Gold Prices Likely to Remain under Pressure

Gold prices are likely to remain under pressure in the near future mainly due to talks of possible reduction of prevailing high duties and charges, industry experts point out. The price of the yellow metal has been on the negative side since the start of the year. Strong rupee, surging equity market, high duties and import restrictions influenced the sentiments, they said.

“Surging equities and a steady dollar are concerns which may drag gold prices down in the near future as it had shifted investor attention to other asset classes. Also, concerns over hiking the interest rates may further diminish the safe haven appeal of gold,” said C P Krishnan, whole time director, Geojit Comtrade.

However, recuperating from its previous year’s sharp drop, gold and silver witnessed a sharp recovery during the first half of the year.

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Jewellery Quarter given powers to plan its future

Birmingham council awards historic area special status to boost traditional industry and look ahead. Jewellery Quarter businesses and residents are to draw up a masterplan for the historic area after it was granted special status.

Those with a vested interest in the Quarter will write the blueprint for developers to follow after Birmingham City Council gave it neighbourhood planning area status.

The new plan will be drawn up by the Jewellery Quarter Development Trust Neighbourhood Planning Forum.

Its aims include filling empty units and attracting more customers, as well as benefiting both the traditional jewellery industry and other companies making the area their home.

Stephen Whitaker, a board member of the Jewellery Quarter Development Trust, believes it can do much to shape the area for the good.

He said: “We would like to have some say on how buildings are restored.

“The residential and business communities will be pooling their aspirations and coming up with a plan, monitored by the city council.

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