Thursday, June 3, 2010

Indian Demand Picture Mixed

Although there was some stocking up by some jewelers, the overall demand picture in India remains clouded.
Although quite limited, Indian jewellers have been showing buying interest whenever the gold price drops during the wedding season in the world's largest consumer.

Gold jewellery forms an essential part of the dowry basket and Indian parents give it to their daughters at weddings for security, but fewer weddings could take place during the June-September monsoon.

Demand for gold in India hinges on a good monsoon, which boosts farm output and rural incomes. July is usually a lean month in India because farmers, who account for 65 per cent of the country's gold demand, spend their money on sowing crops....
There's a little net buying in India, but not in other East Asian countries.

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