Wednesday, June 16, 2010

Lull In Indian Demand Forecasted To Not Affect Gold Prices

According to a brief note at Bullion Vault, the summer lull is not expected to affect gold prices all that much.
"Because of uncertainties in the Eurozone, investors are shifting their portfolios to safe havens like gold," says SMC Global vice-president Rajesh Jain, quoted by Commodity Online in Mumbai.

"Global uncertainties will continue to bear on [global] gold demand, and thereby the near-term Gold Price," agrees Manoj Soni, director of AB Jewels in Ahmedabad.

Nearly 60% of India's private gold demand – which totaled some 700 tonnes in the peak year of 2007 – comes from smaller towns and villages, reports the Financial Times today, "highlighting how strong rural demand has emerged as an important driver of the economy and corporate sales."


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