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To: JCgold3 who wrote (12683)	6/7/1998 1:04:00 PM
From: goldsnow	Respond to of 116796

Seasonal dip, Indian budget slow Dubai gold trade 05:24 a.m. Jun 07, 1998 Eastern DUBAI, June 7 (Reuters) - A traditional seasonal slowdown and the new Indian budget joined forces to drag Dubai gold re-exports to India lower in the week to Sunday. Dubai-based bullion traders said Indian importers had stocked up on gold supplies ahead of last Monday's budget, which raised the import duty on the yellow metal to 250 rupees per 10 grams from 220 rupees. This meant the market in the world's biggest gold consumer was well supplied for the time being, they said. ''It's a double whammy,'' said a prominent Dubai precious metals trader. ''First we had the usual summer slowdown and then we had the budget raising duties. It's been a very quiet week.'' He estimated that Indian importers had stocked up on about three weeks' worth of supplies ahead of the budget, in anticipation of higher duties. This meant that already-depressed demand for gold from Dubai would remain subdued for the next few weeks. ''Generally this is a lean time. Indian farmers are more interested in planting their crops than buying gold. The high temperatures have also kept many people away from the shops,'' a trader said. Another trader said the onset of the long hot Arabian summer had also depressed retail sales in the downtown Dubai souk. ''The mercury is climbing so there are fewer tourists and the jewellery market is slow. There is not much demand at all.'' Bullion dealers say the demand picture is likely to stay the same for the next few months, until temperatures start dropping in September and the end of monsoons in India signals the start of the wedding season there. Last year Dubai exported to India some 80 percent of the 660 tonnes the Gulf Arab emirate bought in the year. Dubai is the Gulf's main commercial and trading hub. On Sunday, Dubai's benchmark ten tola (TT) bar was quoted in a range of 4,028 to 4,035 dirhams (around $1,098). A week earlier a TT bar, which is 3.746 ounces of 24 carat gold, was trading at 4,048-4,050 dirhams. Spot bullion was last quoted on Saturday at $291.20/291.70 an ounce from $292.70/293.20 a week earlier. ($1-3.67 dirhams) ((Hilary Gush, Gulf newsroom, +971 4 607 1222, fax +971 4 626982, dubai.newsroom+reuters.com)) Copyright 1998 Reuters Limited.

To: JCgold3 who wrote (12683)	6/7/1998 1:12:00 PM
From: goldsnow	Respond to of 116796

JC, Welcome to the thread...India was a nuclear power for years..India was also in conflict with Pakistan since end of British rule in 1947 and of course with China...Yet as far as gold is goes it is predictable...can be count to consume more as its population grows..Probably much more in a future as the wealth of India will grow ..and many economist think that along with China that is a place for growth.. IMO it is naive and plainly a wishfull thinking to imply that India is not entitled to the regional Superpower status (1/6 of world population surrounded by hostile nations (not democracies) New Gvn in India came to power on that platform..wcich was a course for national celebration as it was in Pakistan..Nuclear Issue proved once again that the Country that has it will be taken seriously To imply that it is otherwise is disinjenious and a lip-service

To: JCgold3 who wrote (12683)	6/7/1998 1:30:00 PM
From: goldsnow	Respond to of 116796

'WHERE there is God,' says the old man with a laugh, 'there is money.' telegraph.co.uk