India’s central bank likely sold $12 billion gold reserve in just two weeks to support the rupee – BE report
(Kitco News) – The Reserve Bank of India likely sold $12 billion of its gold reserves and bought $7.5 billion in foreign currency assets during the two weeks ending May 22, according to a new report from Abhishek Gupta, senior India economist at Bloomberg Economics (BE).The BE analysis, published Tuesday, drew on publicly available data to infer that India’s central bank appears to have offloaded a substantial portion of its gold holdings to shield its foreign currency assets from the cascading fallout of the war in the Middle East.
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Iran war volatility has boosted commodities across the complex, and gold, oil and base metals prices will rise even after a deal - UBS(Kitco News) – U.S.-Iran negotiations remain the most important driver of commodity markets in the near term, and an allocation to commodities can help investors hedge against inflation and energy supply shocks over the medium term, according to Giovanni Staunovo, commodity analyst at UBS.In a new update published Monday, Staunovo wrote that commodity market volatility is likely to remain elevated in the near term, but these fluctuations have also added up to significant gains across the complex.
