MUMBAI : Despite an annual decline in demand by 19% compared to 2008, India retained its numero uno position in gold consumption in 2009 with demand totalling 405.8 tonnes, according to an assessment by World Gold Council. The nation consumer 501.6 tonnes in 2008 and witnessed a weak first quarter sales in 2009.
A commodity research report of SMC, gives the following outlook for Energy, Base Metals and Bullion for today:
In 2009, dollar demand for gold remained above the USD 100 billion mark for the second year in succession against the backdrop of continued turbulence in financial and commodity markets. According to World Gold Council`s (WGC), this resilience in demand was achieved in the context of average gold prices 12% higher than those in 2008, at USD 972.35/oz.
NEW YORK : Last month, billionaire global investor George Soros rattled the bullion world by predicting that gold is an ultimate asset bubble and there was no fundamental reason why the yellow metal price should keep on rising.
H! Friends,
By Sol Palha
India
We are just going to briefly touch this topic today and if time permits spend more time on it in future updates. The Indian Government announced that the economy expanded roughly at 7.2% for this fiscal year; like china this is an astounding growth rate and on the surface would justify the bullishness surrounding its stock market. However, as always there is more to the story than meets the eye.
Mixed trends for black pepper
GOLD TRADING RANGE IS 16535-16891.
BUY GOLD APR @ 16650-670 SL 16618 TGT 16695-16722-16760.MCX (EVE WEAK)
Mustard April futures are trading flat and trading well between the range of Rs 485-495. Volume and open interest is flat, said Dharmesh Bhatia, technical analyst, Kotak Commodity Services. Selling on rise at Rs 493-495 with stop loss of Rs 499 and target of Rs 484 is advisable.
GOLD PCP 16731
TREND-STRONG
R1 16811, R2 16891, R3 16989
MIDLEVEL 16704
S1 16633, S2 16535, S3 16455
BELOW 16650 WEAK
By Dan Norcini
The reflation trade was back on in a big way today as both the commodity world and the equity world witnessed sizeable money flows coming their way. The Dollar’s weak display was enough to send the algorithms wildly to the buy side once again as the war between the inflationists and the deflationists saw the deflation camp in all out retreat during this particular skirmish. Copper, crude oil, soybeans and even lumber were all stronger today.
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