logo
 

Asian buying likely to cushion further drop in Gold prices

image

MUMBAI (Scrap Register): Asian buying of gold has picked up lately as the price has fallen, and this may slow any further price declines in the precious metal, said Mitsubishi in a snippet.

With gold prices down at six-month lows, Chinese buyers have been very assertive of late. Turnover on the Shanghai Gold Exchange’s gold contract has been 11.5% higher in the last 10 days, compared to the same period in 2017.

The average local price of gold has been 21% lower in this period than a year ago, leading to a good deal of opportunistic buying from the local jewelry and bar fabrication business, despite the retail market in general being quite quiet.

Chinese and wider Asian buying demand ought to continue to cushion further price drops in gold.

comments powered by Disqus
 
     
Copyright © 2017 ScrapRegister 2017-2022. All rights reserved