‘Gold demand in India hit 25-year low in 2020’

Three states to divert more sugar for ethanol

Quantity higher than last season: ISMA

Major sugar producing States — Uttar Pradesh, Maharashtra and Karnataka — are expected to see mills diverting a higher quantity of the commodity for ethanol production this season (October 2020 to September 2021) compared with the previous year.

A press release from the Indian Sugar Mills’ Association (ISMA) said that the sugar mills in Uttar Pradesh are estimated to divert 6.74 lakh tonnes of sugar, by way of B heavy molasses and sugarcane juice for ethanol production this season as against 3.70 lakh tonnes in 2019-2020.

Mills in Maharashtra are expected to divert about 6.55 lakh tonnes of sugar for ethanol production compared to 1.42 lakh tonnes in 2019-2020.

In Karnataka, the mills are expected to divert 5.41 lakh tonnes as against 2.42 lakh tonnes last season.

Stock Alert: CureVac Declines 7%; Prices Public Offering

Shares of biopharmaceutical company CureVac N.V. (CVAC) are falling more than 7% Thursday morning at $87.70.

The company today priced the follow-on public offering of 5 million common shares at $90.00 per share for total gross proceeds of about $450 million.

The offering is expected to close on February 1, 2021.

CVAC has been trading in the range of $36.15- $151.8 in the last one year.

Silver Is the Latest Market Hit by Reddit Day-Trader Frenzy

Reddit investors have discovered silver, with everything from silver miners, silver ETFs and the actual price of the physical metal itself soaring on Thursday.

Spot silver soared as much as 6.8%, the biggest jump since August. IShares Silver Trust, the biggest exchange-traded instrument backed by the metal, rose as much as 7.2%, the biggest intraday gain since August.

“The GameStop/AMC/Reddit mania is spilling over to silver and gold is getting a lift. The economic data this morning have become a moot point,” Bob Haberkorn, senior market strategist at RJO Futures said by phone. “This isn’t predicated on any global events, it’s just people on a message board putting all their guns towards the precious metals markets.”

First Majestic Silver Corp., which was cited as a short-squeeze target, soared as much as 39% in New York on Thursday before trading was halted, amid a frenzy of retail trading fueled by Internet chat rooms.

Options markets were bid up in the frenzy, with brokers seeing wide bid/ask spreads on the ETF and Comex contracts.

Investors are looking at buying silver options for far-out months, according to Haberkorn. “You see some incredible price increases in options that normally wouldn’t be worth anything at this point,” he said.

Water Main break on Colorado Boulevard causing delays

An early morning water break on Colorado Boulevard is forcing lane closures.

Water was restored to the area around 3 a.m. Thursday morning.

Southbound lanes reopened between 35th and 40th on Colorado Blvd but northbound lanes remain closed.

Denver Water is working on the situation but does not know when all lanes will be reopened.

Jackie O’s exclusive Hamptons horse riding property asks $2M

More On:

Celebrity Real Estate

Rosario Dawson sells LA home for $2.3M following move to NJ

‘Real Housewives’ star Teresa Giudice slashes price of NJ mansion

David Bowie’s former Central Park spread with Iman finds a buyer

‘Fifty Shades of Grey’ star and ‘Coldplay’ singer move into Malibu dream house

Jacqueline Bouvier Kennedy Onassis spent her childhood summers in the Hamptons, where she learned how to ride on this property, and where she would compete with her mother Janet.

Formerly home to the Riding Club of East Hampton, this nearly 1-acre property, known as the 18th-century Abraham Baker House, is now on the market for $1.99 million.

The property, at 9 Cross Highway, features a historic, pre-revolutionary home that dates to around 1745.

It’s just down the street from the ocean and Two Mile Hollow Beach, and two additional homes can be built on the lot, the listing notes.

The shingled, two-story home features three bedrooms, three bathrooms and two fireplaces. There’s also room for a pool.

The listing broker is Douglas Elliman’s Enzo Morabito.

Share this article:

Herald morning quiz: January 29

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

‘Gold demand in India hit 25-year low in 2020’

Lockdown, high prices 446.4 tonnes due to

Gold demand in India hit a 25-year low at 446.4 tonnes in 2020, compared with 690.4 tonnes in 2019 due to the COVID-19 induced lockdown and on account of record high prices, the India office of the World Gold Council said.

Total jewellery demand in India for 2020 was down by 42% at 315.9 tonnes as compared with 544.6 tonnes in 2019. The value of jewellery was ₹1,33,260 crore, down by 22% from ₹1,71,790 crore in 2019.

Total investment demand for the calendar year was down by 11% at 130.4 tonnes in comparison with 145.8 tonnes in the previous year.

“India’s gold demand dropped by over a third in 2020 settling at 446.4 tonnes, on the back of COVID-induced lockdowns and lifetime high prices,” Somasundaram P.R., managing director, India, World Gold Council, said.