Turkey's trade deficit plunges as Gold exports surge

in 30-05-2015

The country's trade deficit was stood at $4.97 billion in April, down 31.9% as compared with $7.29 billion a year earlier, latest data from the state statistics office showed on Friday.

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Gold Price 'Rangebound' as US Confirms Q1 Slowdown, Urges Eurozone Not to 'Wait' on 5-Year Old Greek Crisis

in 29-05-2015

GOLD PRICE losses of 1.3% for the week held little changed in London on Friday, despite a drop in the Dollar following a new estimate showing the US economy shrank 0.7% in the first 3 months of the year.   New data from debt-stricken Greece showed bank deposits shrinking to a 10-year low last month, as US Treasury Secretary Jack Lew urged Eurozone leaders to resolve the 5-year old crisis without "waiting" for it to worsen.   Market measures of so-called 'contagion risk' from a Grexit have fallen, notes London-based consultancy Capital Economics, seemingly "complacent [and] supporting the view that an escalation of the Greek crisis would be another positive for gold."   The Dollar gold price crept up Friday afternoon in London to $1192 per ounce as US stock markets tracked a drop in European shares to open the day lower.   Silver tracked the gold price, also rising from near 2-week lows to $16.80 per ounce.   The Dollar dropped to its lowest level of the week against the Euro near $1.10 after the second estimate of US GDP also confirmed a 0.1% annualized drop in the domestic price level.   "The price of gold has fallen from $1232 to $1180 over the past two weeks," notes a technical analysis from bullion bank Scotia Mocatta.   "We had been bullish the metal while it held above $1200...[but while] momentum is currently to the down side, in the big picture the metal has been a sideways trade the past two months."   "After the rout to the downside," agrees Swiss refining and finance group MKS's trading desk, "the market looks set to continue to trade in a 1180-1195 range.   However, "a break to the downside [is] looking more likely in line with the surging USD."   Over in major gold consumer market India, meantime, "Rupee gold prices are trading at a discount of $3-4 per ounce for the first time in 2015," says a note from precious metals specialists Metals Focus, adding that local silver prices are also trading at a slight discount  to the global benchmark of London quotes.   Unlike Indian gold demand – now entering a seasonal lull with Hindu festival calendars, ending with the late-summer restart of weddings – "Lower silver prices have led to an up-tick in demand for silver jewellery, as well as silverware," says Metals Focus.

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NCDEX introduces new online platform 'Gold Now'

in 29-05-2015

The Gold Now platform will provide an impetus to the domestic recycling industry, which at present consists of 17 refineries.

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DGCX expands ties with Chinese market with China Futures Association MoU

in 29-05-2015

The Dubai Gold & Commodities Exchange (DGCX) further expanded its relationship with the Chinese derivatives market with the signing of a Memorandum of Understanding (MoU) with the China Futures Association (CFA).

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Asian Traders' Demand to Buy Gold Subdued as China Hits 'Liquidity Trap', Shanghai Shares Sink

in 28-05-2015

BUY GOLD bids in London held prices unchanged by the end of Thursday's wholesale trade, with a $5 rally – and a $5 drop – erased as European and US equities fell following the worst 1-day loss in Shanghai's stock market since January.   China's key share index sank more than 6% after three large brokerages tightened their margin financing rules.   With the market valued at some $5 trillion today, the total amount of margin finance hit a record equal to $320bn on Tuesday, says Reuters.   Turnover in China's stock market today hit a record in so-called 'A' class shares of mainland-listed businesses.   "Precious metals subdued," says one London bullion bank, "with 2-way flow emerging...[but] metals consolidating near the recent lows, with little conviction."   The dealers did however see "some light physical demand" to buy gold from Asian traders.   With Dollar prices in London virtually unchanged this morning from when the Shanghai Gold Exchange closed Wednesday, premiums for metal delivered in China edged back, slipping below $1 per ounce on the main contract in steady trade.   Trading volumes to buy and sell Shanghai's international gold contract, in contrast, rose to 2-week highs as the premium for metal stored in the city's free-trade zone – and dealt for Yuan held in offshore accounts  – slipped around 40 cents to just below $2 per ounce above comparable London quotes.   After warning on deflationary pressures in the world's second largest economy yesterday, the People's Bank of China today drained some $16 billion of Yuan from the domestic banking system, by selling short-term repurchase agreements.   "A China-style liquidity trap is taking place," Bloomberg quotes China Everbright's chief economist Xu Gao in Beijing.   "The central bank has pumped a lot of money into the banking system, but banks can't find places to lend the money. So the banks are actually asking the central bank to take back some liquidity."   The US Dollar meantime hit new 12-year highs against the Japanese Yen after new data showed growth in Japanese retail sales slowing to 5%    Commodity prices edged lower, but major Eurozone government debt prices further recovered as a 'source' told journalists that Germany's delegation to the current G7 meeting in Dresden said the recent volatility was a "correction" from the previous high prices, and not a cause for concern.   IMF managing director Christine Lagarde meantime refuted suggestions from Greek sources that the "troika" of Athens' bail-out lenders were near a "comprehensive solution" with the Syriza government.   "Gold in Euro [terms] has stabilized," says a technical analysis from London market maker Societe Generale, pointing to "consolidation since early January within a flag pattern" which is likely to see prices continue their rise once resistance €1130 per ounce is broken.   Prices to buy gold with Euros today moved tightly around €1087 – some 5% above last month's low, and 7% beneath January's surge to 20-month highs.

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Chinese Gold imports from Hong Kong hit 8 month low in April

in 28-05-2015

China imported a total of 750 tons of gold from Hong Kong in 2014, down 32% from a record 1108.8 tons in 2013.

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