Greece
made last-minute overtures to its international creditors for financial aid on
Tuesday, but it was not enough to save the country from becoming the first
developed economy to default on a loan with the International Monetary Fund.
The left-wing Greek government had asked European partners for a two-year aid
package to cover its financing needs. - Read more
In a rush to raise cash to fulfil banks’
payment commitments, bullion dealers are selling gold at a discount of US $7-8
an ounce (Rs 175 for 10 gm) to jewellery manufacturers and retailers. Abundance
of supply might hit gold import in June, which is estimated to fall to 35-40
tons, a level not seen in the past several months.
- Read more
European investors are increasing purchases
of gold as Greece’s turmoil boosts the appeal for an alternative to the euro.Demand from Greek customers for Sovereign
gold coins was double the five-month average in June, the UK Royal Mint said.
CoinInvest.com, an online retailer, said sales on Saturday and Sunday were the
highest since Cyprus limited cash withdrawals in 2013, driven by a jump in
German, French and Greek buyers. - Read more
Gold dipped on Tuesday as it failed to
garner strong safe-haven bids even with Greece heading for a debt default later
in the session, while a robust dollar and a recovery in stock markets also
weighed. - Read more
Listed jeweller Rajesh Exports is in talks
to acquire a large stake in Swiss gold refinery in an all-cash deal which could
be valued at about US $400 million (over . 2,500 crore at current ex` change
rate).According to two persons aware of the negotiations, the
Bengaluru-headquartered company had sounded out Valcambi, owned by the
S&P500-listed Newmont Mining Corporation, on a possible transaction.- Read more
Hundreds of merchants from China and
Malaysia flocked to Naypyidaw, Myanmar on Friday to inspect jade and precious
stones at an annual auction that offered a glimpse into the country's
notoriously murky but lucrative gems industry.
- Read more
