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Diamond and Precious Metals Week In Review: 10/7/05.
Steady global demand for large better quality diamonds. Concerns that U.S. holiday season may be adversely affected by high fuel costs and uncertain economic outlook.
Gold is hovering near 17-year highs. What that means depends on who's doing the interpreting.
According to one school, demand from China and India is pushing the price higher, but another school says gold is up because Western investors are convinced inflation is much higher than their governments admit.
Gold always has been the top investment of choice for bomb-shelter-building doom-and-gloomers - those accumulators of canned goods whom everyone avoids at the family gatherings.
While jewelry accounts for 82 percent of the gold market, "the catalyst of the day is obviously inflation jitters," he said.
Worldwide demand has increased. Demand in India set a record last year, and demand in China jumped as well. In fact, demand was so strong, gold prices held steady in the first half of the year as central banks internationally sold record levels of gold supplies, Hill said.
While gold prices usually fall when the dollar rises, that equation hasn't held recently.
Mounting inflationary concerns, driven largely by higher energy prices, have pushed gold higher despite a stronger dollar.
Further upward price pressure on Gold is expected as Gold consumption in India, the world's largest importer, is expected to surge nearly 33 per cent in 2005 to 850 tonnes because of higher incomes and good farm output, the World Gold Council said on Thursday.
Platinum is up $6 to $935.00 and Silver is up to $7.63.
Stay tuned.
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