|

Asia Gold: Elevated prices deter buyers in key hubs

ByVictoria

In India, domestic prices hit an all-time high of 80,034 ($927.69) rupees per 10 grams on Friday, tracking the international spot gold prices and hovering near a record high of $2,790.15 hit on Oct. 31.

“Retail demand was negligible this week due to the price rise. Most jewellery stores were witnessing thin footfall,” a Chennai-based bullion dealer said.

Chinese gold prices are higher again and close to historical highs, which has sucked out demand but some people are still buying due to the holiday season starting next week, said a mainland China-based precious metal trader.

Source – Reuters

Similar Posts

  • Mayor of Pataz, Peru “Gold is a curse”

    ByVictoria
    0 Comments

    Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.

    “Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.

    He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.

    “This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”

    Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.

    Source – Reuters

  • / /

    Analysts poll on gold and silver

    ByVictoria
    0 Comments

    Analysts in a quarterly Reuters poll have forecast an average annual gold price above $3,000 for the first time, with global trade friction and a swing away from the U.S. dollar powering demand.

    The poll of 29 analysts and traders returned a median forecast of $3,065 per troy ounce of gold for this year, up from $2,756 predicted in a poll three months ago. The estimated price for 2026 rose to $3,000 from $2,700.

    The poll forecast an average 2025 silver price of $33.10 per ounce, unchanged from the previous survey. It has averaged $32 so far this year.

    Analysts lifted their 2026 silver price forecast to $34.58 from $33.45, expecting a structural market deficit and the global clean energy transition to provide support.

    Source – Reuters

  • / /

    Utah bill to allow vendors to be paid in gold and silver

    ByVictoria
    0 Comments

    Bill HB306, now awaiting signature from Governor Spencer Cox, authorizes the state treasurer to issue a competitive procurement for a precious metals-backed electronic payment platform. This will allow state vendors to opt for payment in physical gold and silver.

    Rep. Kenneth Ivory sponsored Bill HB306, and Sen. Keith Grover pushed the legislation through the Senate. The state politicians noted that the legislation is the latest evolution in Utah’s stance in favor of sound money.

    “In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” Rep. Ivory said. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”

    Source – KITCO News

  • /

    iShares silver outperforms gold

    ByVictoria
    0 Comments

    This year’s returns on silver, at 26.8%, have inched slightly above gold, according to the prices of two popular exchange-traded funds, the iShares Silver Trust and SPDR Gold Shares as of Monday’s trading.

    It is the first time the iShares silver ETF has outperformed gold’s year-to-date gains in 48 trading days. As recently as May, the gold fund’s 2025 returns were nearly double that of silver. Much of the catch-up has taken place in June as the silver ETF gained 11% while the gold fund gained 1%.

    Source – Barron’s

  • / / /

    Gold up 5% this week, Silver gained

    ByVictoria
    0 Comments

    Spot gold jumped over 1% to $3,214.92 an ounce, as of 0801 GMT, after hitting a record high of $3,219.84 earlier in the session. Bullion is up over 5% so far this week.

    “Recession risks are mounting, bond yields are soaring, and the U.S. dollar continues to weaken – all factors reinforcing gold’s role as a crisis hedge and inflation shield,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

    “We believe gold has further to run—in the upside case, we target USD 3,400-3,500/oz over the months ahead,” said UBS analyst Giovanni Staunovo.

    Spot silver gained 0.4% to $31.31 an ounce, while platinum added 0.7% to $944.35. Palladium gained 1.9% to $925.43.

    Source – Reuters