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Tag Archives: Gold

Australia’s gold production hits new record high

Australia’s gold production hit an all-time high of 317 tonnes in 2018, breaking the previous record of 314.5 tonnes, which stood for 21 years, consultancy Surbiton Associates says. In the third quarter that ended Sept. 30, the country’s gold output totalled 81 tonnes, making it the third consecutive quarter where it exceeded 80 tonnes, they say in their latest report. ... Read More »

Iran received more than $10 bln in cash, gold

TEHRAN: Iran has received more than $10 billion in sanctions relief from around the world in the form of cash and gold in the past three years, since it signed a preliminary nuclear deal with world powers, The Wall Street Journal has revealed. The large shipments of gold and cash, from oil funds unfrozen in numerous countries, represent the kind ... Read More »

Dubai customs seizes 70g of gold screws at airport

DUBAI: The air intelligence wing of the commissionerate of customs seized 700g of gold that was being smuggled into the country from Dubai and filed a case against an individual for attempting to smuggle the gold through the Goa international airport. With customs officials increasing their vigilance, smugglers are now resorting to creative methods to smuggle gold, this time in ... Read More »

Gold prices fail to hold above $1,100/oz amid tepid physicals demand

BERN: Gold prices have dropped further on Wednesday’s morning session despite a weaker dollar while physicals demand remained stagnant. Spot gold prices moved down to $1,094/1,094.8 per ounce, down $8.5 from yesterday’s close despite a weaker dollar – dollar index nudged down to 97.27, down 0.07 from yesterday. “The precious complex continues to be under pressure following Mondays sharp sell-off,” ... Read More »

Demand for gold expects to increase ahead of Ramadan in Jordan

AMMAN: The current “modest” demand for gold is expected to witness a “sharp increase” over the next two weeks before the fasting month of Ramadan begins, a sector leader said Saturday. Jordan Jewellers Association Secretary Rebhy Allan linked the expected rise in demand to the rush to hold parties and weddings before Ramadan, as well as the end of final ... Read More »

Gold bars bound for Switzerland boosted Turkish exports 30%

ANKARA: Gold bars bound for Switzerland boosted Turkish exports in April, helping it reduce the gap in its foreign trade by over 30 percent. Turkey’s trade deficit fell to $4.97 billion, compared with $7.29 billion a year earlier, state statistics office said in a statement posted on its website on Friday. The median estimate in a Bloomberg survey of 11 ... Read More »

Demand for gold expects to increase ahead of Ramadan in Jordan

AMMAN: The current “modest” demand for gold is expected to witness a “sharp increase” over the next two weeks before the fasting month of Ramadan begins, a sector leader said Saturday. Jordan Jewellers Association Secretary Rebhy Allan linked the expected rise in demand to the rush to hold parties and weddings before Ramadan, as well as the end of final ... Read More »

India customs seizes gold worth Rs 1.99 crore

NEW DELHI: In the largest seizure of the year so far, Customs officials at the Chhatrapati Shivaji International Airport (CSIA) seized gold worth Rs 1.99 crore from the two rear toilets of a Jet Airways flight. According to Customs officials, around eight kgs of gold was stuck to the underside of the wastebin flapper in flight 9W 539 from Muscat ... Read More »

India customs seizes allegedly smuggling 4.2Kg of gold worth £104,000

NEW DELHI: Two Virgin Atlantic cabin crew have been arrested for allegedly smuggling 4.2kg of gold worth £104,000 while working on a flight to India. The cabin crew have been accused of wearing the gold or putting it in their hand luggage on the service from London to Delhi. While reportedly laden with jewellery and ingots they were busy serving ... Read More »

UK customs seizes 41kgs of gold worth Rs 10 crore smuggled in cargo planes carrying household goods

LONDON: The Directorate of Revenue Intelligence (DRI) has waged a new battle — to dig out gold from cargoes of DVD players, mixer grinders, emergency lights and other gadgets. And this battle is going on at different cargo terminals of the airports in Delhi, Mumbai, Kolkata among other places across India. The precious yellow metal is getting smuggled through household ... Read More »

Anglo-Asian Mining to extract 40m ounces gold from Azerbaijan till 2017

BAKU: Anglo-Asian Mining plc which extracts precious metals in Azerbaijan will begin production at its new mine of Gadir from the second half of 2015. The company stated that its underground mine of Gadir is located about one kilometer from the mine complex Gadabay. Last year, the Anglo-Asian Mining started gold production at another mine – Gosha. In 2014, the ... Read More »

Swiss Customs sees a drop in gold exports to China by 67% in April 2015

BERN: According to figures published this morning by the Swiss Federal Customs Administration showed that the Swiss exports of gold to China dropped by around 67 percent in April to just 15.1 tons,. The country’s overall exports of 143.9 tons of gold in April were down 36 percent on the March total, which UBS said in a note is in ... Read More »

India govt reduces import tariff value of gold to $385 per 10 grams

NEW DELHI: Taking cue from global price trends, the government reduced the import tariff value of gold to $385 per 10 grams. The import tariff on silver has also been cut to $544 per kg. During last fortnight, the tariff value on imported gold was $398 per 10 grams and on silver at $567 per kg. The import tariff value is ... Read More »

South African’s Harmony Gold plans to slash over 3,000 jobs, says NUM

CAPE TOWN: Harmony Gold is in talks with unions to cut more than 3,000 jobs at its Doornkop mine, says the National Union of Mineworkers. The gold producer has been struggling to ramp up output at Doornkop since an underground fire last year killed nine people. Harmony had indicated it planned to put the mine on “care and maintenance,” which ... Read More »

Global gold demand down to 5-year low in 2014

ANKARA : Global demand for gold dropped to its lowest level in five years last year, the World Gold Council said in a report released Thursday. Consumer demand for gold fell 4 percent from the previous year, as slow economic growth in Asia dampened sales of jewelry. The council, a London-based non-profit association of the world’s leading gold mining companies, ... Read More »

India, China likely to consume 1800-2000mt of gold in 2015

NEW DELHI: Both India and China are likely to consume around 900-1,000 mt of gold in 2015, which would be an increase from 2014 for India and roughly flat for China, the World Gold Council said Thursday, May 14. India consumed 842.7 mt of gold in 2014, compared with 813.6 mt in China. This was a shift from 974.8 mt ... Read More »

South African gold reserves rise to $71m to 4.850bn

CAPE TOWN: The Reserve Bank reported on Friday said that South Africa’s gold and foreign exchange reserves rose in April. Gross reserves, which include both gold and foreign exchange reserves, rose by $606m to $47bn in April, the Bank said on Friday. Gold and foreign exchange reserves help a country support its liabilities and meet foreign loan commitments, among other ... Read More »

South African gold reserves rise to $71m to 4.850bn

CAPE TOWN: The Reserve Bank reported on Friday said that South Africa’s gold and foreign exchange reserves rose in April. Gross reserves, which include both gold and foreign exchange reserves, rose by $606m to $47bn in April, the Bank said on Friday. Gold and foreign exchange reserves help a country support its liabilities and meet foreign loan commitments, among other ... Read More »

India Customs seizes 41kgs of gold worth Rs 10 crore

NEW DELHI: The Directorate of Revenue Intelligence (DRI) has waged a new battle — to dig out gold from cargoes of DVD players, mixer grinders, emergency lights and other gadgets. And this battle is going on at different cargo terminals of the airports in Delhi, Mumbai, Kolkata among other places across India. The precious yellow metal is getting smuggled through ... Read More »

Gujarat imports 80% of 152 metric tonnes of gold from Switzerland

BERN: The largest gold reserves, easier procedures and least chances of duplication or adulteration have made Switzerland the favourite source of gold imports by bullion traders in Gujarat. In 2014-15, over 80% of the 152 metric tonnes (MT) of gold imported through Gujarat was from Switzerland followed by UAE, South Africa and Australia. Industry insiders say the share of Switzerland ... Read More »