The Indian gold imports in the past week, according to the Wall Street journal, the five-fold grow. The reason is the impending Gold Import tax and the current favourable gold price.
India has always been one of the major Gold importers. The reasons for this are complex. One of them is found in the Religion and socialization (wedding ceremony, etc.). According to Prithviraj Kothari, Managing Director of Ridhi Sidhi Bullion Ltd. (see Wall Street Journal; Goldreporter.de) traders have imported in the past week, about 25 to 30 tons of Gold. In the comparative period, previously this had been only five to seven tons. The main reason for this is the assumption that to a large increase in the Indian gold import tax. Well-informed circles assume that a Lifting of the tax from four percent to six percent. Another reason for the import increase of the current in Relation to the seer cheap price in Gold.
Most analysts price see here to view twelve months, a significantly higher gold. Also, the demand for the “divine metal is tightening” in the coming weeks. This should allow the price to continue to rise. The Chinese are committing in the beginning of February, your new year’s day, which has traditionally been a value-enhancing impact on the gold price.
You can learn more about the prospects for Gold in the attached N24 Interview. Here, Dietmar Deffner talks with Michael Bloss on the price of gold and the development of the market in the coming weeks and months.
More information is available in my new book: The greed for Gold
Article image: CIS / pixelio.de; Interview: N24
Article Sources: The Wall Street Journal; Goldreporter.de