{"id":11157,"date":"2012-06-06T10:56:56","date_gmt":"2012-06-06T08:56:56","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/asia-gold-price-gains-trigger-scrap-sales-buying-sluggish\/"},"modified":"2012-06-06T10:56:56","modified_gmt":"2012-06-06T08:56:56","slug":"asia-gold-price-gains-trigger-scrap-sales-buying-sluggish","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/asia-gold-price-gains-trigger-scrap-sales-buying-sluggish\/","title":{"rendered":"Asia Gold-Price gains trigger scrap sales; buying sluggish"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Profit-taking sets in after gold jumped on Friday<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Hong Kong, Singapore gold premiums steady; Tokyo premiums<br \/>\nslide<\/p>\n<p><span><\/span><\/p>\n<p>By Rujun Shen and Siddesh Mayenkar<\/p>\n<p><span><\/span><\/p>\n<p>SINGAPORE\/MUMBAI, June 6 (Reuters) &#8211; A sharp rally in gold<br \/>\nat the end of last week prompted a wave of scrap selling in<br \/>\nIndia and elsewhere in Asia as market participants took<br \/>\nadvantage of higher prices, while fresh buying was sluggish on<br \/>\nWednesday.<\/p>\n<p><span><\/span><\/p>\n<p>Spot gold jumped more than 4 percent last Friday on<br \/>\nrising expectations the U.S. Federal Reserve could be forced to<br \/>\nlaunch more monetary stimulus after data showed a surprisingly<br \/>\nweak jobs market.<\/p>\n<p><span><\/span><\/p>\n<p>Prices have since been steady above $1,600, with investors<br \/>\neyeing a European Central Bank policy meeting later on Wednesday<br \/>\nand a speech by Fed Chairman Ben Bernanke on Thursday.<\/p>\n<p><span><\/span><\/p>\n<p>Gloomy equity markets and high interest rates have forced<br \/>\ninvestors in India to cash out of gold, said Prithviraj Kothari,<br \/>\npresident of the Bombay Bullion Association.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There is no money available and people are selling their<br \/>\nold gold,&#8221; Kothari said, adding that India could see scrap sales<br \/>\nrise to 400 tonnes this year, more than triple last year&#8217;s 130<br \/>\ntonnes.<\/p>\n<p><span><\/span><\/p>\n<p>The rupee tumbled to a record low against the dollar last<br \/>\nweek, but has since pared some of those losses. The weak rupee<br \/>\nhas kept local gold prices at lofty levels and dampened buying<br \/>\ndemand in India, traditionally the world&#8217;s top gold consumer.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Profit-taking sets in after gold jumped on Friday * Hong Kong, Singapore gold premiums steady; Tokyo premiums slide By Rujun Shen and Siddesh Mayenkar SINGAPORE\/MUMBAI, June 6 (Reuters) &#8211; A sharp rally in gold at the end of last week prompted a wave of scrap selling in India and elsewhere in Asia as market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-11157","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=11157"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11157\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}