• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 2 hours Shale Oil Fiasco
  • 2 hours Everything you think you know about economics is WRONG!
  • 1 hour Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 8 hours USA v China. Which is 'best'?
  • 7 hours Global Debt Worries. How Will This End?
  • 1 day My interview on PDVSA Petrocaribe and corruption
  • 6 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 2 days Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Quotes from the Widowmaker
  • 2 days Petroleum Industry Domain Names
  • 14 hours Tesla Launches Faster Third Generation Supercharger
  • 7 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 7 hours Winter Storms Hitting Continental US
Alt Text

Oil Jumps On ‘’Saudi Surprise’’

Oil prices rose on Friday…

Alt Text

The Next Major Middle East Oil IPO

Oman Oil Company could become…

Alt Text

Bullish Sentiment Is Back In Oil Markets

Optimism has returned to oil…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Gold Imports In This Critical Nation Just Hit A Five-Year High

The gold price has been unremarkable of late. With prices languishing near the $1,200 level — marking a 3-month low for the yellow metal.

But some positive news emerged this week for gold demand. With the world’s top consuming nation showing a big rebound in buying, which may be setting it up for one of the strongest years of demand in recent memory.

That’s in India. Where stats showed that gold imports during the first half of 2017 set a torrid pace.

During the first six months of the year, Indian buyers brought in a full 521 tonnes of gold. Marking a big increase from the same period a year ago — in fact, eclipsing the import total for the entire 2016 year, when just 510 tonnes of bullion was imported for the 12 months.

That suggests imports for the whole of 2017 could come in above 1,000 tonnes. A feat that hasn’t happened in any of the last five years — with 2012 having been the highest total in that period, at 969 tonnes.

That’s encouraging for the global gold market. With Indian demand having a very disappointing year last year, partly because of a prolonged jewellers strike that saw gold sales completely crippled across the country.

Those issues are now resolved. And local sources say demand is coming back strong because of currently-lower gold prices, as well as a favorable farming season in India increasing rural gold consumption. Related: Is This The “New Normal” For Oil Prices?

The relationship between direct buying like this and global prices isn’t always one-to-one. But a rise in Indian consumption should help support the gold market–and at least shows buyers feel the $1,200 level is a “good value”.

Watch for numbers on India’s imports over the coming months, with some uncertainty coming as new sales tax rules kick in across the country.

Here’s to bouncing back.

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play