Interestingly, during the year 2014 the World’s five-year highest quantity of gold was produced. The gold-production in 2014 stood at 2,860 metric tons while in the year 2013 it was 2,800 metric tons.
Hyderabad : The week ended Saturday was marked by a paradox. On the one hand, the global gold market had a reason to rejoice over clear indication of upward revision of the Fed interest rates in December which would eventually further bring down the gold-price, while on the other, dastardly terrorist attacks on Friday night in Paris leaving over a hundred dead raised serious concerns about strengthening defense mechanism not only in the victim countries like France but almost in all the civilised nations of the World. Thus, amidst dampened mood of the market, the yellow metal touched the six and a half year’s low in the international market.
Interestingly, during the year 2014 the World’s five-year highest quantity of gold was produced. The gold-production in 2014 stood at 2,860 metric tons while in the year 2013 it was 2,800 metric tons. The total World’s gold production stood at 2,560 metric tons in 2010, 2,660 metric tons in 2011 and 2,690 tons in 2012 respectively. Baric Gold recorded the highest gold-production in the year 2014.
Within the country, Diwali festival did not bring the much awaited glitter in the market. Despite the gold price ruling low, there was no rush in the markets and the sales of gold jewellery were reportedly lower by 25 per cent. However, taking advantage of the lower price, gold-importers bought 13 per cent more gold during the three months period from July-September. Significantly, the import was lower by 25 per cent in the preceding quarter, April-June.
It is notable that both gold and silver have consistently lost their shine. In the last four years, standard gold recorded a decline of Rs 6,150 (per 10 gms) while silver declined by Rs 26,000 (per kg).
During the week both the precious metals declined. On the closing day, standard gold closed lower by Rs 220 (per 10 gms). Similarly, Silver (0.999) too, closed lower by Rs 1,000 (per kg). Standard gold (24 carats) closed at Rs 25,800 (per 10 gms) vis-à-vis Rs 26,020 in the last week .
By Dr HC Upadhyay