Edition:
India

Peter Hobson

Graphic: Have coronavirus vaccines killed the gold rally?

25 Nov 2020

LONDON Gold has tumbled from record highs as investors, eyeing an end to the coronavirus pandemic, move money to riskier assets.

Exclusive: JPMorgan dominates gold market with record $1 billion precious metals revenue

23 Nov 2020

LONDON JPMorgan has earned record revenue of around $1 billion so far this year from trading, storing and financing precious metals, vastly outperforming rival banks, two sources familiar with the matter told Reuters.

East-to-west flow of gold slows as Swiss exports to India rebound

19 Nov 2020

LONDON The flow of gold from east to west triggered by the coronavirus pandemic eased in October as Switzerland's imports of bullion from Asia fell and it exported more to India than in any month since May 2019, Swiss customs data showed on Thursday.

East-to-west flow of gold slows as Swiss exports to India rebound

19 Nov 2020

By Peter Hobson LONDON, Nov 19 The flow of gold from east to west triggered by the coronavirus pandemic eased in October as Switzerland's imports of bullion from Asia fell and it exported more to India than in any month since May 2019, Swiss customs data showed on Thursday. Switzerland's exports of gold to China remained at rock bottom, however, suggesting that demand in Asia is far from a full recovery. Switzerland is the world's biggest gold refining centre and a transit hub, and its trade data illustrate global market trends. China and India, the biggest jewellery markets, have for years been its biggest export destinations. But coronavirus lockdowns collapsed demand and Switzerland began instead to import gold from Asia to send to the United States and Britain, where investors stockpiled bullion to keep their wealth safe through the turmoil of the pandemic. This stockpiling pushed gold prices to record highs around $2,000 an ounce but the dynamic weakened in October. Investor demand in the west slackened, Swiss imports from Hong Kong, Thailand and the United Arab Emirates fell sharply and exports to Britain tumbled to 19.1 tonnes from 50.9 tonnes in September. Though Switzerland shipped no gold to mainland China and only 53 kilograms to Hong Kong, exports to India swelled to 24.3 tonnes. In total, Switzerland exported 90.5 tonnes of gold in October, down from 105.9 tonnes in September and the least since February. Following are numbers for October 2020 and comparisons. SWISS TRADE DATA (KG) EXPORT (kg) Oct-20 90,472 Sep-20 105,913 Oct-19 111,869 To China To Hong To India To the To Britain Kong U.S. Oct-20 53 24,329 17,667 19,144 Sep-20 1,500 2,428 4,952 13,457 50,901 Oct-19 7,202 293 10,274 393 48,021 * Source: Swiss trade data. Data subject to revision by source. (Reporting by Peter Hobson; Editing by Kirsten Donovan)

Exclusive: Gold market authority threatens to blacklist UAE and other centres

12 Nov 2020

LONDON The world's most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.

Gold fuels big banks' bumper profits as oil bonanza fades

10 Nov 2020

LONDON Lower income from oil reduced commodity-related revenues at the world's ten biggest investment banks in the third quarter, but booming profits from precious metals means they are still set for a bumper year, consultants McKinsey CIB Insights said on Monday.

Gold demand fell to its lowest in 11 years in the third quarter - WGC

29 Oct 2020

LONDON Global demand for gold in the third quarter of 2020 was the lowest in 11 years, as a rush by investors to stockpile bullion slowed and central banks sold metal for the first time in a decade, the World Gold Council (WGC) said on Thursday.

Investors will hoard gold even faster next year, keeping prices high: Refinitiv

23 Oct 2020

LONDON Demand for gold from jewellers and central banks will remain sharply lower in 2021 than before coronavirus, but investors will keep prices high by stockpiling record amounts of bullion, Refinitiv Metals Research said.

Recovering auto production revs up platinum, palladium prices, Reuters poll shows

21 Oct 2020

BENGALURU/LONDON Rising auto production as vehicle makers tentatively recover from the coronavirus shock will lift prices of platinum and palladium, but both metals used in vehicle exhausts will struggle to score significant gains, a Reuters poll showed.

Swiss gold exports to Asia tumble as bullion flows to London

20 Oct 2020

LONDON Switzerland's gold exports to China and India dwindled in September, with the country instead importing record volumes of bullion from Hong Kong and sending metal to Britain, customs data showed on Tuesday.

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