indian gold

Gold Prices Hit Record High in India

Gold Prices Hit Record High in India

Gold and silver prices in India hit a new all-time high today. The price of gold in India reached 19,470 rupees (Rs) per ten grams in New Delhi on healthy buying from jewelers ahead of Akshaya Tritiya, the annual festival holiday during which it is considered auspicious to buy gold. In terms of U.S. dollars, India’s new gold price record high is $1,185.54 an ounce. Silver prices also rose to a record Rs 31,775 per kilogram (US$19.35 an ounce) on increased offtake by the industrial and coin minting sectors. Despite rising gold prices, the demand for gold in terms of tonnage in India nearly doubled during the first half of 2010, rising 94% to 365 tonnes. In terms of value, gold demand in India rose 122% to over $13 billion during the same period. India’s gold demand is expected to increase a further 25% during the second half of 2010. India seems ready to retain its title as world’s largest consumer of gold with demand increasing for several years to come. But with almost no domestic gold production to speak of, India must import all its gold to feed demand. And investors may be able to leverage increasing Indian gold demand with shares of mineral companies that produce gold for export to India. In my latest free report for Wealth Daily , I give an overview of India’s currently booming gold market and two gold stocks that could be positioned to profit from the rising demand for gold in India. You can read my latest free report by clicking here or finding it on the Wealth Daily website called: India’s Gold Bull Market Good Investing, Luke Burgess Editor, Wealth Daily Investment Director, Hard Money Millionaire and Underground Profits Gold Prices Hit Record High in India originally appeared in Wealth Daily . Wealth Daily is a

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AngloGold to Boost SA Gold, Uranium Production

AngloGold to Boost SA Gold, Uranium Production

AngloGold Ashanti (NYSE: AU ) is planning to boost gold and uranium production from its South African mines. The company says that it will maintain annual gold production of 1.75 million ounces over the next five years with large projects scheduled to increase output further in the next decade. To help achieve this, AngloGold’s Mponeng Mine – one of the deepest and richest gold mines in the world – will undergo a $162 million expansion in order to raise production. Other expansions of gold projects are yet to be approved by AngloGold’s board. The company is also expecting to increase uranium production 54% to 2 million pounds per year. Overall, AngloGold expects to produce 80 million pounds of uranium from the company’s mine dumps. As a South African gold producer, AngloGold plays an important role in meeting gold demand in India. To learn more about Indian gold demand and how AngloGold is helping to supply gold to India amid rapidly increasing demand, check out my latest issue of Wealth Daily called India’s Gold Bull Market . Good Investing, Luke Burgess Editor, Wealth Daily Investment Director, Hard Money Millionaire and Underground Profits AngloGold to Boost SA Gold, Uranium Production originally appeared in Wealth Daily . Wealth Daily is a free daily newsletter featuring contrarian investment insights and commentary.

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India’s Gold Bull Market

India’s Gold Bull Market

Due to a sharp decrease in foreign exchange reserves following the Indo-China War in 1962, the government of India enacted the Gold Control Act. This legislation made the private ownership of gold bullion illegal and created a huge black market for the yellow metal. The Gold Control Act was repealed in 1992 after Indian government needed to sell 40 tonnes of the country’s gold reserves to deal with more forex problems that had the country on the verge of default. What happened next would change the gold market forever… Advertisement The next big play of North America’s Oil Comeback Breakthrough drilling technology has turned an abandoned Alberta oil field into the hottest energy territory in the Western Hemisphere … And one $4-a-share company is positioned for the lion’s share of the spoils. Click here for the on-site proof that 1,239% gains await early investors . How India became the world’s #1 gold consumer Following the repeal of the Gold Control Act, the demand for gold in India began to sharply rise. Indian gold demand immediately shot up 75% in the year after the Gold Control Act was terminated. Overall, gold demand in India increased 174% from 260 tonnes in 1991 to 713 tonnes in 2008. Top 5 Gold Consumers in 2009 India – 480 tonnes China – 428 tonnes USA – 263 tonnes Germany – 134 tonnes Turkey – 107 tonnes Total gold demand in India fell 33% last year as global consumer spending dried up in the face of the worldwide financial recession. Nevertheless, India is still the world’s largest consumer of gold in terms of both tonnage and value. Last year, India alone accounted for 20% of the global consumer demand for gold. This includes 24% of global demand for gold jewelry, which is has traditionally been one of India’s strongest markets. The Indian jewelry market is one of the largest in the world, with a market size of $13 billion. It is second only to the U.S. market of $40 billion. Two Key Facts about India’s Gold Markets Half of India’s annual gold consumption is contributed by demand in just four states: Karnataka, Kerala, Tamil Nadu, and Andhra Pradesh. India’s gold market is estimated to have more than 300,000 jewelers – mostly small, family-run businesses. Gold jewelry forms around 80% of the Indian jewelry market. And during the first half of this year, the volume of growth increased 67% to 273 tonnes. In terms of value, gold jewelry demand increased 94% to $10 billion. Indians traditionally invest in gold by buying gold jewelry. But other gold investments— including gold exchange-traded funds (ETFs) — are rapidly gaining in popularity as investors seek a safe haven and become more aware of the benefits of investing in gold in a non-material form as opposed to holding it as jewelry. The eight gold ETFs that trade on the Bombay Stock Exchange have nearly doubled their bullion holdings in the past year to 11 tonnes. The volume of gold for investment in India grew by 264% to 93 tonnes during the first half of 2010. In value terms, Indian gold investments accounted for over $3 billion — an increase of 300%. Overall, total Indian gold demand in terms of tonnage nearly doubled, increasing 94% to 365 tonnes. Worth over $13 billion, the value of India’s gold demand increased 122% during 1H 2010. Indian gold demand in the second half of 2010 is likely to be at least 25% higher. Analysts at China’s National Spot Exchange recently published a report predicting gold imports to …

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Citigroup (NYSE:C) Sees Silver Outperforming Gold

Over the medium term, Citigroup (NYSE:C) says silver prices could outperform gold prices, as industrial demand for silver continue to rise. Citigroup analyst David Thurtell said this, “Gold is likely to encounter repeated resistance at the US$1,250 mark over the coming month. The seasonal low period for buying in India is upon us, which will take some of the heat out of the market.” Over the

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