Revelation Group India

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Aim / Vision / Mission

“Create New Business Frontiers For A Billion Entrepreneurs.”

Happenings / News / Press Coverage

January 12th, 2010

Gold, trading little changed in Asia, may reach its highest level in more than a month on speculation the dollar will continue to weaken, fueling demand for the precious metal. Platinum climbed to a 17-month high.

The dollar fell as much as 0.9 percent against a six- currency basket yesterday on speculation the Federal Reserve will keep interest rates low to spur a recovery in the world’s largest economy. Gold typically moves inversely to the dollar.

“Gold really depends on how the dollar behaves,” Peter Tse, head of precious metals at Bank of Nova Scotia in Hong Kong, said today. “Gold still lacks momentum to go anywhere, closely following the track of the U.S. dollar.”

Gold for immediate delivery fluctuated between gains of 0.2 percent and losses of 0.3 percent, trading little changed at $1,151.42 an ounce at 12:12 p.m. in Singapore. The metal touched an all-time high of $1,226.56 on Dec. 3. Gold for February delivery in New York was little changed at $1,150.70.

Gold rose 24 percent last year as investors sought to protect their wealth against a declining dollar and inflation threat. The Dollar Index, which fell 4.2 percent in 2009, climbed 0.2 percent today after an official at China’s sovereign wealth fund said he saw an end to the U.S. currency’s recent decline.

Oil, platinum, copper and gold will extend their rally this year as growth in emerging markets including China and investment demand fuel gains, Bank of America-Merrill Lynch executive Diego Parrilla said. Gold will gain to $1,500 an ounce in 18 months, Sinagpore-based Parrilla, head of commodities for Asia Pacific, said in an interview yesterday.

Platinum Gains

Platinum for immediate delivery rose as much as 0.6 percent to $1,600.50 an ounce, the highest price since Aug. 7, 2008, and last traded at $1,598.25.

Demand for platinum has surged after China overtook the U.S. as the world’s largest auto market after its 2009 vehicle sales jumped 46 percent, ending more than a century of American dominance. Automakers account for almost two-third of global platinum consumption as the metal is used in catalytic converters to filter engine gases.

“Platinum group metals are a necessary component in construction of catalytic converters,” said James Steel, an analyst at HSBC Securities. “The prospect of a continued recovery in global auto demand this year is positive for platinum group metal prices.”

China’s sales last year of passenger cars, buses and trucks rose to 13.6 million, the fastest pace in at least 10 years, the China Association of Automobile Manufacturers the said yesterday. In the U.S., sales slumped 21 percent to 10.4 million, the fewest since 1982, according to Autodata Corp.

In other precious metals, silver increased 0.4 percent to $18.6275 an ounce, and palladium slipped 0.1 percent to $433.75 an ounce.
Source: www.bloomberg.com

	Fact Sheet Nature of Business : Manufacturer, Exporter Major Markets : Indian Subcontinent, East Asia, Middle East and South East Asia

Contact Details

Company Name: Revelation Group India Contact Person: Mr. Manager Telephone: +(91)-(22)-67102186 Fax No: +(91)-(22)-28503202 Address: A-211 Sagar Tech Plaza, Saki Naka, Andheri Kurla Road, Andheri (E), Mumbai, Maharashtra - 400072 (India)