Gold futures settled below $1,400 Friday to cap a decline for May, the seventh monthly drop in the last eight months.
Gold for August delivery /quotes/zigman/6585799 GCQ3 -1.70% fell $19, or 1.4%, to settle at $1,393 an ounce on the New York Mercantile Exchange’s Comex division. Gold futures rose 1.5% Thursday to close at $1,412 an ounce.
Gold futures fell 5.4% in May, compared with the settlement of $1,472.10 for the most-active contract on April 30.
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Sunday, 2 June 2013
Gulf News: India’s voracious gold appetite needs trimming
The legendary Indian obsession with purchasing gold has been passed down for generations. Families purchase gold on auspicious religious occasions and, in larger quantities, for weddings. It forms a significant part of savings, particularly in rural areas, and is passed down to future generations.
Today, however, it is also being credited as one of the main reasons for India’s spiralling current account deficit, which has widened to a record 6.7 per cent of GDP in the latest period. A country’s current account is the sum of its balance of trade — in other words, net revenue on exports minus payments for imports.
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Today, however, it is also being credited as one of the main reasons for India’s spiralling current account deficit, which has widened to a record 6.7 per cent of GDP in the latest period. A country’s current account is the sum of its balance of trade — in other words, net revenue on exports minus payments for imports.
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Capital News: After ‘black gold’, South Sudan eyes the real stuff
NANAKANAK, South Sudan, June 02 – Knee-deep in muddy water, Peter Locebe and a long line of other men scour the sand for the sparkle of a speck of gold, back breaking work in the fierce equatorial sun of South Sudan.
“There is so much gold here,” Locebe said, mopping his brow and telling stories of how he once found a whole ounce (30 grams) of gold in a single day from the muddy creeks in this remote and grossly impoverished region.
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“There is so much gold here,” Locebe said, mopping his brow and telling stories of how he once found a whole ounce (30 grams) of gold in a single day from the muddy creeks in this remote and grossly impoverished region.
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The Dominium Post: NZ gold market gains momentum
New gold dealers are entering the market spurred by rising interest in bullion from mum and dad investors.
Equity Investment Advisers (EIA), which usually advises its clients on investment products such as shares, bonds, and unit trusts, has started offering gold as an investment option through a partnership with a local bullion trader.
EIA has always provided advice on investing in goldmining company shares and in investment trusts which invest in gold but until recently had little demand from its clients to buy the metal itself.
"When it [the gold price] was going up, there wasn't much interest," EIA managing director Brent King said.
But that changed following the dramatic slump of the gold price in April. "Recently, we've noticed a lot of clients are wanting to talk to us about gold. It's counter cyclical , they think it looks a bit cheap now," he said.
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Equity Investment Advisers (EIA), which usually advises its clients on investment products such as shares, bonds, and unit trusts, has started offering gold as an investment option through a partnership with a local bullion trader.
EIA has always provided advice on investing in goldmining company shares and in investment trusts which invest in gold but until recently had little demand from its clients to buy the metal itself.
"When it [the gold price] was going up, there wasn't much interest," EIA managing director Brent King said.
But that changed following the dramatic slump of the gold price in April. "Recently, we've noticed a lot of clients are wanting to talk to us about gold. It's counter cyclical , they think it looks a bit cheap now," he said.
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Business Insider: NOURIEL ROUBINI: 6 Reasons Why Gold Will Plunge To $1,000
Gold has been getting poleaxed in recent months, though it remains just below $1400/oz.
In a piece up at Project Syndicate, economist Nouriel Roubini says gold will fall to around $1,000 before the end of 2015.
He gives six reasons why.
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In a piece up at Project Syndicate, economist Nouriel Roubini says gold will fall to around $1,000 before the end of 2015.
He gives six reasons why.
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Saturday, 1 June 2013
Bloomberg: Gold Falls Most in Two Weeks on Fed Stimulus Speculation
Gold futures slumped the most in two weeks as U.S. consumer confidence climbed in May to the highest in almost six years, stoking concern that the Federal Reserve may scale back monetary stimulus.
The Thomson Reuters/University of Michigan final index of sentiment rose to 84.5, the highest since July 2007, from 76.4 a month earlier. The greenback climbed as much as 0.7 percent against a basket of major currencies as euro-area unemployment increased to a record in April. Gold has dropped 17 percent this year.
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The Thomson Reuters/University of Michigan final index of sentiment rose to 84.5, the highest since July 2007, from 76.4 a month earlier. The greenback climbed as much as 0.7 percent against a basket of major currencies as euro-area unemployment increased to a record in April. Gold has dropped 17 percent this year.
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Forbes: Gold Survey: Survey Participants See Higher Gold Prices Next Week
Gold prices could rise next week if metals traders continue to believe the Federal Reserve won’t attempt to taper off its bond-buying program anytime soon, the majority of participants in the weekly Kitco News Gold Survey said.
In the Kitco News Gold Survey, out of 36 participants, 27 responded this week. Of those 27 participants, 17 see prices up, while four see prices down and six see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
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In the Kitco News Gold Survey, out of 36 participants, 27 responded this week. Of those 27 participants, 17 see prices up, while four see prices down and six see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
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