Gold Investment News

India’s Gold Imports Up 450% for September

Indian Gold Imports Soar

The Indian government has been proved right once again in not lifting its curbs on gold. Trade deficit has widened the most in 18 months, as imports of the precious metal have surged.

Gold imports jumped about 450% to a new high of $3.75 billion in September (versus $682.5 million y/y). In August 2014, gold imports stood at $2.04 billion.

This as the trade deficit widened to $14.25 billion in September, from $10.84 billion a month before.

Read more on Mineweb.com

 

Higher Gold, Lower Oil Price Trends May Continue

Gold prices may continue to rise and crude oil prices fall as long as expectations remain sluggish for global growth.

Gold prices are at their highest levels in five weeks, while crude oil prices are down at multi-year lows. On Tuesday, Brent crude oil lost more than 4%, recording its largest percentage daily loss for more than three years, according to Commerzbank. West Texas Intermediate prices on Nymex fell to its lowest level in 28 months on Tuesday and petroleum’s losses continue Wednesday.

Oil’s losses stem from worries over economic growth in Europe and China, something that’s been a concern for a while now. Wednesday’s release of a trio of disappointing U.S. data – retail sales, producer price index and Empire State manufacturing index – reminded traders that economic growth, even in the U.S., is tenuous at best. Equity prices are also lower, as are U.S. Treasury yields and the U.S. dollar, all of which support gold.

Read more on Kitco.com

 

Gold Has Longest Rally Since August

Gold capped the longest rally since August as weaker global economies and slumping U.S. equities revived demand for the metal as a haven asset.

More than $970 million has been added to the value of global exchange-traded products backed by bullion this month. The metal has fallen back in favor after Federal Reserve officials indicated weaker foreign expansion posed a risk to the U.S. outlook. American retail sales dropped more than forecast in September, government figures showed today.

Read More on Bloomberg.com

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