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Natixis: Higher Tariffs Hurting Indian Gold Demand

Thursday February 5, 2015 2:35 PM

According to data compiled by Natixis, gold imports into India reached 523 tonnes in 2014, a decline of 27% compared to 2013. “The drop in gold imports, from what has been historically the largest consumer of gold, can largely be attributed to import tariffs that were first introduced in 2012,” analysts say. In addition to higher tariffs, they say that a weaker rupee has made the yellow metal more expensive in the local market. However, they are optimistic that demand for gold can pick up in India later in the year. “It will be important to follow the Union budget, which will be announced on 28 February. We would not be surprised to see a cut in gold import tariffs especially as with the collapse of oil prices which should have substantially helped the Indian budget deficit.”

By Neils Christensen of Kitco News; nchristensen@kitco.com

 

When Commodities Find Bottom, Gold Will Shine Through – Triland Metals

Thursday February 5, 2015 1:14 PM

As gold continues to trade below the key $1,300 level, Triland Metals analysts say the financial community is still finding reasons “to be kind to gold as an investment this year.” “[I]t feels technically that gold is eyeing up another move lower to $1,240 at which point it may be interesting to see how much dip buying is seen in the ETF community,” they add. As investors search for yields and as the commodity sector searches for its bottom, “gold’s dual capacity as currency and commodity will shine through, silver more so,” they say. Commenting on Greece, the analysts say that even if Europe finds someone to resolve the debt problem in the country, “this issue will come up again in the future because it is a core problem with the system and ultimately the Greeks are just a scapegoat.”

By Sarah Benali of Kitco News; sbenali@kitco.com

 

Friday's Jobs Report May Push Gold Out Of Triangular Wedge – TD Securities

Thursday February 5, 2015 12:14 PM

A triangular wedge has formed in gold and TD Securities says Friday’s jobs report may push the metal out of its range. “It is becoming increasingly likely the trigger will be tomorrow’s [nonfarm payrolls] data,” says Steve Scacalossi, director head of sales global metals for TD. “While recent data has been negative, and so I would expect a poor print (gold positive), the market has certainly not been playing friendly and whipsaw price action may be the likely result,” he adds. Looking to silver, Scacalossi says it has been ‘behaving’ much better than gold but “will likely take its directive from gold’s potential break out.”

By Sarah Benali of Kitco News; sbenali@kitco.com

 

Gold Looking For Next Direction: TD Securities

Thursday February 5, 2015 10:27 AM

Gold continues to look for the next direction to go this Thursday, says Steven Scacalossi of TD Securities. Scacalossi says gold above $1270 feels strong; below $1260 it looks weak. “[Ye]t it continues to bang around in that range running stops. I've been stopped out of both a short and a long position in the past 48 hours,” he writes in the Thursday report. Scacalossi notes that base metals have followed oil lower, giving back some of the gains from the Chinese Reserve Requirement Ratio (RRR) cut on Wednesday. “This makes the PBOC the 15th global central bank to ease monetary policy in 2015 in a ‘surprising’ move. All of this leads us to ask how gold still has a 12 handle - there should be interesting times ahead,” Scacalossi says.

By Daniela Cambone of Kitco News; dcambone@kitco.com

 

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