• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 2 hours Satellite Moons to Replace Streetlamps?!
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 19 hours EU to Splash Billions on Battery Factories
  • 1 hour The Dirt on Clean Electric Cars
  • 2 hours Owning stocks long-term low risk?
  • 3 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 1 day The Balkans Are Coming Apart at the Seams Again
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 14 hours The end of "King Coal" in the Wales
Alt Text

Move Aside Lithium – Vanadium Is The New Super-Metal

Lithium took investors across the…

Alt Text

Disappearance Of Saudi Journalist Could Rock Oil Markets

The disappearance of Saudi journalist…

Alt Text

Oil Prices Rise On Iran, Hurricane Outages

Oil prices recovered on Tuesday,…

Dave Forest

Dave Forest

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

More Info

Trending Discussions

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

Gold bars

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:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News