Gold is something that connects all. Be it the rich or the poor, the
most powerful or the commonman, scholar or illiterate, everyone loves
this shining yellow metal, which can be preserved as bullion, made as
ornaments and pledged at times of financial crunch.
While the primary focus of this portal is Chennai gold price, there
is nothing wrong in updating our visitors about latest happenings
related to gold, from all over the world.
The latest news that is making waves about gold is that, the
consumption of the yellow metal in China has jumped 41 percent in 2013
to exceed 1,000 tonnes for the first time. This has been revealed by
data released by an industry body on Monday (February 10).
According to figures, a sharp slide in prices attracted buyers for
jewellery and bullion, which increased the gold appetite of the Dragon
country, which is one of the largest markets in the world.
China's huge population and its growing economy make the country an
attractive and strong market for any product or service, and gold, the
favorite metal of the Chinese, is no exception to this.
In its website, the China Gold Association said gold consumption in
the country grew to 1,176.40 tonnes last year, with jewellery demand
climbing 43 per cent to 716.50 tonnes and bullion demand soaring 57
percent to 375.73 tonnes.
Chinese demand hit a record as gold prices fell for the first time in
13 years amid an improving global economy and a rally in equities.
Prices tumbled 28 percent in 2013.
The website of China Gold Association also indicated that China's
gold output in 2013 rose 6.2 percent from the previous year to a record
high 428.163 tonnes. This has made the country the world's biggest
producer for a seventh year in a row.
Meanwhile, as per the latest figures on the central bank's website,
China's gold consumption figures do not include demand from the central
bank, whose gold reserves stand at 33.89 million ounces (1,054 tonnes),
unchanged since April 2009.
Meanwhile, coming back to Chennai, the southern city of India which
is known for its love towards gold, the metropolis has just witnessed a
grand expo- the 10th edition of the three day mega B2B, Gem &
Jewellery India International Exhibition (GJIIE 2014).
The exhibition, which started on Friday, brought all attention on
Chennai gold price. The event that took place at Chennai Trade Centre in
Nandambakkam concluded on Sunday.
Organisers of the grand event said the Gem & Jewellery India
International Exhibition (GJIIE 2014) was a grand success and it
witnessed many visitors.
Since global stakeholders camped in Chennai for this fair, Chennai
gold price was under the scanner of everone. Some of the exhibitors at
GJIIE 2014 were Chain and Chains (Mumbai), Derewala Jewellery (Jaipur),
Mukti Gold (Mumbai), JJ Jewellers (Thrissur), Laxmi Diamonds
(Bangalore), Maturshree Gold (Bangalore), Prakash Gold Palace (Chennai),
Vinati Jewellwers (Hyderabad), White Fire (Chennai), Mukti Gold
(Mumbai),
Deepa Jewellers (Hyderabad), RKR Gold (Coimbatore), Jewel Park (Nellore)
to name a few. One can expect much more flashing of beautifully crafted
metal pieces from the other exhibitors as well at GJIIE 2014.
Meanwhile, another latest development is that NCDEX has launched
GoldHedge, which lets traders buy or sell gold at international prices.
Gold Hedge is designed as an intention-matching contract where delivery
occurs only when both the buyer and the seller agree in advance on the
quantity and the location.
National Commodity & Derivatives Exchange Limited (NCDEX) is an
online multi commodity exchange based in India. It is a public limited
company incorporated on 23 April 2003 under the Companies Act, 1956.
It obtained its Certificate for Commencement of Business on 9 May
2003. It has commenced its operations on 15 December 2003. NCDEX is the
only commodity exchange in the country promoted by national level
institutions. This unique parentage enables it to offer a bouquet of
benefits, which are currently in short supply in the commodity markets.
The institutional promoters and shareholders of NCDEX are prominent
players in their respective fields and bring with them institutional
building experience, trust, nationwide reach, technology and risk
management skills. NCDEX is regulated by Forward Markets Commission
(FMC) in respect of futures trading in commodities.
Besides, NCDEX is subjected to various laws of the land like the
Companies Act, Stamp Act, Contracts Act, Forward Commission (Regulation)
Act and various other legislations, which impinge on its working.
For more details;
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