Crude oil prices fell more than 2% on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Brent crude oil headed towards 2015 highs above $68 a barrel on Thursday after official data showed the first drawdown in U.S. crude inventories since January, evidence the market there is balancing after months of heavy oversupply.
China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.
The hopes of easing gold import norms lost color as C.Rangarajan, Chairman, Prime Minister’s Economic Advisory Council declared that the existing duties and norms of gold imports into India were quite reasonable.
The gold analyst community in India firmly believes that the fluctuation of Indian rupee against the US dollar would largely impact the precious metal prices in India. According to consensus outlook for the year 2014, international gold prices may continue to drop in 2014.