MUMBAI/SINGAPORE (Reuters) – Gold prices in major consumer India were quoted at deep discounts to the global benchmark this week on tepid demand and adequate levels of inventory, dealers said.
Prices were quoted at a discount of $8 to $15 an ounce over London prices, much wider than the $1 discount in mid-June, they said.
MUMBAI/SINGAPORE, July 3 (Reuters) – Gold prices in major
consumer India were quoted at deep discounts to the global
benchmark this week on tepid demand and adequate levels of
inventory, dealers said.
Prices were quoted at a discount of $8 to $15 an ounce over
London prices, much wider than the $1 discount in
mid-June, they said.
SINGAPORE/LONDON, July 1 (Reuters) – A decade after China
kicked off a series of gold market reforms, plans to establish a
yuan price fix mark one of Beijing’s biggest step so far to
capitalise on the country’s position as the world’s top producer
and a leading consumer.
While no immediate threat to the gold pricing dominance of
London and New York, the benchmark could ultimately give Asia
more power over bullion trade, particularly if the yuan becomes
fully convertible, industry sources say.
SINGAPORE (Reuters) – Gold jumped along with other safe-haven assets on Monday after the Greece debt crisis took a turn for the worse over the weekend, with Athens looking more likely to default and exit the euro zone.
Spot gold rose 0.6 percent to $1,181.50 an ounce by 0343 GMT, after hitting $1,186.91 earlier in the session, its highest in nearly a week.
SHANGHAI, June 25 (Reuters) – Industrial and Commercial Bank
of China Ltd (ICBC), the world’s largest bank by assets, said it
was interested in participating in the twice-daily London gold
price benchmarking process.
Asia is the largest consumer of gold but the London
benchmarking system has not until recently included any banks
from the region as members.
SHANGHAI, June 25 (Reuters) – China plans to launch a
yuan-denominated gold fix by the end of the year via the
Shanghai Gold Exchange (SGE), in a move aimed at giving the
world’s biggest producer and leading consumer of bullion more
influence over pricing.
The first public confirmation made by an exchange official
comes after Reuters cited sources in February on the proposal
for the fix to be set through trading on the SGE, the world’s
biggest physical bullion exchange.
SHANGHAI (Reuters) – The London Bullion Market Association (LBMA) could soon take steps to report trades of the over-the-counter gold market, but the prospect of higher costs makes an exchange-traded model unattractive to participants for now, its chief executive said.
The LBMA had commissioned consultancy EY, formerly known as Ernst & Young, to review the London gold market and recommend further developments including the possibility of creating an exchange for gold trading in the city.
SHANGHAI (Reuters) – China is expected to receive approval from its central bank for a yuan-denominated gold fix “anytime now”, with more details about the scheme potentially set to emerge at a major industry conference this week, sources told Reuters.
The world’s top gold producer and one of the biggest consumers wants to be a price-setter for bullion and is asserting itself at a time when the global dollar-denominated benchmark, the century-old London fix, is under scrutiny for alleged price-manipulation.
MUMBAI/SINGAPORE (Reuters) – India is planning to issue sovereign bonds linked to the bullion price in an effort to divert some of the estimated 300 tonnes of annual demand for gold bars and coins, and reduce bullion imports that can push up the trade deficit.
The Reserve Bank of India (RBI) will issue the bonds for the government, with a minimum interest rate of 2 percent, according to a draft outline issued by the government late on Thursday.
SINGAPORE (Reuters) – Gold on Friday retained most of its gains from a sharp rally in the previous session, with prices on track for a second weekly jump, bolstered by the Federal Reserve’s caution over U.S. interest rate hikes and a softer dollar.
Spot gold eased slightly to $1,199.40 an ounce by 0342 GMT, after a 1.3 percent gain on Thursday, its biggest daily rise since mid-May. It has gained 1.6 percent this week.