Gold has had a good week, and while it's too soon to call it a rally, things are looking up for the yellow metal as the Indian festival season begins.
Articles Tagged "india"
NDTV Profit reports that Vedanta Resources, a diversified resources conglomerate, is looking to expand into gold mining and is looking at now-defunct Bharat Gold Mines Ltd (BGML), which owns the famous Kolar gold mines in Karnataka State, India.
Positive economic news is hurting gold again, but it could get worse for the metal next week, when the US Federal Reserve makes a decision on quantitative easing.
Scott Carter, CEO of Lear Capital, maintains that despite pressures on gold such as a taper of QE, the metal still has strong fundamentals going for it.
Reuters reports that India is considering a plan to buy gold from citizens, in order to curb gold imports and to ease a plunging rupee.
The decline in the gold price has created a massive buying opportunity in Asia, with gold jewelry, coins and bars flying off the shelves. The World Gold Council crunches the numbers for the second quarter.
Weighed down by a number of factors, gold prices declined Aug. 13 after hitting a three-week high the day before.
All eyes are on the US jobs report coming Friday for signs of if, or when, quantitative easing could taper.
The International Business Times reported that major gold consumer, India plans to extend restrictions on gold imports.
Gold prices fell below the $1,400 an ounce mark June 4 due to fears that India — the world's top gold consumer — may lower its demand for the metal.