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Lust for gold not paying off.
Falling gold price reignites demand as the bullion loses its appeal in the West.
NEW YORK: investors in David Einhorn's Greenlight Capital Management's offshore gold fund were down 11.8 percent in June, bringing their year-to-date losses in the fund to 20 percent, two sources close to the matter said on Sunday.
Hedge fund Paulson & Co maintained its stake in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, in the third quarter after slashing its stake by more than half in the second quarter when bullion prices plummeted.
THE improving appetite for risk among investors amid a better global economic outlook does not augur well for gold.
GEORGE TOWN: The Penang Goldsmith Association (PGA) is projecting the value of Malaysia’s gold jewellery exports to be about RM4bil for 2018, a decline of about 40% from the RM6.7bil achieved in 2017. PGA says decline is due to 5% value-added tax imposed by UAE.
PETALING JAYA: Gold appears to have regained its lustre in recent weeks, as the US dollar continues to weaken.
The price of gold may have dropped 26.16% over the last two years, from a high of US$1,889.70 in August 2011 to US$1,211.60 an ounce in August 2013, and demand may have declined too, but the exit from the gold market has largely been from gold-denominated ETFs (exchange traded funds) with demands for physical gold remaining very high.
NEW YORK: Hedge fund Paulson & Co in Q1 maintained its stake in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund as bullion prices rebounded from their biggest annual loss in 32 years in 2013, while PIMCO dissolved its gold ETF investment.
THE low price of gold, which is now at about US$1,238 per ounce, has caught the attention of even my doctor. The topic of discussion was whether it is a good time for his wife to shop around for some jewellery.