The government will be reviewing all the gold policies in the country because the import of the of it has dipped low in the first half of the year to 2017.
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Despite overwhelming profits from gold this year, gold managers suggest caution to possible risks of deficit.
India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
Due to a cyanide spill in a mine in Argentina, Canadian-owned Barrick Gold is facing a fine of $9.3 million imposed by the local government. Nine current and former employees are also being held as defendants over accusations of negligence that caused the spill.
South Africa's output in the manufacturing and mining sector might not be a good sign to start the year right. More mining sites stopped their operations creating illegal mining. The president should do something as investors are skeptical on how he handles the country's economic situation.
South Africa's gold industry is degenerating along with its economy. With the shut down of many gold mines, many workers are laid off leaving them no jobs and no food. This forces them to mine illegally and make their lives in jeopardy.
The Zimbabwe government will now take control all of the mining fields in the country as the state is being robbed of its wealth. Billions of dollars have been stolen from the nation's treasure chest because of smuggling and swinding according to President Mugabe.
The lawsuit claims a penalty of $18 million as well as the returning of $2 million royalty payment because Jay Z was not abiding by the agreement that he would promote his signature fragrance. Parlux Fragrances claimed that they have lost millions from potential sales and development costs and demanded a compensatory fine.
Asian stocks dropped on low trading volume as commodity producers followed fall in industrial metals and crude oil. Investors and institutions are in the wait and watch mode ahead of US Fed's meeting in December.
Gold prices are at their lowest in three weeks after the Federal Open Market Committee announced that they won't push through with the interest rates hike.
The Shanghai Gold Exchange (SGE) has allowed using physical gold and other securities as collateral on futures contracts trading. The move is aimed at increasing volumes and attracting investors from other markets.
Gold Distribution and Gold ATM Vending Company, Zen Gold, is under heavy fire from Tony Hetherington. The British Entreprenuer claims that his investment in the gold company turned to dust.
The stock markets last week witnessed shifting of priorities to gold and money markets funds as high volatility make equity markets uncertain following the steep fall of over nine percent on Chinese market on opening day of the week Monday. This has led to record outflows from equity funds during the week.
Prices of various precious metals have dropped, hitting junior miners. This prompted the junior miners to venture on various unconventional options, ranging from exporting eggs to farming medical marijuana.
Gold fell more than 1 percent to a five-year low on Wednesday as a bounce in the dollar fueled downside momentum, with investors continuing to pull away from the metal after its dramatic slide earlier this week.
