Multi Commodity Exchange 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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Gold premiums in India, the world’s biggest buyer, more than doubled on speculation that government restrictions on bullion imports by banks to rein in a record current-account deficit would reduce supplies.
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India, the world’s largest supplier of guar gum, lifted a ban on futures trading in the commodity used by Halliburton Co. to extract shale gas after a rally in prices spurred farmers to produce a record crop.
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A surge in demand for gold ornaments and coins after the biggest slump in prices in three decades is poised to boost profit at Rajesh Exports Ltd., India’s largest manufacturer and exporter of jewelry.
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A rush by Indian consumers to buy gold jewelry and coins after the biggest plunge in prices in three decades is prompting jewelers to offer premiums on imports as traders and banks run out of stockpiles, a trade group said.
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The biggest slump in gold prices in three decades is poised to revive jewelry demand among Indian housewives and brides before the wedding and festival seasons, according to Gitanjali Gems Ltd. and Rajesh Exports Ltd.
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The biggest slump in gold prices in three decades is poised to revive jewelry demand among Indian housewives and brides before the wedding and festival seasons, according to Gitanjali Gems Ltd. and Rajesh Exports Ltd.
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Gold buyers in India, the world’s biggest consumer, are flocking to stores to buy jewelry and coins, betting a selloff that plunged bullion to a two-year low may be overdone.
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Cotton planting in India, the world’s largest grower after China, may drop for a second year after the weakest monsoon rains in three years deepened a water shortage in the main growing regions. Futures in Mumbai climbed.
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Muthoot Finance Ltd., India’s biggest lender using gold jewelry as collateral, fell the most in more than a year in Mumbai after a report that the central bank may boost scrutiny of industry loans as gold prices sink.
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