Gold News

Jewelry pushing up Asian Gold Prices

Increased demand for jewelry ahead of the Asian wedding season is pushing up Gold Prices in the region.

That is according to one analyst, who told the Economic Times of India that a short-term drop in the value of bullion prompted jewelers to snap up the precious metal.

A physical gold dealer based in Singapore was quoted by the publication as saying: "We are actually running out of stocks. There's not enough time to replenish gold bars. Thailand is the hottest buyer.

"Their demand is really good because they are quite price-sensitive. We've also seen inquiries from India. That's quite good."

Demand for Gold Bullion from India was also observed by Suresh Hundia, president of the Bombay Bullion Association, which is based in Mumbai.

He told Reuters that gold imports into India rose to between 23 and 28 tonnes for the month, up from 4.8 tonnes during the same period a year ago.

"Imports were higher because banks had cut down their stocks ahead of the budget," Mr Hundia said.

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