Asian Physical Demand Could Support Gold - Commerzbank
Tuesday September 24, 2013 8:44 AM
Stronger physical demand from Asia could offer some support to the gold market, says Commerzbank. They expect that Chinese gold buyers could take advantage of the recent price break to stock up ahead of next week’s “Golden Week” holiday. The bank says India may import more gold again in the coming weeks, following a weekend meeting between gold importers and the government aimed at easing the congested import situation. “At present, considerable quantities of gold are still in storage waiting to clear customs at Indian airports. In India, the festival and wedding season is just around the corner – this is the country’s period of highest demand, which should be even more buoyant this year thanks to a good monsoon season. This should preclude any continued slide in the price of gold,” they say.
By Debbie Carlson of Kitco News; dcarlson@kitco.com
