China’s gold demand fell by nearly a fifth in the first half of 2014 from a year ago as consumer interest in bullion bars and coins waned.
Soaring purchases by retail customers in 2013 helped China overtake India as the world largest gold consumer for the first time. That buying “frenzy”, as the metals consultancy Thomson Reuters GFMS described it, was largely driven by the 28 per cent fall in the gold price last year.
Prices have since firmed, with gold up 8 per cent for the year to date, thanks in part to the increased geopolitical risks, from Russia to the Middle East. The yellow metal fell 1 per cent on Thursday to trade as low as $1,292 a troy ounce.
Figures from the China Gold Association (CGA) showed that demand from January to June totalled 569 tonnes, a 19 per cent dip from the 706 tonnes consumed during the same period in 2013.
>> Read More
Above is Daily Chart of GOLD SPOT ,Just see …………………….This we told Yesterday :
India’s central bank said on Wednesday it has sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves.
The Reserve Bank of India said the operation would “standardise the gold available with RBI in India with respect to international standards” and the gold acquired would be delivered to its overseas custodian, the Bank of England.
By holding gold reserves in London, the RBI would gain flexibility to mobilise them if needed to defend the currency. It shipped some of its gold holdings to Britain in 1991 as part of a series of emergency measures to tackle a financial crisis.
This begs the question of who really needs the gold, the RBI, or London bankers? >> Read More
The Indian government could lose a staggering USD 3 billion in revenues over a five-year period on account of differential import duties levied on refined and unrefined gold, says a report.
The estimate is part of the report prepared by global consultancy PwC.
Currently, the import duty on refined gold is 10.30 per cent while that on unrefined or dore gold is 8.24 per cent.
Going by the report, the current 2.06 per cent duty differential — representing USD 25.75/oz — is significantly higher than the refining cost.
“The five-year average potential impact of the current policy could result in up to USD 3 billion in tax revenues being lost to the Government of India,” the report said.
This long-term modelling is based on assumption that average gold spot price is USD 1,400 per ounce (oz). >> Read More
Above is Gold Spot Weekly Chart
Major Hurdle at $1325.92 level.
Now ,Three Consecutive close +Weekly close above $ 1325.92 will create another round of Firework
Target : $ 1354.5——1364 level very soon.
Nearest support levels at $ 1302———–1297 level.
Will Update More to our Subscribers ,Updated at 10:21/22nd June/Baroda/India
Above are Daily Chart of GOLD ,SILVER (SPOT )
Just Click These Links…………..and See Power of CHART & Think :Money MINTED by our MCX Subscribers.
Just see Power of chart !
Technically Yours/ASR TEAM/BARODA
Presented with little comment aside to note the surge in gold since Yellen gave markets the all-clear yesterday. It seems someone decided the open this morning was an opportune time to take on half a billion dollars of gold exposure…
Above is Daily Chart of GOLD SPOT
As Expected Gold had Skyrocketed and our Subscribers/Readers had Minted Great Money.
Now at $ 1276.60
Just have a eye on $ 1278 level ,Now Decisive Crossover and stays above for 30 minutes or more and then Keep a stop of 1268-1266 level.
We see Rally upto 1291-1295 level.
101% More Details to our Subscribers ,Updated at 18:55/15th June/Baroda/India
On 27th May ,We had Written this :
Our Targets were : $ 1235-1222 level.
This is power of chart ,Tons of Money Minted by our Subscribers in GOLD MCX ,SILVER MCX
Technically Yours/ASR TEAM/BARODA/INDIA
Above is Daily Chart of GOLD SPOT
Watch Huge TRIANGLE of $ 41
1308 +41 = 1349 or If Breaks 1284 level then -41 = 1243 is possible.
Major Hurdle at $ 1305
Three Consecutive close above this level +Weekly close will take to 1328—1335 level !
6th TRADING SESSION (From Tomorrow ) will see will unexpected level in GOLD SPOT
Updated at 18:50/22nd MAY/BARODA/INDIA