Global gold demand down at 5-year low

November 14, 2014

Global gold demandLondon, Nov 14: Global gold demand fell to its lowest in nearly five years in the third quarter as Chinese buying slid by a third, the World Gold Council said on Thursday, putting it back behind India as the world's biggest gold consumer.

Total gold demand fell 2 per cent to 929 tonnes in the third quarter, the data, prepared in conjunction with GFMS analysts at Thomson Reuters, showed. That is the lowest since the last three months of 2009.

Last year's number one consumer China saw a 39 per cent drop in jewellery consumption as well as a 30 per cent fall in bar and coin investment. Combined demand fell 37 per cent.

India once again took over as the world's biggest gold consumer, buying 225.1 tonnes of gold jewellery, coins and bars last quarter, compared to 182.7 tonnes in China.

India, which lost its crown as the leading gold buyer to China in 2011, saw a 60 per cent surge in jewellery demand in the third quarter.

"Our forecast for the full year is the same for both India and China. We expect demand in both to come in at between 850-950 tonnes," Alistair Hewitt, head of market intelligence at the World Gold Council, said. "Both remain very positive pillars of gold demand."

Demand for gold snowballed in the wake of the financial crisis that followed the collapse of Lehman Brothers in 2008, as investors sought the metal as a portfolio diversifier and safe store of value.

It peaked in 2011 at 4,702 tonnes, but had fallen to 4,080 tonnes by last year. Prices XAU=, which crashed 28 per cent last year, have fallen another 3.3 per cent in 2014. This year the WGC expects gold demand to stabilize.

"We expect gold demand to be largely similar to last year, at between 4,000-4,100 tonnes," said Hewitt.

The third quarter marked the seventh consecutive quarter of outflows from exchange-traded funds. Holdings of the vehicles, which issue securities backed by physical gold, fell 41.3 tonnes last quarter, the data showed.

Global demand for gold jewellery, the biggest single area of consumption, fell 4 per cent to 534 tonnes.

Among supply sources, mine production rose 1 per cent to 812 tonnes, while scrap supply fell 25 per cent to 250.5 tonnes. Year to date, 2014 has seen the lowest level of recycling since 2007, the WGC said.

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News Network
June 27,2020

New Delhi, Jun 27: Delhi Environment Minister Gopal Rai on Saturday called an emergency meeting here to discuss the situation following a locust attack in neighbouring Gurugram.

The minister also directed the administration to be alert, an official said.

"After the emergency meeting, an advisory will be issued on steps to be taken to deal with the situation," Rai told PTI.

He asked the officials of the Agriculture department to make field visits to areas close to Gurugram.

The development secretary, divisional commissioner, director, Agriculture department, and the district magistrates of South Delhi and West Delhi will attend the meeting, the official said.

Earlier in the day, the skies over many parts of Gurugram turned dark as swarms of locusts descended on the town.

However, the migratory pests are likely to spare the national capital for now, officials said.

The swarms of locusts, spread across two kilometres, moved from west to east. They entered Gurugram around 11.30 am, K L Gurjar of the Locust Warning Organisation, Ministry of Agriculture, told PTI.

The pests, he said, were headed towards Faridabad and Palwal in Haryana.

Alarmed at the invasion of the locusts, which settled on trees, rooftops and plants, many residents of Gurugram shared videos from their high-rise perches.

In May, India battled a devastating desert locust outbreak. The crop-destroying swarms first attacked Rajasthan and then spread to Punjab, Gujarat, Maharashtra and Madhya Pradesh.

According to experts, broadly four species of locusts are found in India – desert locust, migratory locust, Bombay locust and tree locust. The desert locust is considered the most destructive.

It multiplies very rapidly and is capable of covering 150 kilometers in a day.

This insect, a type of a grasshopper, can eat more than its body weight. A one square kilometer of locust swarm containing around 40 million locusts can in a day eat as much food as 35,000 people.

Experts blame the growing menace of desert locusts on climate change. They say breeding of locusts is directly related to soil moisture and food availability.

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Agencies
August 7,2020

New Delhi, Aug 7 : Congress leader Rahul Gandhi on Friday slammed the Central government as India crossed the 20 lakh COVID-19 positive cases.

Taking to Twitter, the Congress leader reiterated his earlier tweet, sent out on July 17, which stated "The 10,00,000-mark has been crossed.

With the rapid spread of COVID-19, by August 10, more than 20,00,000 will be infected in the country. 

The government must take concrete, planned steps to stop the epidemic."
"20 lakh-mark has been crossed, Modi government is missing," the Congress leader tweeted today.

The Union Health Ministry has said active cases as a percentage of total cases have seen a significant drop from 34.17 per cent on July 24 to 30.31 per cent.

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News Network
June 24,2020

New Delhi, Jun 24: In a stinging attack on the Gandhi family of the Congress, BJP president J P Nadda on Wednesday said a dynasty and its courtiers have "grand delusions" of the opposition being about itself and stated that a "rejected and ejected" family is not equal to the entire opposition.

In his tweets, Nadda said it was the time for unity and solidarity, and the "relaunch of the scion for the nth time can wait", an apparent dig at Rahul Gandhi, who has been aggressive in his attacks on Prime Minister Narendra Modi for his handling of the border row with China.

Nadda said India lost thousands of square kilometres of land due to the "misadventures of one dynasty" and claimed that the Siachen glacier, where the Indian Army has a strong presence, was almost gone. No wonder India has rejected them, he said.'

The BJP president posted a news report to back his assertions about Siachen.

"One 'royal' dynasty and their 'loyal' courtiers have grand delusions of the Opposition being about one dynasty. A dynast throws tantrums and his courtiers peddle that fake narrative. The latest one relates to the Opposition asking questions to the Government," Nadda said.

Though he did not directly name the Gandhi family or any of its members, the reference was clear.

He said it was the opposition's right to ask questions and added that the all-party meeting called by Prime Minister Narendra Modi saw healthy deliberations, with several opposition leaders giving their valuable inputs.

They also fully supported the Centre in determining the way ahead, Nadda said.

"One family was an exception. Any guesses who," he asked.

Targeting the Gandhis, the BJP president said, "One rejected and ejected dynasty is NOT equal to the entire Opposition. One dynasty's interests are not India's interests. Today, the nation is united and supportive of our armed forces. This is the time for unity and solidarity. Relaunch of 'the scion' for the nth time can wait."

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