| Commodity Market News |
MMTC to import 200 tonnes gold
10 June 2010
MMTC Ltd aims to import 200 tonnes of gold in 2010 as against 187 tonnes a year earlier.
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Gold falls from historic high to Rs 18,725
03 June 2010
After hitting an all-time high of Rs 18,800 on early Wednesday, gold prices faltered at the bullion market on mild speculative selling at higher levels amid lower global advice.
Silver, however, edged up on stray industrial buying. Standard gold (99.5 purity) moved down by Rs 25 per ten grams to end at Rs 18,725 from the overnight closing level of Rs 18,750.
Pure gold (99.9 purity) slipped by Rs 25 per ten grams to Rs 18,815 against yesterday's closing of Rs 18,840.
Silver ready (.999 fineness) inched up by Rs 10 per kilo to Rs 30,010 from Rs 30,000 previously.
Spot gold was quoted lower in Europe at around $1,220 an ounce early today against $1,224.30 in New York on Tuesday.
US gold futures for June delivery eased by $3.90 to $1,220.90 an ounce on the COMEX division of the NYMEX.
Silver was bid at $18.32 an ounce against $18.37 at the previous close.
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April gold imports seen at 27-30 tonne
29 April 2010
India's gold imports are likely to stand at 27-30 tonne in April, as higher prices eroded demand in the world's biggest gold-consuming market.
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China will be prudent in buying gold –official
11 March 2010
China will be prudent in adding gold to its official reserves, wary that any move to buy the precious metal would only serve to drive its price higher.Yi Gang, head of the State Administration of Foreign Exchange, said that while gold was "not a bad asset", it would never become a big part of China's overall investment portfolio.
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Ethiopia, Saudi firm sign gold extraction deal
26 November 2009
Ethiopia has recently signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African. Two firms -- Saudi Arabia's Midroc Gold Co. and Britain's Golden Prospecting Mining Co. -- discovered deposits estimated to contain more than 40 tonnes of gold last month and applied for extraction licences.
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Turkish gold imports to hit record low in '09
24 October 2009
Turkey's gold imports will fall by more than two thirds to a historic low of less than 50 tonnes this year on record bullion prices and an increase in sales of scrap.At the beginning,they were thinking they could reach 100 tonnes, but now, it won't surpass 50 tonnes,feel the traders.
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Gold hits record above $1,070/oz
15 October 2009
Gold rose to a record high above $1,070 an ounce on Wednesday as the dollar slid to 14-month lows against the euro. Spot gold reached a high of $1,070.40 an ounce.
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MMTC to import tur, urad
13 October 2009
State-run MMTC has floated bids for import of 10,000 tonne of pigeon peas (tur) and back mapte (urad) to be delivered between November and December. MMTC said bidders should source 8,000 tonne of tur and 2,000 tonne of urad from Africa and Myanmar.
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MMTC may buy gold from secondary market
24 September 2009
State-owned trading company MMTC said it may consider buying gold from individuals. It does not do so at present.
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Gold imports may fall this year
23 September 2009
India’s gold imports in 2009 may fall to their lowest level since trade was liberalised 12 years ago as high prices have put off buyers in the world’s biggest market for the metal.
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