Wednesday, January 23, 2013

Indian Gold Purchases Climbed in January

Gold remained firm although still trading below 1700. Statistics showed that physical demand for the yellow metal surprisingly soared in January. Normally, gold purchases soar in November on festive buying. The exceptional January spike should be driven by Indian consumers who increase purchases ahead of the tariff hike. Gold price is likely to rise further as central banks remain on accommodative modes with the BOJ accelerating its QE measures in January...

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