by admin | May 25, 2021 | News
Jaipur : Nearly 11.48 crore tonnes of gold deposits have been confirmed by scientists and geologists in Rajasthan, with experts claiming that the deposits are mostly located in the cities of Banswara and Udaipur.
Speaking to the media, N. Kutumba Rao, Director General of the Geological Survey of India (GSI), said the deposits were expected to be present at a depth of 300 feet under the earth’s surface.
Rao said the work for exploration of copper and gold was going on after traces of these materials were found at these locations. The work is also going on in Neem Ka Thana area in Sikar district.
Besides, gold and copper, scientists have also found traces of other minerals including lead and zinc here.
If the scientists’ estimates are to be believed, there are nearly 350 million tonnes of lead and zinc deposits in Rajpura-Dariba mines.
Search is also on in Bhilwara to see if these minerals are present under the earth here.
To date, 80 million tonnes of copper has been found from under the earth in Rajasthan.
—IANS
by admin | May 25, 2021 | Commodities, Commodities News, Economy, Markets, News
New Delhi : Economic reforms are expected to drive up gold demand in the country in 2018, feels Alistair Hewitt, Director for Market Intelligence with the World Gold Council.
In an interview to business news channel BTVI, Hewitt said economic reform policies will lead to a “rise in incomes, people will ultimately be better off as a result… The economic analysis we have done shows that rising wealth in India correlates with rise in demand”.
“Over the longer term as these policies affect the rate of economic growth, we feel there will be a positive impact on Indian gold demand,” he said.
Talking about global demand for gold from the industrial sector, he said 2017 was turnaround year in terms of the industrial sector after witnessing a downward trend during 2010-2016.
“When we speak to people in the industry, they are quite optimistic. The use of gold in industrial products is on the increase,” Hewitt said.
Currently, gold as a metal is used in smart phones, electric vehicles and many other emerging technologies, and is expected to ultimately play a role in solar panels in the years to come.
—IANS
by admin | May 25, 2021 | Business, Commodities, Commodities News, Large Enterprise, Markets, News
New Delhi/Mumbai/Kolkata/Chennai/Bengaluru : Come Dhanteras, and the hunger for gold, so visible among Indians, has helped them tide over the impact of demonetisation and the Goods and Services Tax (GST), as customers thronged jewellery stores on Tuesday.
“We have witnessed very good footfall. Demand for jewellery is definitely higher this year than investment demand,” Balram Garg, Managing Director, P.C. Jewellers, told IANS in Delhi, adding “We expect sales to go up by 30 per cent on pent up demand due to various regulatory issues”.
Price of 24 carat gold in the national capital was hovering around Rs 30,000 per 10 grams on Tuesday.
‘Dhan’ in Hindi means wealth, and ‘Terah’ means number 13. Dhanteras, accordingly, means, the 13th Day of the Krishna Paksha in the month of Ashwin in Indian Lunar Calendar, which in Hindu tradition is devoted to wealth.
Many seek to buy gold, silver and utensils and invoke the gods to bring in prosperity. In several parts of the country, people also worship the Goddess of Wealth — Lakshmi.
Echoing similar upbeat sentiments as Delhi, Jayantilal Challani, President of Madras Jewellers and Diamond Merchants Association and a partner in Challani Jewellery Mart, told IANS: “The demand for gold and silver is good. First Dhanteras post-GST regime and also demonetisation and income disclosure scheme issues has settled down. The footfalls in the stores are good.”
“During the last six-to-eight months, sales were a bit dull. But for the past few days, the demand is good. The prices have also come down. Today the price of gold is around Rs.2,837 per gram in Chennai,” Challani added.
The Centre’s recent decision to not make mandatory furnishing of PAN or Aadhaar card details for buying jewellery in cash up to Rs 200,000 had also ushered in a positive sentiment among buyers. The earlier limit was Rs 50,000 as part of the anti-money laundering (AML) guidelines.
“Gold price remains stable and range-bound in the run-up-to the festivals at around Rs 3,000 per gram, which is a positive factor. Footfalls in retail stores have been good since morning. However, compared to last year, sales growth would be tepid,” Pankaj Parekh, Chairman of India Bullion and Jewellers Association, Regional (East), told IANS in Kolkata.
Gold is at the centre of festivities and gifting traditions in India, particularly during Dhanteras, Diwali and the wedding season that follows.
“Currently, gold demand seems to be recovering after withdrawal of the AML guidelines. Policy reforms in quick succession in recent years have targeted transparency and the industry is transitioning under GST to a more organised structure, with long term benefits,” said Somasundaram P.R., Managing Director, India, at World Gold Council.
“It appears that demand for gold jewellery and branded coins seems to be better than the past quarter, particularly in relation to organised players. A good monsoon and stable gold prices are definitely encouraging consumers to make token purchases for the auspicious festivals. The ensuing wedding season, however, holds the key for the quarterly demand performance,” he added.
In Mumbai, All India Gems & Jewellery Federation Chairman Nitin Khandelwal said that with AML issues having been amicably resolved, buyers’ sentiments have been boosted.
“Though the footballs are increasing, we do not expect any growth over last year’s sales. We shall be happy even if last year’s sales/quantity figures are achieved, coming after demonetisation, GST and RERA (Real Estate Regulatory Authority),” Khandelwal told IANS.
However, the demand for gold jewellery for the Diwali festival in Bengaluru remained subdued because of negative sentiment and regulatory issues. Continuous rains for several days may also have done their bit to dampen enthusiasm for buying gold.
“Though GST is not an issue as the rate is only 3 per cent on gold and jewellery, customers are wary of buying, as PAN card is mandatory if the bill is more than Rs 2 lakh,” Bengaluru Jewellers’ Association President Y.S. Ravikumar told IANS.
“Owing to less purchasing power among the upper and middle classes, demand for gold or jewellery has not picked up since demonetisation on November 8 last year,” he added.
Also with continuous rains in the city over the last fortnight, footfalls in retail gold shops or showrooms across the place have been 40 per cent less than they were last year.
—IANS
by admin | May 25, 2021 | Commodities, Commodities News, World
Moscow : Russia will become the world’s second largest gold producer after the largest mining and smelting facility was launched, said the press service of the Ministry for the Development of the Russian Far East.
After the facility was launched by Russia’s gold producer Poluys to develop the Natalka gold deposit in the country’s Magadan Region, the volume of ore processing will exceed 200 million tons per year, while the volume of gold production will be 13 million tons per year, which increases the country’s gold production by 5 percent, the ministry said.
This will make Russia the second largest gold producer in the world after China, the press service quoted Polyus CEO Pavel Grachev as saying.
Polyus officially launched the first stage of hot commissioning of Natalka on Sept. 5. Full production is expected before the end of 2018.
Natalka is located in the Tenkinskiy District of Magadan Region, about 400 km away from the city of Magadan.
Natalka, initially discovered in 1942, has the largest gold deposit in Russia, yielding 25 percent of its gold.
—NNN-XINHUA
by admin | May 25, 2021 | World
Chicago:(IANS) Gold futures on the COMEX division of the New York Mercantile Exchange advanced sharply on Friday as Britain voted to exit the 28-nation European Union (EU).
The most active gold contract for August delivery gained $59.30, or 4.69 per cent, to settle at $1,322.40 per ounce.
Gold advanced to its highest level since July 11, 2014, when gold closed at $1337.40 per ounce, datas collected by Xinhua reports showed on Friday.
US investors displayed fear, triggering a rush to the precious metal as a safe haven after Britain voted to leave the European Union.
The referendum has been dubbed the “Brexit” by investors and is largely seen as a highly destabilising move. Analysts noted that the potential for a Brexit has caused volatility in the market, driving investors to gold to seek refuge from the Brexit vote.
An extensive fall in equities also gave extensive support to the precious metal as the US Dow Jones Industrial Average fell sharply on Friday.
Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when US equities post gains.
On the US economic front, new orders for manufactured durable goods in May decreased $5.3 billion, or 2.2 per cent, to $230.7, the Commerce Department said on Friday.
Meanwhile, the Thomson Reuters/University of Michigan index of consumer sentiment showed on Friday that the final reading of the consumer sentiment for June fell to 93.5 from 94.7 in May.
On Thursday, gold futures fell for fifth trading days in a row as investors bet that Britain would remain in the European Union after the Brexit referendum.
Analysts believe that the market will be dominated by the Brexit vote in the coming days, and fear will add additional support to the precious metal.
Analysts note that the last US financial crash in 2008 was spread over several days, and that if conditions worsen, the precious metal will likely increase in value due to its safe haven properties.
Silver for July delivery rose 43.60 cents, or 2.51 per cent, to close at $17.789 per ounce. Platinum for July delivery added $20.80, or 2.15 per cent, to close at $987.10 per ounce.
