshay Tritiya were any indication. Most of the buyers stayed home instead of visiting jewellery shops on Akshay Tritiya, an auspicious day for Indians to buy gold. Most of the jewellery showrooms wore a deserted look on Akshay Tritiya (May 16) even though the price of gold eased from a record high Rs 18,508 on Friday to Rs 18,397 per 10 gm.
Global oil prices continued losses in Asian trade Monday and dropped below $70 a barrel for the first time in three months. Light sweet crude for June delivery was seen trading at $ 70.09 a barrel at 11.30 a.m Singapore time after hitting as low as $69.82 a barrel earlier. In London, Brent crude was seen at $76.53 a barrel at the same time.
World's two largest gold consumers, India and China, have different figures to offer as afar as gold sale is concerned last week. Global leader in gold consumption, India witnessed not so impressive figures last week as traditional gold buying festival 'Akshaya Trithiya' fails to boost sales. The festival, which is more popular in south India, is the second-largest gold buying day in the world's largest market for gold.
Gold prices moved up smoothly in Asian trade Monday and inching towards a new record as the euro tumbled to a 4 year low against the dollar. Gold for immediate delivery was seen trading at $1239.97 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery was at $1241.03 an ounce at the same time.
Today is Akshaya Tritiya, one of the golden days for gold in India. Though gold has been one of the integral parts of Indian household and despite India being the largest consumer of the yellow metal in the world, two short comings have hampered the real growth of this shining metal.
Will it or won't it? That is the million dollar question haunting global bullion market analysts now. With Akshay Tritiya being celebrated in India on May 6, global bullion market is eagerly waiting for the response Indian buyers are about to give to the auspicious day. Akshay Tritiya is Indian Hindus' auspicious day to buy gold when Hindu families flock to jewellery shops to buy new ornaments. However, this time around bullion analysts in London and Singapore are skeptical about the response fr...
Crude oil prices plunged nearly 4% on Friday and were off almost 20% from their 18-month high less than two weeks ago, as the euro continued to lose ground against the dollar and U.S. oil inventories continued to build.
World oil prices continued its southern journey and dropped below $74 in Asian trade Friday mainly on demand concerns linked to European debt crisis. Light sweet crude for June delivery was seen trading at $ 73.75 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 79.77 a barrel in London.
World's first Gold ATM started functioning at Abu Dhabi's Emirates Palace Hotel. The gold to go machine, developed by Germany's TG-Gold-Super-Markt, dispenses 24 carat one gram, five gram and 10 gram pieces of gold as well as coins bearing designs such as the Krugerrand, Maple Lea and Kangaroo.
Gold prices recovered from overnight slump in Asian trade Friday but remained highly volatile as the dollar gained momentum. Spot gold was seen trading at $1235.54 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery was at $1,235.8 an ounce at the same time.
British oil major BP said the oil spill in the Gulf of Mexico had cost it $450 million so far, an increase of $100 million on the figure reported earlier this week.
The International Energy Agency revised its global oil demand forecast for 2010 down by 220,000 barrels a day, mostly due to changes to non-OECD historical data though also because of February data and preliminary estimates for March and April.
If US inflation concerns, Euro Zone debt crisis helped gold to surge to a recent high of Rs 1230 on Tuesday, subsequent news events don't paint a further bullish picture for the yellow metal. The negative factors for gold come from the vary zone that created the bull rally in gold the other day.
Last week's action on Wall Street and other world markets demonstrated anew gold's special qualities as a financial life preserver in tumultuous and uncertain times. With stock prices plummeting and the euro continuing to lose value as well as credibility, gold was virtually the only financial and investment asset to shine, continuing its recent sharp climb and breaking through the $1,200 level, according to Jeffrey Nichols, Senior Economic Advisor to Rosland Capital.
Global woes and the uncertainty over the future have forced investors to go for bullion and the prospects for silver is extremely good in the coming years, said metal consultants CPM Group.
After the initial surprise and shock generated by the Euro rescue mission worth $1 trillion, the ominous economic woes loomed large over the global markets and as a result the safe haven quotient of gold soared again and the yellow metals again started its upward journey with the prices jumping above $1,200 per ounce levels. Mostly the gold futures market across the globe witnessed the surge as investors were skeptical about the IMF-EU-sponsored bailout package for the Euro zone.
Global oil prices dropped below $76 a barrel in Asian trade Wednesday mainly on declining market enthusiasm over a huge Eurozone rescue package. Light sweet crude for June delivery was seen trading at $75.84 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 80.34 a barrel at the same time in London.
Gold prices eased in Asian trade Wednesday after closed near to all time high overnight. Gold for immediate delivery was seen trading at $1227.58 an ounce at 11.30 a.m Singapore time from Tuesday's close of $1232.05 an ounce.
Global oil prices dropped below $76 a barrel in Asian trade Wednesday mainly on declining market enthusiasm over a huge Eurozone rescue package. Light sweet crude for June delivery was seen trading at $75.84 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 80.34 a barrel at the same time in London.
Gold is setting its price at historic records even as European nations led by Greece are in the grip of a huge debt crisis. On Tuesday, gold futures on Comex surged to hit a record high of $1,232.50 an ounce. This is the first time in the history of bullion trading that gold has zoomed to touch this level.
Russia said Tuesday, the possible merger of the Russian energy giant Gazprom and Ukraine's Naftogaz has no bearing on the South Stream project. Russian Energy Minister Sergey Shmatko said, We do not relate these two issues. South Stream is an issue of principle for us, a strategic entry to direct supplies for European buyers.
OPEC on Tuesday said it's forecast for global oil demand remained unchanged at 1.1 percent or by 0.9 million barrels per day. In its monthly oil market report, OPEC said although the economic recovery shows signs of improving momentum, important risks remain that could impact demand growth expectations for this year.
Platinum and palladium markets received some good news this week with the auto sales zooming in India and China. Platinum and palladium, two metals used in the high end car exhausts to cut pollution, prices depend mostly on the auto sales across the globe. With India and China reporting huge car sales in April, the prices of platinum and palladium are set to gain from this news.
At a time when China is tightening its realty industry and which in turn is impacting the demand for steel, Gulf countries have decided to abolish the 5% steel import duty soon to ease supply strain that has been mostly felt in Saudi Arabia. Finance ministers from the six-nation Gulf Cooperation Council (GCC) examined the proposed measure at a meeting. There is consensus among GCC countries about this proposal.
