Thread: The Gold Bullion News Stories....

For those who are planning to invest their money in GOLD

Will be posting some stories on the rally of Gold Market in here....

Please have a look at the same....

Happy Investing...

SAN FRANCISCO (MarketWatch) -- December gold closed at $594.30 an ounce, down $3 for the session to mark the contract's weakest ending level since June 28. The contract suffered a total loss of $52.60 , or 8.1%. December silver fell 10 cents to close at a seven-week low of $11.14 an ounce and December copper closed at $3.373 a pound, down 4.45 cents.

Monday, September 11, 2006 (New Delhi):
Gold prices plunged to nearly 10-week low level on the bullion market on Monday on heavy selling by stockiests sparked by reports of a notably weak trend in overseas markets and closed with a loss of Rs 230 at Rs 9110 per 10 gram.

Selling pressure gathered momentum after reports of dip in gold prices to below $600 an ounce in other Asian markets, to a lowest in 10 weeks, matching a decline in crude oil prices, as Iranian and European negotiators reported progress in a second day of talks on a nuclear dispute.

The precious metal in overseas markets dropped by $14.30 or 2.3 per cent, to $596.50 an ounce after touching a low of $592.87, the lowest since June 29.

Traders said speculation that the US Fed might resume interest rate increases when it meets next week, also pushing gold down.

Market also remained weak due to ongoing fortnight of 'Sharads", considered to be an unauspicious period in Hindu mythology to make fresh purchases. The metal lost Rs.540 in last three trading sessions.

A similar trend was noticed in silver amid reduced offtake and silver ready dropped by Rs.650 at Rs.18,300 per kilo. Silver weekly-based delivery lost Rs.850 at Rs.19,200 per kilo. Silver coins also declined by Rs.100 at Rs.21,100 for buying and Rs.21,200 for selling of 100 pieces.

Standard gold and ornaments dropped by Rs.230 each at Rs.9,110 and Rs.8960 per 10 gram respectively. Sovereign fell by Rs.50 at Rs.7500 per piece of eight gram. (PTI)

Sourced from NDTVprofit

I dont trade in gold but i do have an e-gold.com account and i take payments in gold so it just keep on increasing in that account or comes down when prices drop
Nice to see this thread.

Originally Posted by Admin

I dont trade in gold but i do have an e-gold.com account and i take payments in gold so it just keep on increasing in that account or comes down when prices drop
Nice to see this thread.

lolz..... start having a track of it... u will need them in the future.... :

As far as I know gold prices are not going to come down in the long run, yes there is a lot of fluctuation during the year but if you talk about yearly averages it is just going up and up and up

In the long run they will go up for sure... but for now... wen there is diwali coming up with marriage season there will be a lot of buying.... so ppl who want to buy gold for tht can think of buying it at the moment as the gold is dipping.... but it will raise from the next month for sure... as diwali comes near.....

Dont know about gold but petrol prices are down by 20% here in uk and friends in canada say prices are down there aswell
Happy times for now.

Originally Posted by Admin

Dont know about gold but petrol prices are down by 20% here in uk and friends in canada say prices are down there aswell
Happy times for now.

ya crude is going to go down as per the market... it is expected to fall to below 50$ as per some expert... but as per my analysis i think it will go down to 55-60$ a barrel within a few weeks from now... lets see how does it work...

India looks set to retain its position as the world’s biggest gold consumer in tonnage terms for many years to come, says the World Gold Council in a new report.

Last year India accounted for no less than 22% of global gold jewellery demand and 35% of all net retail investment through gold coins and bars. It is estimated that around 15,000 tons of gold, or 10% of the world’s entire above ground gold stocks, are situated in India .

In a report entitled “The Role of Gold in India”, the council’s investment research manager, Natalie Dempster, concludes that India’s dynamic population and economic growth and religious and cultural affinity to gold will continue to underpin gold demand for many years to come.

Importantly for the world gold market, and its supply and demand balance, she points out that India’s demand will continue to be satisfied almost entirely from imports “as aside from the scrap market very little supply comes from domestic sources.” India has recycled around 105 tons of gold a year over the past five years.

Gold sales in India have averaged 676 tons a year over the past decade, more than one and a half times as much as sales in the US over that period and between three and eight times more than sales in China, Saudi Arabia the United Arab Emirates, the world’s other large gold consuming countries.

To put India’s gold consumption into perspective, its average annual gold sales are more than twice South Africa’s current annual production which has slumped to under 300 tons a year from 1,000 tons a year in the early 1980s.

Not only is gold seen continuing to play a role in many of the 10 million marriages that take place in India every year, the yellow metal is also seen benefiting from India’s solid economic growth which has taken it up to the fifth largest economy in the world. Rural Indians are expected to retain their view of gold as a secure and easily accessible savings vehicle while the rapidly growing urban middle class is also expected to continue investing in gold and buying gold products.

However, Dempster’s report does point to the fact that shopping centres are springing up in urban India and “this will affect traditional gold retailers.” Her research stresses that India’s strong domestic economic performance is likely to continue, providing a strong underpin for gold demand in various sectors of the economy.

Another important finding in her research is that Indian gold demand is not necessarily adversely impacted by rising gold prices as the country’s gold demand rose from 571 tons in 2002 to 750 tons in 2005, a period during which gold prices were in a steady upward cycle. Price volatility, on the other hand, is seen as adversely impacting Indian gold demand.