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Asian Demand For Gold To Keep Rising - WGC

Topics [ gold trading invest in gold ]

RESEARCH AND ANALYSIS

Demand for gold in Asia, already growing before the mid-April price fall, will increase sharply in Q2 2103, the World Gold Council (WGC) predicted this week.

Indian gold imports are expected to reach 350-400 tonnes in the second quarter, 200% higher than a year earlier and almost half of last year's total imports.

‘Extremely elevated levels’ of gold imports from Hong Kong into China, which reached 160-170 tonnes in April alone, could end well up on expectations at 880 tonnes for the year.

In Market Update for Second Quarter 2013, WGC said that research carried out in May indicated that sentiment towards gold in the world’s two largest markets remained extremely positive, with 70% of consumers in India and China anticipating a stable or increasing price in the next 12 months.

The response contrasts with US investment markets, which saw 350 tonnes flow out of gold-backed ETFs between the start of the year and the end of April.

“Even if ETF outflows continue in the US, it is quite likely that the gold previously held in ETFs will find a ready market among Indian, Chinese and Middle Eastern consumers who are taking a long-term view on the prospects for gold,” managing director of investment, Marcus Grubb said.

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