By Anil Mathews

ScrapMonster Author

Egypt Looks for Gold Tenders Success as Two Companies Won’t Bid.

Market Daily & Weekly

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

Egypt Looks for Gold Tenders Success as Two Companies Won’t Bid

Egypt is looking for international gold mining companies to participate in its first exploration tender since 2009 even as two companies already in the country say they won’t bid.

“I would be very surprised if anyone participated in this bid round with the current terms,” David Hall, chief executive officer of Virgin Islands-based Thani Stratex Resources Ltd., which is exploring for gold in Egypt’s Eastern Desert area. Aton Resources Inc., based in Vancouver, would rather focus on existing projects it has in Egypt, Chief Executive Officer Mark Campbell said.

Singapore (Jan 22) Trump’s protectionist statements, with mixed promises of tax cuts and infrastructure spending, increased demand for gold as a safe haven in the week.

Better-than-expected jobs and housing data also reinforced view that US economy is sufficiently robust to warrant rate rises.

Gold is highly-sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

The prices of precious metals in the domestic market are governed by their rates in the international market.

When market opened on Sunday, gold was priced at Rs 54,700 per tola. Its price surged by Rs 500 a tola to Rs 55,200 per tola on Monday. On Tuesday and Wednesday, bullion price edged up by Rs 100 a tola to Rs 55,300 per tola and Rs 200 a tola to Rs 55,500 per tola, respectively. On Thursday, however, gold price fell by Rs 300 a tola to Rs 55,200 per tola on downside corrections and profit taking.

Data Forthcoming Releases

Courtesy: http://kalotipm.com.sg/kaloti-market-report-23rd-january-2017