Kishore Narne News
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Gold futures in Mumbai are poised to extend declines to the lowest level since August 2011 as a falling trend channel signals further losses, according to a technical analysis by Motilal Oswal Commodity Broker Pvt.
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Rajesh Exports Ltd., India’s largest gold jewelry exporter, is spending 18 billion rupees ($328 million) on retail expansion locally to sustain growth and counter declining demand in the U.S. and Europe.
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Indian gold funds are shrinking for the first time since June as investors in the biggest bullion- consuming nation follow billionaire George Soros in pulling money from products backed by the precious metal.
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India, the world’s second-biggest producer of wheat, may fail to boost exports from state stockpiles to make room for a near-record harvest after the government set a price higher than other global shippers.
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Gold demand in India, the world’s biggest consumer of the precious metal, may drop 50 percent during this year’s Akshaya Tritiya festival because of rising prices, trading company RiddiSiddhi Bullions Ltd. said.
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Gold use in India, the world’s biggest buyer, may climb for the first time in three years as rising incomes and inflation boost investment demand, undermining efforts to narrow a record current-account deficit.
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India, the world’s largest bullion buyer, should mobilize idle gold lying with its citizens to curb imports and lower a record current-account deficit, according to the All India Gems & Jewellery Trade Federation.
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India, the world’s second-biggest sugar producer, will consider allowing mills to export an additional 1 million metric tons next week to ease a surplus, according to an official with direct knowledge of the matter.
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Commodity futures trading in India, the world’s biggest gold and sugar user, surged 52 percent in value to a record last year, driven by bullion and farm goods.
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Monsoon rainfall in India, the world’s second-biggest producer of rice, wheat and sugar, may be more than a 50-year average for a third year, potentially helping the nation curb food prices and sustain exports.
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