Browsing all articles tagged with Turkey
Apr
26

Precious Gold Increased More Than 1 pct, Heads for Best Week in 1-1/2 years

Yellow metal was headed for its greatest weekly addition in one and a half years following increasing more than 1 percent on Friday as a mid-month plunge in prices prompt bargain hunting and a surge in physical buying across Asia.

Gold still attracted buying even though the price had bounce back more than $100 since declining to a two year trough of about $1,321 previous week, with dealers reporting a shortage in gold coins, bars, nuggets and other products.

Ronald Leung, chief dealer at Lee Cheong gold Dealers in Hong Kong said that there’s panic buying. Everybody is buying gold. It still has a chance to go up to $1,500 and maybe a bit more. $1,525 is then the big barrier.

It was floating to be up more than 5 percent for the week. Gold posted its biggest daily climb since June last year on Thursday, however was still down 12 percent this year.

Precious metal was up $7.30 per ounce at $1,474.29 by 0408 GMT, off an initial high of $1,484.81 its strongest since April 15.

It’s not simple to go back down to $1,400 as long as the physical market is still firmed. The thing is that there are no immediate stocks.

US gold futures for June delivery climbed as high as $1,484.80 per ounce.

International Monetary Fund said on Wednesday, bullion was also supported by prediction of more central bank buying following Russia and Turkey raised their gold reserves in March, increasing their holdings ahead of a spectacular plunge in prices this month.

Premiums in Singapore stayed at their highest since October 2008 at $3 per ounce to the spot London prices on demand from Indonesia, India and Thailand.

Premiums for gold bars in Hong Kong climbed to at their highest level since October 2011 this week, at rise to $3 an ounce to spot London prices, partly as of an increase in buying interest from China, the world’s second largest consumer following India.

The Indonesians have told me they should begin selling at above $1,450, however they are actually buying some this morning, while the amount is not great. Local demand in Thailand is still good, he also see a pickup in demand for silver.

Apr
25

Gold Rise to 1 Week High, Central Bank Purchases Hold up

Bullion climbed to its highest in more than a week on Thursday, enhanced by prospects of more central bank buying following a recent steep sell off in the gold, as a firmer euro also underpinned prices.

Turkey and Russia raised their gold reserves in March, the International Monetary Fund stated on Wednesday raising their holdings ahead of the spectacular plunge in prices this month that shocked ardent yellow metal investors and bulls.

Central bank purchases and surging physical demand helped precious metal bounce from a two year trough about $1,321 per ounce hit previous week. However daily outflows from exchange-traded funds, reflecting sagging investor confidence capped gains.

Gold reversed early losses and stood at $1,445.56 per ounce by 0621 GMT, climbed $14.76. It strike a high of $1,447.66 per ounce earlier in the session its loftiest since April 15 the day it posted its largest ever daily slump in dollar terms.

Bullion is torn between an increase in demand for jewellery and coins, and investors in ETFs cutting exposure because they became gradually more convinced the US Federal Reserve will look to end its bullion friendly bond buying programme by the end of 2013 or beginning of 2014.

Joyce Liu, an investment analyst at Phillip Futures in Singapore said if the price breaks above $1,447-$1,450 levels, there will be more upward momentum. If it does not we may see a further dip in precious metal prices.

Premiums for gold bars soared to multi year highs in Asia following a spate of physical buying ran down supplies, with dealers in top consumer India expecting a surge in imports this month.

Holdings of the greatest gold backed ETF, New York’s SPDR Gold Trust slump 0.38 percent on Wednesday from Tuesday, their lowest since late 2009.

Dealer in Singapore said strong physical buying in China is overflowing into Hong Kong. I heard if you have gold bars now people will buy them at $2.50 to $3.00 premiums.

US gold for June delivery climbed more than 1 percent to as high as $1,447.50, its largest since April 15, however some dealers cautioned the current rebound in cash and gold futures was far from sustainable.

Gold futures rise on Thursday in electronic trade, on track for a second consecutive proceed supported by strengthening physical demand for the gold and downbeat US economic figures.

Apr
16

Gold miners face New Challenge in Sinking Gold Price

A steep slump in the price of precious metal will strike profits at mining companies that are already straining under increasing costs, and could prompt some miners to reorganize their capital spending.

Although lower prices are not possible to wipe out miners profits, they will squeeze cash flows because companies are still feeling the impact of pricey acquisitions made at the height of the commodity cycle.

Yellow metal companies big and small sold off on Monday and Tuesday as the outlook of central bank bullion sales and fears that the US might reduce monetary stimulus tipped spot gold prices off a ledge, to a more than two year low around $1,300 per ounce.

Canada’s Barrick Gold Corp, which was forced to suspend construction on the Chilean side of its massive Pascua Lama gold and silver mine previous week over environmental concerns, fall 10.4 percent to C$20.55 on the Toronto Stock Exchange.

Pawel Rajszel, Veritas Investment Research analyst, who is broadly negative on the sector said that everybody was take pleasure in the high tide, and now that the tide is coming down you are seeing who’s swimming naked and the thing is everybody’s swimming naked.

The largest declines hit small and intermediate companies, which usually have less flexibility to focus exclusively on high quality assets than major producers.

The S&P/TSX Global Gold index ended with decreasing 9.3 percent on Monday following touching its lowest point since late 2008.

However competitor Goldcorp Inc was down a comparatively modest 4.7 percent at C$28.66.

Evolution Mining, which owns five gold and silver mines in Australia, drop 17 percent on Tuesday on the Australian Securities Exchange, as Alacer Gold, with gold mines in Australia and Turkey slipped 10 percent.

But bullion prices appeared to be recovering a small piece of that rout on Tuesday with futures up $16.90, or 1.2%, to $1,377.50 per ounce.

Aug
18

UN Confirmed Algerian Diplomat as Syria Representative, refugee crisis dire

UN confirmed that expert Algerian diplomat Lakhdar Brahimi would turn out to be the new international negotiator on Syria, as the 17 month old disagreement slipped deeper into civil war and refugees escape to Turkey in growing numbers.

President Bashar al Assad’s forces have twisted progressively more to air power to inhibit lightly armed rebels in the Aleppo and capital Damascus. According to the UN 170,000 have fled the country and more than 18,000 people have died and as a result of the war.

UN spokesman Eduardo del Buey said that the Mr. Brahimi’s the UN Secretary General valued the willingness to bring his significant experience and talents to this critical task for which he will need, and truly anticipated, the clear, strong and unified support from the international community including the Security Council.

Del Buey said, Arab League chief Nabil Elaraby and UN Secretary General Ban Ki moon backed Brahimi’s appointment, he further stated that attaining a diplomatic solution to the Syrian crisis remained as a top priority for the United Nations.

Security Council members China and Russia are resisting Western efforts to increase force on Assad to quit and are reluctant to give even an amber light for military intervention.

UN agencies stated that humanitarian conditions in Syria have worsen as fighting deteriorate, cutting off civilians from health care, food supplies and other assistance, sewage infected water has led to a diarrhea outbreak in the countryside around Damascus with 103 supposed cases.

1.2 million People were pulled up in Syria, several staying in public buildings or in schools, UN officials stated that UN humanitarian chief Valerie Amos visit to Syria said that up to 2.5 million people needed aid there.