Gold Rate in Indian Rupees -
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History and Occurrence of Gold Prices in India
Gold is a precious transition metal that is first known to have been used in central and eastern Europe. Gold has been one of the most fascinating metals across the globe. The Romans and the Egyptian civilization record wide use of this metal even thousands of years before Christ. They used it as currency, stamped coins, armor, and jewelry. In 50 BC the Romans issued gold coins termed Aureus. Around 1091 BC the gold squares were used as a source of money in China. Gold occurs across the world generally in low concentration and in native form. South Africa has the largest gold reefs of the World where the metal is present as Veins and stringers in Quartz.
There are many attributes of the metal that distinguishes it from its counterparts and makes it expensive like its malleability, color and non corrosive character. Due to all these attributes, Gold has always been preferred to make jewelry and coins. Its color makes the metal royal in appearance and the non corrosive character makes it survive long enough.
South Africa, until last year, was the greatest producer of gold in the world, which is now replaced by China that produces around 280 tons of metal every year. On the consuming part, India is the largest consumer of gold today. Gold has been an indispensable part of Indian culture from past many ages. It is meant to be pious part in weddings and a prayer ceremony therefore makes India an important destination for the gold suppliers.
In around middle 90s’ gold has replaced silver as an exchange of money. All these didn’t affect the attractiveness of the metal. As the price increased, the demand also increased mainly because that gold assures the safest investment and the best returns in crisis. The demand keeps on increasing both in case of lower price and higher price, either because of the investment in mind or due to some ceremonial issues.
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Why Gold Prices Are Going Down
Gold investors are just not feeling the love, once again left to wonder why gold prices are going down. The yellow metal dipped again Thursday, with gold for June delivery ending down $10 at $1,386.10 an ounce. It was the sixth consecutive trading day ...
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Tracking continuous recovery in international markets, coupled with brisk physical buying at prevailing low levels, gold prices on Monday moved higher by Rs 300 to trade at Rs 27,400 per ten grams in Delhi bullion market. Gold in overseas markets ...
Gold-price drop to offer little relief to India's current account
India's obsession with gold will likely boost the volume of the precious metal's imports, offsetting any relief to the country's trade account from a sharp recent drop in prices, according to HSBC. The “love affair” with gold will deprive the country's ...
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At the same time, crash in gold prices and more benign crude oil prices are sure to benefit India. Given that these two commodities account for large outflow of foreign exchange, lower prices will not only help bring down the current account deficit ...
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The pre-booking that the manager refers to entails customers paying a down payment, usually 10 to 15 per cent, of the price of the gold bar to reserve it for them, and then collect it when the physical bar is supplied, at the current gold rate. “One ...
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Scotgold Resources said the project remained viable and would generate a cashflow of more than £39m before tax over its first seven years of operation, at current gold prices. But it warned that the fluctuating price had dented market confidence. As a ...
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Oil, gold prices bring relief, not comfort
Most experts say that a drop in gold prices encourages consumers to purchase more of the yellow metal. HSBC in a recent report said that the dip in gold prices may not help narrow the current account deficit. "Our quantitative analysis supports this.
Huge gold shopping spree new headache for the Reserve Bank of India
NEW DELHI: India's gold and silver imports shot up 138 per cent on year in April as customers took advantage of lower prices, increasing pressure on the current account balance and limiting the space for monetary easing even though inflation slowed in ...
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Gold's price plummet puts smiles on India's government and brides alike
While the sharp decline in gold prices is set to have a favourable impact on the Indian economy, with its high current account deficit and the overall balance of payment situation, Indian brides have been waiting for just such an occasion. Though some ...
Gold price will hold above $1000: NESDB chief | Bangkok Post: business
It would be difficult for the gold price to continue downwar for five years, he said. Gold is held both as a reserve and as a speculative commodity. The current decline in price was because some countries in Europe have insufficient cash reserves to ...
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The current type of gold is like 142 kk gold i think cu i jhave a book of records and it says that
Find out the current gold prices per ounce and per gram. Check out current gold price per ounce in US dollars in 2011.
The recognised current gold price quoted daily around the world is the London Fix. Many investors also monitor the fluctuating gold spot prices from the (OTC) market ...
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