Gold News

India's 2010 Gold Buying Jumps

DEMAND to Buy Gold from Indian households overtook full-year 2009 by the end of September according to industry import reports.

"During the September quarter, gold consumption jumped 28%" from last year, says Ajay Mitra, managing director for India at market-development group the World Gold Council.

"Did anyone say rising Gold Prices would pull this down?" he's quoted by MineWeb after a press conference to launch the WGC's latest Gold Demand Trends analysis.

Buying Gold has made such a comeback for Indian households, in fact, that "traders and market analysts insist that the 750-tonne mark for imports is a sure-fire winner by the end of the year, says Shivom Seth at MineWeb – some 200 tonnes greater than last year's total.

The analysis was backed up last week by Swiss bank (and London market-maker) UBS, whose precious-metals strategist Edel Tully told a seminar for the London Bullion Market Association that its Gold Bullion sales to India are running 35% higher from this time last year.

Writing on Monday, Dr.Tully said UBS's sales to meet Indian gold-buying demand last week were the strongest since Oct. 27th – just before the traditional peak period of Diwali.

That "indicat[es] there's much residual physical demand in the system that will provide ample support on dips," she says.

Buy Gold – direct online – at live (and firm) wholesale prices from 1 gram up at BullionVault...

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals