Kerr Mines Inc (KER)

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http://kerrmines.com/corporate/Peter/

Gold price surges on firm global cues, jewellers’ buying
Gold prices rallied for the second day on the back of positive global cues, rising by Rs200 to Rs30,400 per ten gram at the Delhi bullion market on Saturday

New Delhi: Gold prices rallied for the second day on the back of positive global cues, rising by Rs200 to Rs30,400 per ten gram at the Delhi bullion market on Saturday.

Besides, persistent buying by local jewellers to meet the increased demand helped the upswing.

Marketmen said apart from a firm trend overseas where gold surged after the US jobs data for August fell short of expectations, increased buying by local jewellers at the domestic spot market, kept the prices higher.

Globally, gold rose 0.27% to $1,324.40 an ounce and silver by 0.91% to $17.70 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9% and 99.5% purity advanced by Rs200 each to Rs30,400 and Rs30,250 per ten gram, respectively. It had gained Rs150 yesterday. Sovereign however remained unaltered at Rs24,600 per piece of eight gram.

http://www.livemint.com/Money/CHm8SWDlIjVMIPZpWf9ZFO/Gold-price-surges-on-firm-global-cues-jewellers-buying.html

The Dubai Gold & Commodities Exchange (DGCX) and Ayedh Dejem Group, a conglomerate from the Kingdom of Saudi Arabia, have agreed to develop and launch the Middle East's first Sharia compliant Spot Gold contract to be traded on an international exchange. The partnership aims to help both entities to increase their presence in the Saudi Arabian and wider GCC Islamic Finance market, and attract the interest of regional Islamic financial institutions and banks.

This development is reflective of the growing potential of the Saudi Arabian and wider GCC regions Sharia compliant gold markets. According to the World Gold Council, Saudi Arabia's gold demand, stood between 60 and 85 tons. This is the highest in the Middle East and ranked sixth in the world; representing almost 30% of demand across the region. Sharia compliant gold investments are worth an estimated USD 2 trillion.

Gaurang Desai, Chief Executive Officer of the DGCX, said, "We are looking at this product to develop local markets and unlock the potential of Gold trading in the region. We continually look to work with partners that allow us to capitalize on these opportunities. We are delighted to collaborate with the Ayedh Dejem Group as we believe the new Spot Gold contract will encourage new and existing institutional participants to invest and trade in Sharia compliant products. As the largest derivatives bourse in the Middle East, we are confident of the product's success and establishing more such partnerships and launching additional products in the future."

http://www.automatedtrader.net/news/at/157951/dgcx-launches-sharia-compliant-gold-futures

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