Sudut Bacaan

SINGAPURA: Harga emas menjunam selepas Rizab Persekutuan (Fed) mengekalkan penanda aras kadar faedah dan paras pembelian bon.

Perkembangan itu sekali gus mengukuhkan nilai dolar Amerika Syarikat (AS) serta meletakkan harga emas dalam laluan mencatatkan permulaan tahun terburuk dalam tempoh sedekad.

Fed mengulangi bahawa ia akan mengekalkan pembelian bon bernilai AS$120 sebulan sehingga 'perkembangan besar selanjutnya' berkaitan sasaran inflasi dan pengambilan pekerja dicapai.

Selepas mesyuarat pertama Jawatankuasa Pasaran Terbuka Persekutuan tahun ini, Pengerusinya, Jerome Powell berkata ia akan mengambil masa untuk mencapai ambang yang membolehkan jumlah pembelian bon diubah, sekali gus memberi petunjuk jelas bahawa bank pusat itu tidak akan mengubahnya dalam masa terdekat.

Harga logam berharga susut lebih tiga peratus tahun ini, prestasi Januari terburuknya sejak 2011, apabila pelabur mempertimbangkan pengukuhkan dolar, prospek lebih banyak program rangsangan serta trajektori pandemik COVID-19.

Powell berkata, kesediaan vaksin adalah asas kepada keyakinan, dengan menegaskan bahawa beberapa perkembangan terarah kepada tinjauan lebih baik akhir tahun ini.

"Pelabur tertumpu kepada nada keyakinan Fed terhadap vaksinasi, yang membayangkan pemulihan mantap pada separuh kedua," kata Penganalisis Pasaran Kanan Oanda Group, Edward Moya.

"Emas sukar mendapatkan rentaknya semula sehingga peningkatan dolar berakhir. Fasa pengukuhan emas berterusan dan faktor bulis akan kekal jika harganya dapat bertahan di paras AS$1,800 dalam beberapa minggu akan datang."

Harga spot emas susut 0.4 peratus kepada AS$1,837.29 di Singapura hari ini selepas turut berakhir 0.4 peratus lebih rendah pada Rabu.

Harga perak dan platinum juga merosot, manakala palladium kekal.

Indeks Spot Dolar Bloomberg menokok 0.1 peratus selepas melonjak 0.6 peratus sehari sebelumnya.

-Bloomberg

GOLD inched lower yesterday as the US dollar and Treasury yields firmed, although hopes for additional stimulus in the world’s largest economy kept bullion on course for a second straight weekly gain.

Spot gold eased 0.1% to US$1,911.32 per ounce but was up 0.7% so far this week.

US gold futures shed 0.1% to US$1,912.30. “In the short term, we just seem to lack a catalyst to drive prices higher, ” said IG Market analyst Kyle Rodda. — Reuters“The effect of (fiscal stimulus hopes) has driven up inflation expectations, (but) we’re starting to see nominal bond yields climb as well, which is reasonably significant for gold.”

The benchmark 10-year bond yield scaled a fresh high since March, holding above 1%, and helping the dollar rebound strongly to hit a near two-week peak.

A stronger dollar makes bullion more expensive for holders of other currencies, while higher bond yields increase the opportunity cost of holding the non-interest yielding gold.

Turkey has discovered a massive gold treasure. Total weight of this gold treasure is said to be 99 tonnes. The news was confirmed by a Turkish news agency Anadolu. News of accidental gold treasure discovery often hits headlines, but this one is in a league of its own.  Reason being that the value of this gold treasure is pegged at more than the GDPs of many countries. The value of this gold discovery is said to be 6 billion dollar or Rs 44,000 crore.

These countries have less GDP than Turkish gold treasure

As per Worldometer, GDP of Maldives is 4.87 billion dollars, Liberia is 3.29 billion dollars, Bhutan is 2.53 billion dollars, Burundi is 3.17 billion dollar, Lesotho 2.58 billion dollars. These economies are much lesser in size than the treasure found in Turkey. Similarly, Mauritania, Montenegro, Barbados, Guyana and economies of many others are also smaller than the gold treasure found in Turkey.  

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Where was this gold treasure found?

This treasure was discovered in Central west area of Sogut. The information was shared by Fahrettin Poyraz, who is chief of the Agricultural Credit Cooperatives of Turkey Gubretas Fertiliser Production firm. Poyraz told Turkish news agency that the value of the gold treasure would be around 6 billion dollars.

In September, Fatih Donmez, new minister of energy and natural Resources of Turkey, had said the country has broken a big record with the production of 38 tonnes gold. He had said his target for the next five years is to increase annual gold production to 100 tonnes.  

Gold to be mined in two years

Poyraz said that this gold will be mined in the next two years and it will help the Turkish economy a great deal.  He said Gubretas Fertiliser Producer has won this site with another company in 2019 after a court order. Gubretas share price also jumped by  10 per cent on the news of the gold treasure discovery.  

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New Delhi: Gold prices have fallen over 15% since its August peak causing worry for investors who bought the yellow metal earlier this year amid a virus-induced global economic crisis. So what should investors do with their gold holding in 2021? Should they buy more or sell or hold their gold investment in 2021?

Experts say savers buying into gold in 2021 should hold the investment over a longer time horizon to get the desired levels of returns as the pace of vaccination, expected to begin early next year, gathers momentum and dims the allure of the safe-haven metal in the short run.

Financial planners say asset allocation to gold could decline in the New Year as high-net-worth individual (HNI) investors are disappointed with the fall in price and may shift to equities to benefit from a rebound in expected corporate earnings. Also, there is little signs of global inflation returning, which could have led to buying in gold as a hedge against price hike.

“You cannot keep moving from gold to equity and vice versa just based on what is performing at the moment,” the Economic Times quoted Suresh Sadagopan, founder at Ladder7 Financial Advisors as saying. “You need to invest 5-10% in gold without worrying about short-term price fluctuations. You cannot mix up gold and equities as it will bring losses for you. Gold investment should be on a 15-year time horizon,” he added.

Gold has delivered more than 25% since the beginning of 2020 but there are limited triggers for the yellow metal in 2021. The US election and the uncertainty about the outcome which drove investors to buy into gold earlier this year is over now.

With Joe Biden set to take over, the uncertainty has eased, which has led to selling and brought down prices of gold to Rs 48,000 – Rs 49,000 per 10 gm.

“Gold is precisely one such asset,” the business daily quoted Kshitij Purohit, lead commodities & currency at CapitalVia Global Research as saying. “We expect further weakness in the dollar index. This is due to zero interest rates until 2023, which will continue to support global liquidity.”

But equity markets, too, remain attractive to investors, prompting many of them to shift from gold to equities for better returns.

“Equity should outperform gold and fixed incomes in 2021,” Binod Modi, head (strategy) Reliance Securities, told the publication.

So far the BSE Sensex has risen more than 14% in 2020 while gold prices surged by more than 40% this year to touch the peak of Rs 56,000 per 10 gm and subsequently corrected to trade in the range of Rs 49,000 - Rs 50,000 per 10 gm.

To be sure, some experts see gold as a passive investment. The business daily quoted as saying Joydeep Sen, consultant with PhillipCapital fixed income desk, “Gold per se does not produce anything, in equity, corporates are producing something and in debt, there is a committed coupon.”

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