InfoAnda - India's gold rush with a difference

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Taiwan's Chinatrust: still seeks AIG unit stake | 6 July 2010
2010 warmest ever year, says UN weather agency | 20 January 2011
Sotheby's cautious on Asia sales in fragile market | Entertainment | | 2 April 2009

Israel lets Palestinians flee; UN warns of crisis | 3 January 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : India's gold rush with a difference

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's gold rush with a difference AFP - Sunday, February 22 NEW DELHI (AFP) - - India's imports of gold have collapsed as people rush to sell their jewellery and coins to take advantage of soaring world prices for the precious metal. ADVERTISEMENT India, long famed as the world's largest gold consumer, normally imports 90 percent of its gold needs. But in January, even with the wedding season -- a time of lavish gold gift-giving -- in full swing, it imported just 1.8 tonnes, down from 14 tonnes a year earlier, the Bombay Bullion Association said. So far this month, there have been no imports, association president Suresh Hundia told AFP. This has come on top of a 14 percent drop last year in gold imports to 660 tonnes, down from usual annual import levels of 700 to 800 tonnes. "We're seeing all kinds of people -- middle class, lower class people, old people -- selling their old gold to take advantage of higher prices," said Kapil Kumar Chokshi, a partner at Mumbai's Chokshi Arvind Jewellers. "There are probably several hundred people who line up outside the store a day wanting to sell," he added. Dealers say this influx of scrap gold is a key factor behind the drop in imports along with high prices which are dampening demand. "We're meeting demand from local supply," said Kishore Narne, head of commodities at Anand Rathi Commodities. Gold is climbing strongly on world markets -- in London the spot price last week soared as high as 999.10 dollars an ounce, the highest since March 2008 as investors sought a safe haven amid escalating fears about the global economy. But in India, the local currency's weakness against the dollar has driven the Indian gold price to all-time peaks in rupee terms. "We're seeing old broken bangles, coins... People are clearing out the gold items they don't want. It's different from the rest of the world where people are buying -- here people want to sell their gold," Chokshi said. The country of 1.1 billion people is believed to have one of the world's biggest private gold hoards estimated at up to 15,000 tonnes. Indian spot gold prices surged to a record 15,790 rupees (317.70 dollars per 10 grams this week, up 1,600 rupees so far this month. Many Indians are hoping to buy back gold once the cost comes down, although traders say they may have a long wait. "People who are selling their jewellery expect a correction in the price -- they're completely disconnected from what's happening in the rest of the world," said Devender Kumar, a New Delhi jewellery merchant. "I don't see prices coming down," he said. "I see them going higher." Indians are still buying gold for marriages -- they believe it is auspicious to give gold for weddings and other religious events. But consumers are getting less for their money because of the high cost, said Kumar. "They're still coming in with their budgets of 150,000 rupees or 200,000 rupees but that buys them less gold. They're not increasing their budgets." Kumar said at his store, the volume of gold sold was down by 25 to 30 percent. Those people who just buy gold as jewellery, rather than for a special occasion, are shying away from purchases, waiting for prices to fall, he added. Some wholesalers report gold inventories are starting to pile up. Still, in the investor category, Indians stung by steep share market falls, are snapping up paper gold, or exchange-traded funds (ETFs), seeing them as a safer option. "There's no other asset class on which people are so bullish right now," said an official of Benchmark Mutual Fund. "The people who want physical gold are those who want it for a special reason like marriage or other religious purposes, but people who want to take advantage of the pricing get into exchange-traded funds," he said. Globally, gold purchases are being driven by worries the financial crisis could lead to spiralling inflation long-term, because of the gigantic sums being spent by governments on rescue packages, analysts say. Gold is seen as the ultimate safeguard of value -- able to be used as money when money loses its worth. "Looking at the world economic scenario and with equity markets underperforming, as an investor you don't see any other investment" category to choose, said Narne at Anand Rathi Commodities. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business NEWSMAKER-New Japan finmin in tough fiscal gameReuters - 1 hour 5 minutes ago Australian miner says China takeover saved firmAFP - 1 hour 6 minutes ago Taiwan leader calls for free trade pact with ChinaAP - 1 hour 8 minutes ago Hong Kong telecom workers protest forced leaveAP - 1 hour 9 minutes ago Thai PM denounces protectionist policiesAP - 1 hour 30 minutes ago Enlarge Photo India's gold rush with a difference Most Popular – Business Viewed Huge gamma-ray blast spotted in space Seductive chemicals hidden in sloppy kisses US moves to dispel bank nationalization rumors Malaria: Spoonful of sugar could save thousands of children Bank fears drag down world markets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Sunday, 22 February 2009
North Korea accuses U.S. of war-mongering | International |
Pakistani Taliban say Swat ceasefire to be reviewed | International |
U.S. forces kill 13 Afghan civilians in air strike | International |
Tens of thousands march against cutbacks in Ireland | International |
Rwandan troops start preparations to leave Congo | International |
Sri Lanka rebels say suicide air raids successful | International |
Egypt says to host Palestinian talks on Feburary 25 | International |
Russian protestors demand elections as crisis bites | International |
NOW New York President Slams Media Over Coverage Of Muslim Man's Beheading Of His Wife
Yahoo may reveal management revamp next week: report | Technology |
PA Police Charge 11-Year-Old Boy In Shooting Death Of Pregnant Woman
National Satellite Mistakenly Shows California-Sized Ice Mass Disappear
NOW New York President Slams Media Over Coverage Of Muslim Man's Beheading Of His Wife
2 rockets fired from Lebanon toward Israel
Blast in China coal mine kills 44, dozens trapped | International |
US tests military exit routes out of Iraq
Australia mourns victims of bushfire disaster | International |
Egypt says to host Palestinian talks on Feburary 25
Chavez and Castros hold talks in Havana | International |
Iran blocks Web sites promoting reformist Khatami
BofA rules out nationalization and fresh aid: report
Clinton ends China visit with church, Web chat | International |
Sudan to release 24 Darfur prisoners
Obama hails 'quickest and broadest' tax cut
Barroso calls for curb on bankers' bonuses: report
ASEAN finmins agree outline deal on forex swaps | International |
German FM urges international aid for Opel
Political prisoners among 6,000 freed in Myanmar | International |
Europe aims to restore G20 reform momentum | International |
US, China pledge joint effort on economy, climate change
US military deaths in Iraq war at 4,247
Hillary Clinton: diplomat, politician or advice columnist?
Obama draws fire for 'terror' detainee moves
Yahoo may reveal revamping next week: report | Technology |
Ecuador says expelled diplomat was 'CIA chief'
Analysis: Obama faces split opinion on Iraq future
UN Workers Give Hamas-Written Letter To Kerry To Deliver To Obama
Clinton presides over State Department 2.0
U.S. police plan arrest in Chandra Levy murder
US-TECH Summary
Russian protestors call on Putin to resign
Italian left elects Franceschini to succeed Veltroni
Worst of Guadeloupe's crisis over: French president
Twelve dead as Slovak train hits coach
Oscars set to shake up their act | Entertainment |
The Wrestler wins big at Spirit Awards | Entertainment |
Myers loses his mojo with Love Guru Razzie | Entertainment |
Japan snowstorm disrupts flights, damages houses
Clinton urges China's continued investment in US
Actors union rejects studio contract offer | Entertainment |
Three killed in Thai south: police
NKorea rejects UN envoy's trip: report
'Love Guru', Paris Hilton are top of the flops
Crisis brings threat of crime wave to China
Bird flu virus found again in Nepal
US Screen Actors Guild rejects studio contract offer
Political prisoners part of Myanmar's release
Taiwan leader calls for free trade pact with China
Australia holds national mourning day after fires
Hong Kong telecom workers protest forced leave
Australia will rise from 'ashes of despair': PM
Thai PM denounces protectionist policies
44 dead, dozens trapped in Chinese mine
Clinton urges China to keep buying US Treasuries
Oscar Countdown: Driver, step on the battery
S.Korea may use FX reserves to defend won-Yonhap
Full steam ahead for California bullet train
South Korean data shows trade surplus for Feb 1-20
Labour of love to save Nepal's royal statues
India's gold rush with a difference
Hilton, Myers top Razzies bill for year's worst
Japan bears brunt of global economic crisis
Myers loses his mojo with "Love Guru" Razzie
Vietnam inaugurates first oil refinery
Oscar is in the house: Trophies come to the Kodak
Satyam seeking new investors, auditor after fraud
Oscars secrets revealed! Well, some were, anyway
`Wrestler' wins top indie honors at Spirit Awards
Austerity and irreverance at London Fashion Week
Placing bling is a competitive thing at the Oscars
Sumatran tiger kills 2 loggers in west Indonesia
Moscow defends actions in cargo ship incident
Iraqi lawmaker accused in parliament suicide blast
MP accused in Iraq parliament suicide bombing
Pakistan to allay U.S. fears on pact with Islamists | International |
Oscar's 'Waltz with Bashir' Breaks Barriers In Arab World
Iran conducts tests at Bushehr plant this week
U.S. and Iraq launch new bid to eradicate al Qaeda | International |
Iran to begin operation of 1st nuclear power plant
Terminally ill British TV star marries as cameras roll
Netanyahu says can work with Obama for peace | International |
Sudan's Beshir in Egypt for Darfur talks
Clinton wraps up four-nation Asia tour
Iran conducts tests at Bushehr plant this week | International |
'Bibi' bids for broad Israeli coalition
Congo, Somalia conflicts make 350,000 new refugees | International |
Greece says pirates seize cargo ship off Somalia | International |
Zimbabwe PM Tsvangirai calls for reconciliation | International |
Top Afghan diplomat heads to US for war-review talks
NAACP Calls For Resignation Of NY Post Cartoonist, Editor
Massachusetts Drivers Would Pay Nation's Highest Gas Taxes Under Governor's Plan
Europe economies 'agree need for more regulation'
Pakistan militants mull permanent ceasefire
SKorean serial killer faces family murder charge
Sri Lanka kamikaze attack targeted air force
74 miners die, 114 injured in China mine blast
Clinton ends China visit with church and Web chat
Hollywood actors reject contract offer
Asian FMs agree to boost emergency fund by half
Actors union rejects studio contract offer
Blast in China coal mine kills 74
Vietnam to open first oil refinery
SAG rejects 'final offer' from producers
Taliban hold Pakistan official despite peace talks
Asian ministers: uphold free markets in downturn
73 miners die, 113 injured in China mine blast
Asia diplomats expand crisis fund to $120bln
Asian finance ministers meet on economic crisis
Clinton urges China to keep buying Treasury bonds
YSL art sale may restore market confidence
EU firm on ASEAN food standards: official
Dying TV star Jade Goody's marriage grips Britain
S.Korea expects $2.5 bln trade surplus in Feb
Dying star's TV marriage grips Britain
'Slumdog Millionaire' closing in on Oscars glory
French chef's dream: turn pork-gobbling Czechs into eco-gourmets
"The Wrestler" wins big at Spirit Awards
Hollywood actors reject contract offer
Actors union rejects studio contract offer
Endangered tiger kills 2 loggers in west Indonesia
SAG rejects 'final offer' from producers
'Love Guru', Paris Hilton are top of the flops
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01