Gold Imports by India Climb For First Time in Six Quarters

October 19, 2012 By 1 Comment

Yesterday Australia reported its gold exports to China are up 900% in 2012.  Gold imports by India are expected to rise to 200 tons in Q4.
While the West continues to dump it’s phyzz, the East continues to STACK THE SMACK & bring it home by the truckload.

Gold imports by India, the world’s largest buyer, are set to climb for the first time in six quarters as a decline in domestic bullion prices stokes jewelry and investment demand ahead of major festivals.

Overseas purchases may jump to as much as 200 metric tons this quarter, said Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation. That compares with the 157 tons in the fourth quarter of 2011, according to World Gold Council data. Purchases in the quarter ended September probably fell to as low as 170 tons from 205 tons a year earlier, Bamalwa said. The council is yet to release data for the third quarter.

A rebound in Indian imports may help sustain an 11 percent rally in global prices, headed for a 12th consecutive year of gains. Bullion in India has fallen about 3 percent since climbing to a record last month after the rupee posted the biggest monthly gain against the dollar since January.

“The appreciation in the rupee has caused the gold price to correct from the record levels and this correction is seen as an opportunity by many to get into gold,” said Chirag Mehta, a fund manager at Quantum Asset Management Co. “With the festival season and marriage season starting now, demand will gain further momentum.”…

Demand has picked up in the last 10 to 15 days and buying may be better this festival season than a year earlier, Bamalwa said. “In the last three to four months, there was practically no demand for gold because of the high prices. There is a lot of latent demand, and we expect this festive season to be better.”
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Comments

  1. Avatar of Sumkid Sumkid says:
    October 21, 2012 at 11:32 PM

    Buying gold is related to the Eastern cultures so of course they will buy a lot of gold. The Eastern countries follow their cultures very seriously and a lot of people from these countries still have old point of views. For example, divorces are very wrong to their point of views. I hope that the mainstream medias aren’t going to brainwash these people just like the people from the Western countries.

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