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Gold, Metal News, Nonferrous Metal, Nonferrous Metals Prices

May 30, 2011

China’s demand for gold to keep rising

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SHANGHAI – Chinese demand for gold bars and coins as private investments could push bullion imports above 400 tons in 2011, the leading global consultancy GFMS said on Friday.

Increased appetite for silver investment products too, combined with a forecast 16 percent annual growth in industrial demand, means China’s total silver consumption could outstrip domestic supply this year, said Philip Kalpwijk, executive chairman of GFMS.

“There is a widening demand for silver as an investment in China because of its lower entry point. It is also being increasingly recognized as an physical investment asset, which will support demand,” Kalpwijk told a conference in Shanghai.

The Chinese government does not publish official statistics on gold imports but the World Gold Council said the country produced 340 tons in 2010.

Last year, total consumption was about 700 tons, leaving a gap of around 300 tons made up either by imports or sales of existing stocks.

The surge in imports, which jumped fivefold last year, has turned China, already the largest bullion miner, into a major overseas buyer. GFMS forecasts imply that imports will continue to grow at a robust pace despite high gold prices.

The explosive demand has been stoked by concerns about inflation and poor returns in the stocks and property sectors. It also been aided by Beijing’s encouragement of retail consumption, such as expanding the number of banks allowed to import bullion.

GFMS said China’s investment demand for gold could hit 300 tons this year, up from 200 tons in 2009. Investment demand for silver stood at around 260 million tons in 2010, the group said.

China National Gold Group Corp predicted that China’s bullion output could reach 400 tons by 2014, a gain of nearly 19 percent from 2010. Consumption was set to grow by nearly a quarter to 700 tons, implying a supply shortfall of about 300 tons in three years.
Demand from China, along with inflation concerns amid a weak dollar, has pushed gold prices to a series of record highs.

Bullion struck a record above $1,575 in early May. Silver touched a record at $49.51 in late April before falling sharply on a broad sell-off in commodities and after exchange operators in Shanghai and New York raised the amount of money required to trade.

Gold’s decade-long price rally could take the metal above $1,600 an ounce by the end of the year, GFMS said.

The investment frenzy in China has also led to booming trading volumes in the spot and forward markets on the Shanghai Gold Exchange (SGE), said the exchange’s president Wang Zhe.

Total gold traded on the exchange rose 28.5 percent from a year ago to 6,051.5 tons in 2010, while the total turnover jumped 57 percent. The trading volume for silver was 73,615 tons in 2010, a meteoric 353 percent rise from a year ago, Wang told a conference on Thursday.

The SGE, China’s only specialized precious metals exchange, started a trial of over-the-counter trading in April and is studying ways of establishing a platform to provide open gold lease rates in China.

China National Gold Group’s President Sun Zhaoxue said Beijing’s move to consolidate the gold-mining sector, improve technology and encourage exploration at depths exceeding 1,000 metres would combine to boost underground reserves and output.

China’s gold output in the first three months of 2011 totaled 73.4 tons, up 4.6 pct from the same period in 2010, the Ministry of Industry and Information Technology said.

Gold, Nonferrous Metal, Nonferrous Metals Prices

April 28, 2011

Live Spot Gold for 28 Apr 2011

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Bid/Ask 319.52 319.73
Low/High 318.94 320.77
Change +0.27 +0.09%
30daychg +22.97 +7.75%
1yearchg +76.00 +31.21%

Gold, Metal News, Nonferrous Metal, Nonferrous Metals Prices

March 30, 2011

Live Spot Gold for 31 Mar 2010

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Bid/Ask 300.09 300.30
Low/High 296.98 301.25
Change +0.44 +0.15%
30daychg +3.09 +1.04%
1yearchg +67.89 +29.24%

Gold, Nonferrous Metal, Nonferrous Metals Prices

December 28, 2010

Live Spot Gold for 28 Dec 2010

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Bid/Ask 295.85 296.08
Low/High 295.34 296.70
Change +1.04 +0.08%
30daychg +5.28 +0.39%
1yearchg +59.98 +5.42%

Gold, Nonferrous Metal, Nonferrous Metals Prices

November 26, 2010

Live Spot Gold for 26 Nov 2010

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Bid/Ask 292.75 292.96
Low/High 292.43 293.78
Change -1.24 -0.09%
30daychg +9.47 +0.71%
1yearchg +37.82 +3.17%
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Gold, Metal News, Nonferrous Metal, Nonferrous Metals Prices

October 27, 2010

Live Spot Gold for 27 Oct 2010

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Bid/Ask 1327.10 1328.10
Low/High 1318.20 1345.40
Change +2.10 +0.16%
30daychg +32.50 +2.51%
1yearchg +287.50 +27.65%

Gold, Nonferrous Metal, Nonferrous Metals Prices

May 31, 2010

Live Spot Gold for 31 May 2010

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Bid/Ask 1220.20 1221.50
Low/High 1210.50 1223.20
Change +4.00 +0.33%
30daychg +40.90 +3.47%
1yearchg +240.60 +24.56%

Gold, Nonferrous Metal, Nonferrous Metals Prices

April 26, 2010

Live Spot Gold for 26 Apr 2010

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Bid/Ask 1156.20 1157.20
Low/High 1149.90 1161.10
Change +3.20 +0.28%
30daychg +49.50 +4.47%
1yearchg +243.20 +26.64%

Gold, Nonferrous Metal, Nonferrous Metals Prices

March 25, 2010

Gold Regains Strength after 6-week Low

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It is reported that gold rebounded strength on Thursday after hitting a 6-week low the previous day, but a strong US dollar capped gains while uncertainties about the outcome of a European Union summit drove some investors away.

Gold, which hovered below the closely watched 50-day and 100-day moving averages, has failed to attract safe-haven buying this week despite fiscal worries about Greece, with losses in equities market putting additional pressure.

Demand from jewellers picked up in Asia after prices fell more than $18 since Monday but low volume suggested consumers were waiting for more declines as bullion traded below the psychological level of $1,100 an ounce.

Spot gold was at $1,088.20 an ounce by 0305 GMT, partly due to a rebound in the euro, up $1.70 from New York’s notional close. On Wednesday, gold dropped to as low as $1,084.85 an ounce, its weakest since Feb. 12, due to falling euro.

Gold was about 5 per cent below a 6-½ week high near $1,150 hit in early March and traded well below a lifetime high around $1,220 seen in December. “There’s a bit of physical buying and this is expected because the price has dropped nearly $20,” said a dealer in Hong Kong. “But sentiment has turned bearish because we have broken several key support levels.”

US gold futures for April delivery fell $1.9 to $1,086.9 an ounce, hovering near Wednesday’s six-week low, ahead of a European Union summit later in the day. EU leaders hold what is likely to be a tense and difficult summit on Thursday, divided over how to help Greece and struggling to maintain confidence in the euro.

“We can say gold still follows movements in the dollar. I really don’t know what they are going to say on Greece and Portugal. Whether they will help them or not,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, referring to the EU summit.

“But I don’t think they will let the IMF help,” said Leung, adding that an intervention by the International Monetary Fund could further weaken the euro.

The euro steadied but hovered around a 10-month low against the dollar after a credit rating downgrade on Portugal added to worries about debt levels in some euro zone nations.

The euro edged up to $1.3326 after falling to $1.3305 earlier on trading platform EBS, its lowest since early May 2009.

The dollar fell against the yen, hurt by sales from Japanese exporters above 92 yen but the greenback retained most of its gains after rising to its highest level since early January on Wednesday.

Uncertainty about currencies and debt problems in the euro zone had pushed up gold prices last week despite a stronger dollar, but dealers said buying had dissipated after bullion failed to sustain the gains.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,120.079 tonnes as of March 24, unchanged from the previous business day.

In other precious metals, silver and palladium steadied after falling sharply the previous day, but platinum extended losses and fell to its weakest in two weeks on selling by Japanese speculators.

Gold, Nonferrous Metal

March 24, 2010

Good Ways to Help You Buy Gold

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gold-barsHas the glitter of gold caught your eye? As the price of the precious metal surges to levels it hasn’t seen in 25 years, investors who might not ordinarily dabble in such things are wondering if gold should be in their portfolio. Some investment advisers tout gold as a way to diversify a portfolio and protect against inflation and a decline in the value of the dollar.

What is the best way to buy gold I am often asked. There is no big secret to this but probably the best way to buy gold is summed up in the word consistency. This means that, regardless of the price of gold at any one time, one continues to buy gold on a regular basis month after month, week after week, regardless of the price.

The cost of your gold is spread out evenly over time this way and, if the price of gold dropped say, at one time for a period, it would not matter particularly as eventually it will rise again and the average value of your gold holdings will remain the same, if not increase. Share investors understand this principle of consistency in buying regular packets of shares and the value and cost of the shares tends to even out.

One aspect that is not understood well is the idea that the value of gold can be too high. In actuality the value of gold remains fairly steady and it is the decreasing value of the currency that gives the illusion of gold being more expensive. The currency is not linked to gold and rides a roller coaster of its own when it comes to inflation and recession. The chart shown gives some understanding of the inflation linked gold price.

So the consistent buying of gold on a regular basis month after month, week after week, will even out the peaks and troughs and the asset value would not be affected by inflation.

In short, saving ones assets in gold is a far better deal than sticking money in the bank.

With gold then, it becomes a matter of choosing what gold one buys, keeping in mind the mark up or premium placed on various gold products.

Some gold coins for example, especially newly minted ones, attract a premium, such as the cost of packaging, shipping, insurance etc, which can be quite costly. Small gold bars can suffer the same costs also.

As in many other products, the more gold you buy in one purchase the smaller the premium you pay. The mark up and costs associated with buying gold in the form of a one kilo bar are far less, per ounce, than buying one ounce bars. Of course you have to pay the price for one kilo of gold and not very many people can afford to do so. How much gold you can buy at one time will depend on how much you wish to salt away for a rainy day on a consistent basis.

There are many places one can buy gold coins and small bars without incurring some of the heavy mark up you have with newly minted gold coins and bars. There is no investment opportunity in buying gold coins in a wooden box which one has had to pay for so provided the coins are sealed in their original plastic containers, a presentation box, although it ‘looks ‘ nice, is really superfluous to an investor.

Coin dealers selling proof coins, auctions and private sales are good look places to look. Join or belong to a coin club or association is a worth while activity since many club members sell coins to each other and there is usually plenty to buy. Scouring the auctions, such as eBay and the like can be time well spent. Spending some time studying the various gold coins and the value is time well spent also. Understanding the values of rare gold coins can net you some good deals also

Basically, applying just a bit of due diligence and some consistency in buying gold coins and bars on a regular basis is really the best way to buy gold!

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