The primary purpose of this blog (Prithviraj Kothari 's view on Bullion Markets - MD, RSBL (RiddiSiddhi Bullions Ltd.)) is to educate the masses of the current happenings in the Bullion world.
POST BUDGET REACTIONS - (28/02/2013)
Let me first list down the important highlights of the budget with regards to the Bullion, Gems and jewellery Industry:
  1. FM has announced to levy Commodity transaction tax (CTT) of 0.01% on all non-agro commodity trades such as Gold, Silver, non-ferrous metals and crude oil.
  2. To prevent harassment to passengers, the government has proposed to increase the limit of duty-free import of jewellery via passenger baggage to INR 50,000 for males and INR 1,00,000 for females.

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GOLD AND SILVER SHOW WAVE LIKE MOVEMENTS - (25/02/2013)
Gold looses glitter and silver loses its shine. Precious metals were moving on a see saw all week and then the blood bath of prices had swept the markets.
On the exchange gold plummeted to a low of INR 29,100 while silver dropped down to INR 53,100. In the physical market gold and silver were being traded at INR 29,400 and INR 54200 respectively.
Investors, traders and the whole market in general stated different reasons for this crash.

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PRE - BUDGET VIEWS - (20/02/2013)
Government had increased import duty on Gold before the budget. The government's move to hike the customs duty from 4 to 6 percent will have a loud impact on the Bullion sector. The hike sums up to around INR 60,000 (approx) per kilogram of gold. To be clear, with this duty hike a difference of 7 percent between the international and domestic price of the yellow metal is evident. Due to this, the increase in duty on the actual price of gold is being passed on to the retail consumers by the jewelers.
This may also lead to rise of illegal channels and malicious activities with respect to importing gold and related products like jewellery etc., in the country. In turn it will lead to an increase in unemployment among the skilled artisans of the country (around 1-2 million families depend on this sector to earn their livelihood) as well the businesses of local jewelers across the country.

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Annual Demand for Gold Rises, Despite Rising Prices (2012): WGC - (17/02/2013)
Today we scan and analyse the main highlight of the World Gold Council 4th Quarter Report 2012 - It states that demand for gold increased in the 4th quarter despite rising prices and economic slowdown.
Let's see WHY and HOW..........

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Platinum And Palladium Creating A Buzz - (07/02/2013)
Precious metals and to be precise - Gold, has been trading in a tight range since the last couple of weeks, underpinned by a series of US economic releases and renewed optimism over global growth that has reduced investor appetite for the yellow metal. The outbreak of positive reports has lifted the US equities as well. Optimistic global economic outlook usually diminishes the bullion’s safe haven appeal and makes it cheaper.
In the near future gold is expected to range between $1651- 1700 and any of the side breakouts would create a new range for the yellow metal. Silver too is expected to range within a mild negative bias. Close above the reaction high crossing at 32.485 are needed to renew the rally off January's low. Close below last Monday's low crossing at 30.745 is the next downside target.

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CURRENT FALL IN GOLD PRICES! - (05/02/2013)
The prices of precious metals showed a downward trend on Thursday, though they were under the green range on Wednesday. On Thursday, the price of gold decreased by 1.15% to $1,660.6; Silver price also fell by 2.54% to $31.34.
The main reason behind this was the release of China’s manufacturing PMI report. It stated that China's PMI inched down to 50.4, which means that the development and expansion in China has caught a slow pace, which in turn means that the demand for gold from China will reduce.

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The primary purpose of this blog (Prithviraj Kothari 's view on Bullion Markets - MD, RSBL (RiddiSiddhi Bullions Ltd.)) is to educate the masses of the current happenings in the Bullion world.