No 1 source of global mining news and opinion
A slump in gold prices to a seven-month low in India may stimulate demand in the current festive season, when people traditionally buy more coins and ornaments.
“Overall, the sentiment is positive and this price drop has come at the best time for the market,” said Suvankar Sen, managing director of Kolkata-based Senco Gold Ltd. Footfalls have increased in stores and Indian demand is expected to be 10% to 15% higher than last year in the festival season, he said.
The brighter demand prospect has buoyed shares of major jewelers in India. Kalyan Jewellers India Ltd. has jumped 15% so far this month, Tribhovandas Bhimji Zaveri Ltd. has gained 5%, while Tata Group’s Titan Co. has advanced almost 4%. Shares of SAIF Partners-backed Senco has doubled from the offer price since its listing on Indian exchanges in July.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Besra receives $10m from QuantumGold developer Besra Gold has received the first $10-million from shareholder Quantum Metal Recovery under a $300-million gold purchase agreement. Under the gold purchase agreement, Besra would sell Quantum refined gold from its Bau gold project, in Malaysia, or any other project owned to the company, until three-million ounces has been fulfilled, or aggregate deposits in an amount equivalent to the $300-million had been received from Quantum.
Read more »
WGC, LBMA find interoperability between responsible gold mining, sourcing standardsAn independent evaluation process has confirmed that there is a high degree of interoperability between the Responsible Gold Mining Principles (RGMPs) and the Responsible Gold Guidance (RGG), industry bodies the World Gold Council (WGC) and the London Bullion Market Association (LBMA) say. The RGMPs – developed by the WGC – is an over-arching framework that defines responsible performance for gold miners. The RGG – developed by the LBMA – sets out responsible sourcing considerations to be undert
Read more »
Global impact of Israeli war on Gaza: Markets slump, oil and gold soarThe Bank of Israel earlier said it would sell up to $30 billion of foreign currency to maintain stability.
Read more »
Gold price draws support from geopolitical risk, retreating US bond yields and softer USDGold price (XAU/USD) registered strong gains of over 1% on Monday and settled above the mid-$1,800 in the wake of concerns about the geopolitical tens
Read more »
Gold Price Forecast: XAU/USD could test key $1,880 resistance if the recovery holdsGold price is holding fort above the $1,860 level after hitting a fresh one-week high at $1,865 in Tuesday’s Asian trading. Gold price is cheering a d
Read more »
Gold price hits weekly high on Middle East tensionsNo 1 source of global mining news and opinion
Read more »