Spot Gold (Bullion) climbed as much as 2.4% to $1,611.42 an ounce, the highest level since 2013, and traded at $1,609.28 at 8:32 a.m. in Singapore.
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Asia Gold-India, Singapore Buyers Cash in on Slight Price Correction
Gold Silver Reports (GSR) – Physical gold market demand in Japan slackened this week as prices rallied, while a market correction towards the latter half of the week lured some buyers back in India and Singapore.
How Does Gold Impact the Indian Economy?
India’s gold market is driven primarily by the consumption and fabrication of the yellow metal. Both have a significant impact in terms of economic value add, employment, contribution to foreign exchange earnings, and the trade balance. A report commissioned by the World Gold Council from PricewaterhouseCoopers estimated that gold made a direct contribution of more than $30 billion to the Indian economy.
Nikkei Hits 27 Year High on Strong Dollar, Wall Street Gains
Japan’s Nikkei hit a 27-year high on Friday, taking heart from a boost for the dollar after the Federal Reserve chairman said he did not expect a near-term recession, and strong gains on Wall Street overnight.
Crude Oil Imports may be Cut as Price Forecast Put at $100 a Barrel
With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed U.S. demands to rapidly push down crude prices.
Trump, Kim Express Optimism on Path to Peace as Summit Kicks Off – Donald Trump-Kim Jong Un Summit In Singapore
Gold Silver Reports (GSR) – President Donald Trump and Kim Jong Un expressed optimism that the U.S. and North Korea could find a path toward peace, opening a highly anticipated summit between two adversaries that only last year had seemed on the brink of nuclear war. “I believe this is a good prelude for peace,” Kim said as the two men sat accompanied by top aides an hour into their meetings in Singapore. Trump responded by saying “I do, too.” Looking Kim in the eye, he said “we will solve it, we will be successful.”
Chris Anstey Managing Editor, Asia Cross-Asset Markets – Donald Trump-Kim Jong Un Summit In Singapore
Gold Silver Reports (GSR) – Chris Anstey Managing Editor, Asia Cross-Asset Markets – Another potential implication is if these talks result in North Korea releasing people Japan says were abducted from its shores over the decades. It’s an emotive issue in Japan, and Prime Minister Abe has repeatedly pressed Trump to push on this. A release of abducted Japanese could help Abe, who’s been struggling in the polls. He faces a leadership contest in the ruling party in September.
Rosalind Mathieson, International Government Executive Editor – Donald Trump-Kim Jong Un Summit In Singapore
Gold Silver Reports (GSR) – Rosalind Mathieson, International Government Executive Editor – We’re all Googling “Oiseon,” which is a Korean stuffed cucumber and is on the menu for lunch. The vegetables are filled with meat (according to Wiki, chicken or beef, plus onion and seasoning) and then steamed. Hopefully not a …
Jiyeun Lee, Korea Economy Reporter – Donald Trump-Kim Jong Un Summit In Singapore
Gold Silver Reports (GSR) – Jiyeun Lee, Korea Economy Reporter – So what would North Korea gain from any agreement? It’s currently one of the world’s poorest nations — any progress at the summit might lead to much needed economic opportunities.
Kyung Bok Cho, Breaking News Asia Managing Editor
Gold Silver Reports (GSR) – Kyung Bok Cho, Breaking News Asia Managing Editor – In what appears to be a reference to today’s summit, Im Jong-seok, the chief of staff to the South Korean president, said the following in a Facebook post: