Page 36 - Bullion World Volume 02 Issue 01 May 2022

Bullion World | Volume 2 | Issue 01 | May 2022
INTERNATIONAL news

Dubai gold market set for glittering

heights

The gold market in Dubai, chock-a-block with over 300 Indian jewellery shops, will
likely reach dizzying heights both in volume and value once the free trade agreement
between India and the United Arab Emirates (UAE) kicks in. The trade pact, likely to
be effective from May 1, has clubbed Indian gold with other items that will attract zero
import duty, down from the current level of 5%. But gold producers and retailers that
ET spoke to on the condition of anonymity are concerned that the agreement does
not have any provisions to address the smuggling of the yellow metal from Dubai and
other cities of the UAE into India.

Source: https://economictimes.indiatimes.com

Russia’s miners seek new Russia moves closer to

ways to sell $20b annual gold the gold standard and

output what it really means

This was Putin’s first major offensive against the global
Russia’s huge gold industry is searching for new ways to sell its metal, financial markets, which had sought to corner Russia
including direct exports to China, India and the Middle East, as sanctions by imposing sanctions at multiple levels. After putting
choke off its traditional sales routes, precious metal analysts said. sanctions on Russian payments, the latest round of
sanctions by the US decided to curb the Russian trade
According to people familiar with the matter, the direct export strategy in gold by disallowing the citizens of the US and its
being pondered by Russian miners, who desperately seek to sell the allies from trading with Russian banks for gold.
roughly 340 tonnes worth about $20 billion they produce each year,
comes in the wake of the latest sanctions move by the US and its G7 Source: https://www.indiainfoline.com
partners to bar all transactions with the Russian central bank’s gold
reserves, valued at roughly $130 billion.

Source: https://www.khaleejtimes.com

China’s imports have shifted platinum into global

deficit, says independent consultant

China’s importation of platinum has shifted platinum’s supply balance into deficit, says an independent precious metals consultant.
Supply-and-demand forecasts presented to the market are not giving the complete picture. This has led to the contradiction of
global markets reporting significant surpluses while exhibiting distinct tightness, he points out. When taking China’s imports into
account, global above-ground stocks are significantly higher than the level reported, according to his calculations.

Source: https://www.miningweekly.com

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