MANILA/MUMBAI (Reuters) – A fall in global gold prices from their seven-week highs failed to spur physical demand in Asia this week, with premiums in major consumer India slipping, as prospective buyers held off purchases until some stability emerges.
In China, the world’s top gold consumer, investors were still hooked on equities which regained some lost ground after this week’s plunge that roiled global stocks, skipping gold whose prices have failed to rally.
INDORE, India, Aug 27 (Reuters) – India’s overseas purchases
of palm oil in the year starting November are set to rise nearly
eight percent to a record 10 million tonnes as producers dump
the tropical oil at steep discounts, key importer Ruchi Soya
said on Thursday.
Higher purchases by India, the world’s top importer of
cooking oils, could support benchmark Malaysian palm oil
futures which are trading near their lowest level in
6-1/2 years due to soft prices and concerns over China.
PANAJI, India, Aug 22 (Reuters) – Gold prices could
rise above $1,200 an ounce in the next few months as fears of a
currency war following the devaluation of the yuan make equity
markets choppy, boosting physical gold and ETF buying, leading
industry analysts said at a conference.
The metal has already rebounded about 8 percent from July’s
5-1/2 year low, boosted by minutes of the Fed’s last policy
meeting that dented expectations for an imminent rise in U.S.
rates. Spot prices hit a peak of $1,168.40 on Friday.
PANAJI, India, Aug 22 (Reuters) – India’s gold demand might
reach 950 tonnes this year as lower prices spur buying during
the peak festival season and for weddings, the world’s biggest
gold refiner, Valcambi, said.
Stronger demand in the world’s second-biggest gold consumer
could support global prices, which rebounded this week after
hitting a 5-1/2 year low under $1,100 an ounce in July.
PANAJI, India (Reuters) – Indian lenders do not want to raise interest on gold deposits much beyond 1 percent, bankers said, which could derail a government plan to cut massive imports by mobilizing tonnes of gold now stored in households and temples.
Prime Minister Narendra Modi’s government is expected to launch a scheme this year to lure into circulation some of the 20,000 tonnes of idle gold, melting it down and lending it to jewelers, to feed Indians’ ravenous appetite for the metal.
PANAJI, India (Reuters) – Indian lenders do not want to raise interest on gold deposits much beyond 1 percent, bankers said, which could derail a government plan to cut massive imports by mobilising tonnes of gold now stored in households and temples.
Prime Minister Narendra Modi’s government is expected to launch a scheme this year to lure into circulation some of the 20,000 tonnes of idle gold, melting it down and lending it to jewellers, to feed Indians’ ravenous appetite for the metal.
MANILA/MUMBAI (Reuters) – Rising prices curbed physical gold demand from Indian and Chinese buyers, many of whom were reeling from losses in the stock market, cutting premiums on bullion sold in the world’s top two consumers.
Spot gold climbed to a five-week high of $1,141.75 an ounce on Thursday after minutes from a meeting of the U.S. Federal Reserve in July dashed hopes of an interest rate increase in September, as many had been expecting. [GOL/]
MANILA/MUMBAI (Reuters) – Gold’s longest run of price gains in three months kept Asian buyers on the sidelines this week, steadying physical premiums in top consumers China and India.
Yuan-denominated gold prices in China, the world’s biggest consumer of the metal, spiked more than 5 percent this week, boosted in part by investors seeking a secure store of value after Beijing devalued the yuan, traders said.
MUMBAI, Aug 13 (Reuters) – India’s gold demand in the second
half of 2015 could rise by more than a quarter from a year
before as lower prices encourage buying during the peak festival
season towards the year-end, the World Gold Council (WGC) said
Stronger demand from the world’s second-biggest gold
consumer could support the global bullion price, which hit its
lowest in 5-1/2 years below $1,100 an ounce last month.
MUMBAI (Reuters) – India’s natural rubber production is likely to sink as much as 15 percent to its lowest in nearly two decades as farmers suspend tapping due to falling prices, rubber and tyre industry officials said.
Combined with growing local demand, that could force the world’s second-biggest consumer of the commodity to increase shipments from key exporters such as Thailand, Vietnam and Indonesia.