Spot Gold | <b>Gold</b> column: <b>Spot</b> price eases despite Modi's Indian election victory <b>...</b> | News2Gold |
| <b>Gold</b> column: <b>Spot</b> price eases despite Modi's Indian election victory <b>...</b> Posted: 16 May 2014 06:05 AM PDT   The Indian election win for Narendra Modi failed the lift the price of gold, which eased below US$1,300 an ounce on Friday. Analysts had suggested Modi and his Bharatiya Janaata Party would be more supportive of gold than the current government. It is thought the new government will lift the 10% duty on gold imports currently in place. "The Congress Party has put into effect tariffs that have made gold imports anathema and we would not be surprised to see a Modi government move quickly to end those tariffs, believing that free markets are better markets and believing too in the efficacy and supremacy of the individual relative to the government," said commentator Dennis Gartman. Despite geopolitical tensions in Ukraine propping up the gold price, Indian imports have been down during the elections due to restrictions on the movement of cash. Gold eased 0.1% to US$1,295 on Friday, with the Fed seen as continuing its tapering of asset purchases after a string of positive economic data in the US. Spot silver also fell 0.5% to $19.37 an ounce. Notable movers: (), down 0.9% to 4,510.8p. (), down 0.4% to 65p. (), down 2.7% to 837p. No investment adviceThe Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.  |
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