Wednesday, June 26, 2013

GOLD RECORDS BIGGEST LOSS AFTER 1920



Gold today plunged to a 34-month low, its record quarterly drop. Gold fell 4.2 per cent to USD 1,224.18 an ounce, the lowest since August 24, 201. Gold dropped 23 per cent this quarter, heading for its biggest loss since 1920. Fed Chairman Ben S Bernanke said last week the central bank may slow its asset-purchase program this year if the economy continues to improve. US durable-goods orders rose more than expected, home sales advanced to the highest in almost five years and consumer confidence climbed, data showed yesterday. About USD 60 billion was wiped from the value of precious metals exchange-traded product holdings this year as some investors lost faith in them as a store of value and speculation grew that the Fed will taper debt-buying that helped gold cap a 12-year bull run last year.
UNDER BEAR GRIP FROM APRIL
Gold entered a bear market in April, extending the retreat from its all-time high of USD 1,921.15 in September 2011. Analysts from Morgan Stanley to Credit Suisse Group and Goldman Sachs trimmed gold forecasts this week, with Morgan Stanley saying that waning investor interest has turned more serious amid a clearer outlook for when the Fed may withdraw stimulus. Silver is 34 per cent lower this quarter, set for the biggest such drop since the start of 1980. It’s the worst performer this year on the Standard and Poor GSCI gauge of 24 commodities. The index is down 5.8 per cent this year, partly on concern that growth may slow in China. Assets in the SPDR Gold Trust, the largest bullion-backed ETP, fell 16.2 tonnes to 969.5 tonnes yesterday, the lowest since February 2009. Global holdings are at their lowest since June 2010. 

IN INDIA...
Gold prices today plunged to one- month low by losing Rs 620 to Rs 26,680 per 10 grams on hectic selling by stockists, triggered by a steep fall in the precious metal's prices overseas. The current fall in the yellow metal prices placed it to a level last seen on May 28. Silver followed suit and plunged by Rs 1,000 to Rs 40,500 per kg on poor offtake by industrial units and coin makers. Traders said selling pressure gathered momentum after gold plunged to a 33-month low in overseas markets as weak US economic data strengthening the case for reduced stimulus from the Federal Reserve as the dollar climbed. Silver sank to its lowest level since August, 2010. Gold in Singapore, which normally sets the price trend on the domestic front, dropped by 2.6 per cent to USD 1,244 an ounce, the lowest level since September 13, 2010 and silver retreated 4.5 per cent to USD 18.76 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity suffered a setback of Rs 620 each to Rs 26,680 and Rs 26,480 per 10 grams, respectively, a level last seen on May 28. Sovereigns followed suit and lost Rs 200 to Rs 24,000 per piece of eight grams. In a similar fashion, silver ready nosedived by Rs 1,000 to Rs 40,500 per kg and weekly-based delivery by Rs 1,025 to Rs 39,590 per kg. Silver coins plunged by Rs 2000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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