Gold imports jump to $1 billion: India converts cash to gold

Gold imports jump to $1 billion: India converts cash to gold

24.11.2016

Gold prices go up and down, but the experts continue delivering more evidence of the resistance of gold. In fact, this past week's data support the purchase of physical gold.

Why do experts believe gold is the right choice when it comes to safe-haven assets?

Even though gold prices dropped from the end of October, gold is in a positive territory since November 22 when the price quoted at $1,218 per ounce.

“ANZ”, the major Australian financial institution, acknowledged that gold kept its head above water with buying supporting the market.

Gold resists

According to Reuters technical analyst Wang Tao, gold prices could resist at a level of $1,222 per ounce, and this could lead to $1,235.

More positive data come from LBMA. The trade association reported that gold bars rose to €1,162 per ounce on Friday. That means a recovery from 2016's summer post-Brexit scenario.

Consumers opt for physical gold

Mitsubishi from Scrap Register, the Global Scrap Trading website, declared that “Inflationary and geopolitical concerns mean investors may keep looking to gold as a portfolio diversifier and hedge in the medium to longer term”.

Imports of gold jumped to $1 billion

The HSBC analyst James Steel has said that consumers are rushing to convert cash to gold. In India, concretely. The government decided to abolish high-value bank notes last week. That has resulted in a jump in gold imports to $1 billion – a clear recovery of the physical bullion market.

Acquiring physical gold

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