World Gold Council (WGC) predicts that India's gold imports reach 350-400 tons in the second quarter of 2013, or 200% higher than the same period the total purchases last year. This amount is nearly half the total imports last year. First quarter of 2013 gold imports in fact only reached 256 tons.
"We are very confident at the end of the year Indian demand could reach 865-965 tons as has been predicted earlier," said Marcus Grubb WGC Managing Director, as quoted from the First Post Economy, Thursday (30/05/2013).
Not only India, China's gold import numbers are increasing. Bamboo Curtain country imports around 160-170 tonnes of gold in April. WGC predicted, China's total gold imports could reach 880 tons this year.
According Gubb, incessant investors from India and China to buy gold following the falling precious metal prices in recent months. Gold prices fell to the lowest price in the last two years is U.S. $ 1,321.35 per ounce in mid-April. It is a sign of economic recovery in key markets.
In addition, the low price of gold has also sparked fears of policy restrictions on the purchase of large amounts of gold by central banks around the world. This step is actually making investors anxious.
But for those with China and India, lower gold prices also led to a high demand in both the Asian countries. Demand for both accounting for 50% of gold over the entire world of consumer demand in large quantities.
"Asian markets will reach a record for total gold demand in the second quarter of 2013," said Gub.
Written By : Arbha ~ Public-DYK
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