International News
Gold surges above $3,000/oz in historic safe-haven rally
Gold broke through the key $3,000 barrier on Friday for the first time as investors piled on to a historic rally in the safe-haven asset to seek cover from economic uncertainty sparked by U.S. President Donald Trump’s tariff war.
The moment gold investors had long anticipated and many experts had long predicted finally arrived on March 14, when the price of gold broke a landmark price record of $3,000 per ounce. Officially at $3,001.08 as of Friday morning, according to American Hartford Gold, the record price is the latest in a series of highs the precious metal has seen over the past 14 months. And there are strong indications that the price will rise even higher. Priced at just $2,063.73 in January 2024, the metal has gained around $1,000 in price and risen 45% in value, making it one of the hottest assets to invest in right now.
Meanwhile, gold stocks in COMEX-approved warehouses hit a record 40.56 million ounces, as traders rushed to cover positions amid tariff uncertainty. But inflows have slowed in recent weeks.
Investor demand for gold is surging, with physically-backed gold exchange-traded funds (ETFs) recording their largest weekly inflow since March 2022, according to the World Gold Council’s February data.
The SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, saw holdings rise to 907.82 metric tons on February 25, the highest since August 2023. [GOL/ETF]
International News
De Beers Returns To IDE After Nine Years
Part Of A Bigger Plan Launched In July To Boost Local Trade and Bring Back International Business
De Beers has come back to Israel to show off its unpolished diamonds for the first time in nine years. Local diamond traders in Ramat Gan were invited to view the stones in person from October 13 to 15 before placing their bids online.
Bringing De Beers back to the Israel Diamond Exchange (IDE) is part of a bigger plan launched in July to boost local trade and bring back international business.
Having a major player like De Beers return is a big vote of confidence in Israel’s diamond industry and its place on the global stage.
The biggest perk for local buyers? They get to check out the diamonds up close without having to hop on a plane. It isn’t clear yet how many people attended or if the move actually boosted sales.
This auction arm works differently from the main part of De Beers’ business. Most of its rough diamonds—around 90%—are sold through regular sales called “sights.” These happen ten times a year across Botswana, Namibia, and South Africa, where registered buyers inspect their set shipments before making a purchase.
De Beers Returns To IDE After Nine Years
The Government Reduces Duty Drawback Rate For Gold, Silver Jewellery Exports.
Global Gold Exports To Get Boost With New GIFT City Sourcing Rules
MCX Bullion Futures Rise On Positive Momentum In Global Precious Metal Markets.
Global Gold Exports To Get Boost With New GIFT City Sourcing Rules
The Government Reduces Duty Drawback Rate For Gold, Silver Jewellery Exports.
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National News50 minutes agoMCX Bullion Futures Rise On Positive Momentum In Global Precious Metal Markets.
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National News42 minutes agoGlobal Gold Exports To Get Boost With New GIFT City Sourcing Rules
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National News34 minutes agoThe Government Reduces Duty Drawback Rate For Gold, Silver Jewellery Exports.
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International News10 minutes agoDe Beers Returns To IDE After Nine Years
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