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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (36963)	7/10/1999 7:49:00 PM
From: mick	Respond to of 116764

Gold Price I use Munk's hedging program as the actual value of gold. The $ 350 figure you use is where I think it should be. Cheers

To: Crimson Ghost who wrote (36963)	7/10/1999 10:59:00 PM
From: Alex	Read Replies (2) \| Respond to of 116764

Hi George. Good to see you post here again................... India may be in for a gold rush as global prices crash Mumbai 10 July Yet another gold rush may be about to begin in India, with gold prices in international as well as domestic markets falling almost by the day, according to traders. The fall in gold prices on the eve of the Indian festival season has come as a boon to the Indian middle class whose conventional attraction for the yellow metal continues to be strong. “At these prices we expect a good demand from the middle income group,” a jeweller said. “Every Hindu family would like to store a couple of tolas of gold for their children's wedding,” he said. This week the international market saw gold prices crashing to a 20-year-low to touch $257 an ounce. In Mumbai, standard gold went down by Rs 70 on Wednesday. It was quoted at Rs 4,070 as compared to the previous day's closing of Rs 4,140 for 10 gm. The price of 22-carat gold fell to Rs 3,765 from Rs 3,830 and that of the 10 tola (100 gm) gold bar (.999 purity) dropped by Rs 900 to Rs 47,600. Last year, too, there had been a tremendous rush for gold as prices had come down. According to market sources, The Bank of England, on Tuesday, auctioned 25 tonnes of gold at below market rates. The bank put up 803,600 ounces of gold at an allotment price of $261.20 per troy ounce. This is the first of the five auctions in which a total of 125 tonnes of gold will be sold on behalf of the British treasury, market sources say. The next auction of The Bank of England will be held in September. Besides, The Bank of Australia and Swiss Bank are also likely to auction more gold in the coming months, which will further push down the price of gold. The move has sparked off a worldwide selling spree. “Almost every gold trader wants to sell and jewellery makers have been buying cautiously, ensuring that a further fall does not get halted,” said Muljibhai Shah, a bulk seller of readymade jewellery. “Gold being a highly volatile metal, even the slightest change in the international market has a direct bearing here,” says Makhan Lal Damani, president, Mumbai Bullion Association. Traders expect a steady increase in demand as the prices fall. However, non-speculative demand is unlikely to push the prices further up as the international bullion market is flooded with extra gold. Diamond traders, too, are waiting for a fresh demand. “In India, diamond and gold generally move up or down simultaneously,” says Sunil Shah, a diamond trader. The retail jewellery outlets in the western metropolis are silently waiting for hordes of customers. — IANS economictimes.com