Gold News

Asian Buyers "Adjusting" to Higher Gold Price

DEMAND FROM the world's heaviest gold-consuming nations is re-adjusting once again to higher Gold Prices, says a leading analyst.

"The latest decline in the Gold Price below $1350 last week spurred renewed physical buying interest," says Walter de Wet, senior commodities analyst at South Africa's Standard Bank, "an indication that the physical gold market is slowly adjusting to the higher Gold Price."

Demand to Buy Gold amongst Asia's traditionally strong jewelry markets had slipped away in early November, says de Wet, as prices broke above $1400 per ounce. Indeed, Standard Bank's dealing desks saw heavy sales, back to market, of old "scrap gold" jewelry.

Long-term, therefore, this return of strong physical Gold Bullion demand "is a bullish sign."

This news comes a week after market-development group the World Gold Council reported record-high quarterly gold sales in China – the world's No.2 market – with strong year-on-year growth in India, still the world's No.1 consumer of physical gold.

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