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Will gold reserves replace dollar?

ByVictoria

The Reserve Bank of India (RBI) is not increasing the reserves of gold to replace any international currency, Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha.

“Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage,” FM Nirmala Sitharman said.

“I think it is very typical of India, particularly for households of small businesses and, it is normally said, women, but general households also, and women also, to invest in gold because they think it’s far more secure and far more liquid” FM Nirmala Sitharaman said.

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump posted on Truth Social after assuming power as the President of the US.

Source – Mint

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    Sir Paul McCartney gold and silver coins put up for auction

    ByVictoria
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    One gold and four silver pieces are being made available for collectors, the Royal Mint said, and they will be presented through auction via Stack’s Bowers Galleries.

    “Each coin available at auction is a testament to the exceptional skills of our craftspeople at the Royal Mint.

    “Taking hundreds of hours to produce, the masterworks crafted from gold and silver feature highlights from Paul’s career and his journey to becoming one of Britain’s most successful artists in history.

    “The impressive five-kilogram gold coin has also been hand signed by Paul during his Got Back tour at the end of last year – a symbol of his personal seal of approval of this iconic one-of-one piece.”

    People can bid for the coins online up until March 19, when the auction ends, with bidding starting at one US dollar.

    Source – The Irish News

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    Bank of England is busier than they’ve been in years

    ByVictoria
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    They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods. 

    The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.

    “What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”

    Source – Bloomberg

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    Spot gold down 1.3%

    ByVictoria
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    Spot gold was 1.3% down at $2,840.25 an ounce by 10:42 a.m. ET (1542 GMT). Bullion has so far lost 3.2% for the week, its steepest weekly fall since November.

    “I think the main element impacting the gold and silver markets is the profit-taking in week-long liquidation (and) the strong U.S. dollar index,” said Jim Wyckoff, a senior market analyst at Kitco Metals.

    Spot silver fell 0.9% to $30.97, platinum lost 1.1% to $938.50 and palladium slipped 1.5% to $906. All three metals’ prices looked set for monthly declines.

    Source – Reuters

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    Dubai jewelers affected by gold prices

    ByVictoria
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    While U.S. tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor

    “In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.”

    “There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.

    “Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.

    Source – Reuters

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    UBS raised gold target to $3200

    ByVictoria
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    “With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.

    Source – Seeking Alpha

    UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.

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    Silver jewelry demand increasing

    ByVictoria
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    Industrial silver demand set a record last year, but despite the increase in offtake, overall silver offtake declined by 3 percent to 1.16 billion ounces, primarily due to weak investment demand.

    Silver jewelry demand grew by 3 percent to 208.7 million ounces in 2024.

    The Silver Institute reported that improving exports to key Western countries also lifted silver jewelry demand.

    Growth in demand for silver jewelry will likely contribute to increasing overall demand, putting further pressure on already limited silver supplies.

    Source – Money Metals