The “Indian summer” for the price of gold
Gold shows stability in the last two decades in this month, increasing its price by approximately 3%. It is considered that September is the busiest season for the gold market.
According to the news site Zerohedge, last week there were noticeable signs of stabilization, when gold added $ 15 to its price. Experts inform about the return to the market of the Middle East and Chinese demand, despite the little volumes at the moment. At this stage, most likely, the quotation of the gold value will come to stability, and this fact can be the beginning of the gold price rise.
The volumes of transactions on the Shanghai Gold Exchange also indicate the rise in Chinese demand. This volume amounted to 46 tons of gold last week, as it was increasing from August. Starting from the beginning of the fiscal year, the volume of transactions amounts to 1,200 tons.
Another traditional seasonal factor for the increase in gold demand is given in India. From now until January, weddings are celebrated in India, a country where gold is considered a major gift. Many stock traders know this factor, therefore there is an additional impetus for the trend growth.
Category: Gold news Publication date: 2014-09-24 10:32
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