Gold Silver Reports (GSR) – Gold prices edged higher by ₹ 50 to ₹ 31,650 per 10 gram on Monday on increased demand by local jewellers despite a weak trend overseas, reported PTI. Global gold prices edged lower, pressured by a strong US dollar amid prospects of higher interest rates, while global trade worries kept the precious metal supported above a six-month low hit last week.
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Mauritian Exchange Sees $6.5 Billion Gold Trading in Five Years
Gold Silver Reports (GSR) – A Mauritian commodity exchange that plans to start operating in the fourth quarter expects to trade $6.5 billion of gold annually within five years, part of the Indian Ocean island nation’s plan to become a financial gateway to Africa, its chairman said.
Paulson Urges Underperforming Gold Miner to Seek a Buyer
Gold Silver Reports (GSR) – Paulson Urges Underperforming Gold Miner to Seek a Buyer — In a letter to the Toronto-based company’s board, Paulson & Co. said directors had “failed to recruit and oversee a management team capable of operating the Detour Lake mine in a manner that delivers returns to shareholders.” The letter, a copy of which was obtained by Bloomberg, was signed by John Paulson and Marcelo Kim, a partner at the firm.
Gold Prices Climb as Dollar Weakens on EU-US Trade Woes
Gold Silver Reports (GSR) – Gold prices edged up on Monday as a buoyant euro kept the dollar off its 11-month highs, with trade issues between the United States and the European Union further supporting the bullion.
Gold Extends Gains on Jeweller Buying, Positive Global Cues
Gold Silver Reports (GSR) – Gold Extends Gains on Jeweller Buying, Positive Global Cues – In the national capital, gold of 99.9% and 99.5% purity added ₹15 each to ₹31,600 and ₹31,450 per ten gram, respectively………..It had gained ₹15 yesterday. Sovereign gold, however, remained unaltered at ₹24,800 per piece of 8 gram.
Crude Oil Bounces as OPEC Adopts Underwhelming Production Increase
Gold Silver Reports (GSR) – Crude Oil jumped the most since late 2016 after OPEC adopted a smaller-than-expected production increase. – Futures advanced 4.6 percent in New York on Friday to close above $68 a barrel for the first time this month. Although the OPEC-led group of 24 major oil producers approved a 1 million barrel boost to daily output, several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more crude.
OPEC Is Said to Have Deal in Principle With Iran for Output Hike
Gold Silver Reports (GSR) – OPEC has reached an agreement in principle to boost oil production, achieving a last-minute compromise that overcame Iran’s threats to veto any supply hike. The preliminary accord allows for an additional 600,000 barrels a day of oil to flow onto the market, about 0.5 percent of global supply, said a delegate. That reflects a 1 million barrel-a-day adjustment on paper to the production cuts implemented by the Organization of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private.