Gold

Bullion counters edged higher as traders shifted to safe-haven counters amid slowdown worries and prospects of economic damage from a new strain of pneumonia in China. International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets. It lowered the FY20 growth rate for India to 4.8 per cent. Gold futures were up 0.52 per cent to Rs 40,153 per 10 gram, while silver advanced 0.58 per cent to Rs 46,970 per kg. Brokerage SMC Global said bullion counters may trade on the upside. Gold can recover towards Rs 40,250 while taking support near Rs 39,900, while silver can test Rs 47,200 while taking support near Rs 46,700, it added. Globally, spot gold prices touched their highest since January 8 at $1,568.35 and were up 0.3 per cent at $1,566.06 per ounce by 0326 GMT. US gold futures were 0.4 per cent higher at $1,566.30. A Reuters technical analyst said spot gold may test a resistance at $1,573 per ounce, a … [Read more...] about Gold rate today: Gold edges higher as IMF trims growth outlook

Gold hit a more than one-week high on Monday as buyers hedged against persistent tensions in the Middle East and impeachment proceedings against U.S. President Donald Trump, while deficit-hit palladium's record run showed no signs of abating. Spot gold was up 0.2% to $1,559.99 per ounce by 1514 GMT, having earlier touched its highest since Jan. 10 at $1,562.51. U.S. gold futures were little changed at $1,560.20. "Investors are flocking towards gold in spite of a spike in equity markets, mostly because of long-term uncertainties like political insecurity, probable equity market volatility..., weak earnings expectations and ultra-low interest rates," Commerzbank analyst Eugen Weinberg said. Investors are pouring money into gold-backed exchange-traded funds (ETF) and central banks are buying the metal at record rates, Weinberg added. Holdings of the world's largest gold-backed ETF, SPDR Gold Trust, rose to 898.82 tonnes on Friday, the highest since Nov. 11. Investors kept a close eye … [Read more...] about Gold gains on heightened safe-haven interest, palladium soars

Consumption of gold jewelry in China went down 8.16 percent from a year earlier to 676.23 tonnes, while gold consumption for industrial and other uses stood at 100.75 tonnes, down 4.9 percent year on year, according to data released by China Gold Association. … [Read more...] about China gold consumption plunges 12.91 pct in 2019

China adopted new rules in 2016 to raise environmental requirements on solid waste from gold prospecting, leading to a wave of gold mine closures and output declines in the major producing provinces, including Shandong, Jiangxi, and Hunan. … [Read more...] about China’s gold consumption rises 9.41 pct in 2017

China adopted rules in 2016 to raise environmental requirements on solid waste from gold prospecting, leading to a wave of gold mine closures and output declines in the major producing provinces, including Shandong, Jiangxi, and Hunan. … [Read more...] about Gold consumption down 5.44 pct for Q1 in China