• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 1 hour Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 6 hours Shale profitability
  • 5 mins Europe: The Cracks Are Beginning To Show
  • 33 mins Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 11 hours When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 2 hours Hong Kong protesters appeal to Trump for support.
  • 14 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 54 mins LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 18 hours Let's shut down dissent like The Conversation in Australia
  • 21 hours New designs will reduce transport fuels consumption
  • 12 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 18 hours A little something for all you Offshore swabbies
  • 5 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 22 hours Democrats and Gun Views
  • 9 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Dave Forest

Dave Forest

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

More Info

Premium Content

Some Bullish News On Gold From This Key Market

More new information on the world's most important gold market right now: India. Showing that demand continues to stay strong, providing solid support to global prices.

Local press reported this week that India's April gold imports rose substantially. With "trade sources" estimating total imports at 90 tonnes for the month -- up 55% from the 58 tonnes that Indian buyers brought in during April 2014. Related: Saudi Arabia Continues To Turn Screws On U.S. Shale

That follows on a strong import performance in March. Which saw 121.8 tonnes of gold imported here.

All of which suggests that recent measures to relax gold import rules in India are having an effect. Indeed, sources quoted by the press said that removal of restrictions such as the so-called "80:20 rule" on imports has helped lift buying over recent months.

The April figures were also boosted by marriage-season buying in the country. Related: Here Is Why Predictions For Lower Oil Prices Are Wrong

April's 90 tonnes of imports would put India on pace to exceed gold import levels it saw last year. With shipments into the country during 2014 having totaled just 900 tonnes.

All of which is great news for the gold price. With this steady buying having likely played a role in keeping the global gold price stable around $1,200 per ounce recently. Related: Alberta Election Result Changes Little For Oil Industry

Of course, there are risks to the gold market here. Most notably recent plans by India's government to cut imports by offering deposit schemes for private citizens' gold.

But for the time being, India is back as a dominant player in this space. Keep a close eye on all developments around this critical import market for bullion.

Here's to an Indian summer,

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