Home / Knowledge / News / Fashion / Oil income to fuel gold rush

Oil income to fuel gold rush

09
Feb '06
Rising oil prices will help increase Arab investors income which in turn will influence the international gold market.

Price of gold at New York Stock Exchange was quoted at about $ 440 for troy ounce last year end, and it is set to appreciate to about 30 percent this year.

Arab's invest in gold traditionally and higher dispensible incomes may be diverted to buy gold, opined President of the Brazilian National Gold Association (Anoro) and Director at gold supplier company Marsam Metais, José Inácio Cortelazzi Franco.

Appreciation of gold prices due to increased demand in the Arab countries is only one of the factors that influenced prices, but devaluation of North American currency too was another factor, argued broker Fitta DTVM, André Luiz Nunes Silva.

Arab tradition of investing in gold is due to socio-political compulsions of the region. Instability may force people to carry their belongings, explained Silva.

Price of gold has been appreciating for past five years. During February 2001, it was quoted at $ 260 troy ounce. It went up to $ 300 beginning 2002, $ 340 in 2003, $ 420 in 2004 and $ 440 last year, he elaborated.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 20th Feb 2020

Bangla garment accessories sector may lose Tk 1500 cr

Bangladesh's garments accessories and packaging sector may incur a...

Pic: Shutterstock

Textiles | On 20th Feb 2020

CV outbreak lowered China's cotton consumption: USDA

The novel coronavirus (CV) outbreak and its potential ramifications...

Pic: freemind-production / Shutterstock.com

Retail | On 20th Feb 2020

Authentic Brands announces acquisition of Forever 21

Authentic Brands Group (ABG), a global brand development, marketing,...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

South India has a very strong manufacturing base

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Asim Dalal, Indo Count Retail Ventures

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search