In China, the gold rush continues as people buy jewellery, coins and bars as a store of wealth to protect from inflation. The world’s largest jewellery group, Chow Tai Fook Jewellery Group Ltd. , established in 1929, saw sales jumped 49% during the first half of 2013.
The latest research report published by HDFC Securities has predicted immense gold supply constraints in India during the second half of the current fiscal year. According to the report, gold availability may continue to suffer with no signs of easing of gold import norms in the near future.
Wholesale quotes for gold bounced from one-week lows beneath $1,270 per ounce Tuesday morning in London, turning higher as Asian and European stock markets failed to extend Monday's rise to new all-time highs in U.S. equities.
Globally, silver investment demand is up essentially from ZERO just 10 short years ago (take some time to allow that to sink in when thinking about the change in investor sentiment toward precious metals in recent years.)
Gold demand in China, India and the Middle East surged in the 12 months to September while European sales contracted, underscoring a shift in the global bullion market from west to east, according to the World Gold Council.
According to data released by India’s Directorate General of Foreign Trade (DGFT), the country’s trade deficit in October jumped significantly higher, mainly on account of higher gold and silver imports.
The Dubai Gold and Commodities Exchange has seen record volumes in the last month. Year-to-date volumes were up 56% from the same period before. This robust figure helped the DGCX’s gold futures contract increase its market share in Asia by 2%.