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.

 

 

 

GOLD HOVERING AROUND QE3(30/07/2012)
Last week precious metals edged down. But this week the Euro and the dollar played a different game for gold.
ECB President’s statement about doing “whatever it takes” to preserve the Euro had resulted in a rise in the Euro for a second consecutive day which in turn gave support to gold. Gold rose by 0.44% to $1,619.8; Silver edged down by 0.07% and reached $27.45. During July, gold increased by 0.44% while silver slipped by 0.6%.

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GOLD LOSES ITS GLITTER (16/07/2012)
Gold and silver did not show much volatility from 2nd to 7th July. Post the Wednesday close (4th July), gold and silver tumbled down, Reasons cited for this were the ECB rate reduction from 1% to 0.75% which in turn affected the Euro, oil and precious metals.
Moreover, the U.S payroll report stated that only 80K jobs were added which means that though there was a development, it was at a slower pace.
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USD REPLACING GOLD AS CURRENCY OF LAST RESORT (9/07/2012)
Gold and silver started off the week with little movement but coming Tuesday they both bounced back. The rally in bullion was inline with the rise in other commodities rates and U.S stock markets. Since the U.S markets were closed on Wednesday there was not much movement in the commodities markets.
SPOT MARKET gold prices traded close to $1610 an ounce for most of Tuesday morning in London, after breaking through the $1600 mark during the earlier Asian session. Silver prices touched $28 an ounce for the first time in nearly two weeks, while stocks and commodities also gained after disappointing US manufacturing data led to renewed speculation that the Federal Reserve might launch a third round of quantitative easing, known as QE3.
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RBI MIGHT BAN BANKS FROM SELLING GOLD COINS (2/07/2012)
Akshaya Tritiya, Diwali or Dhan teras….Banks will no longer give importance to these days for sale of gold coins.
BI is considering banning banks from selling gold coins. A central bank source argues that imports of Gold Bullion are exacerbating the Rupee's weakness against the Dollar, making a case for ending Gold Coins sales by banks. Banks were allowed to sell Gold Coins following a relaxation of rules on commodities trading aimed at sterilizing Dollar inflows, which saw the Rupee appreciate in the years before 2008. With the rupee depreciating 30% since August, and hitting a new low this week, at 57.16 to a dollar, the apex bank is looking to reverse the trend. At a recent meeting, bankers have been advised to go slow on gold coin sales.

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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.