Stock market drop prompts gold rush • Gold demand spikes in run-up to Diwali celebration • RNC Minerals registers stellar results • Gold buying central to strategy in Europe and Asia
With India’s Diwali celebration looming, the Royal Mint’s Chris Howard looks back at what the week has held for precious metals.
I am off with the Royal Mint team to Boston this weekend to attend the London Bullion Market Association’s (LBMA) precious metals conference – and with the Diwali celebration the week after next, it’s a full-on time for us all in the sector.
With stock markets on a downward trend, there has been a rush to safe haven assets such as gold.
Let’s see what went on this past week in the world of precious metals.
Gold demand spikes in run-up to Diwali
As we get closer to Diwali next month, India has witnessed a sharp rise in demand for gold – reportedly the highest so far this year – as local jewellers rush to snap up more of the precious metal.
Very exciting that the gold market benefits in the run up to the wonderful Hindu festival of lights.
RNC Minerals registers stellar results
Boom times for RNC Minerals. The Toronto-based company enjoyed a 199% increase in gold production in Q3 this year compared to the same period in 2017.
These impressive results follow hot on the heels of more positive news for the company after its significant recent discovery at the gold and nickel Beta Hunt Mine.
A great period for RNC Minerals!
Gold buying central to strategy in Europe and Asia
Central banks are expected to increase their gold buying by the end of the year following news that various countries across Europe and Asia are looking to diversify their reserves.
This will be the first time since 2013 that central banks have increased their holdings of the precious metal.
This is an interesting development – let’s see if it comes to fruition before the end of 2018.
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