Last Updated : 30 October 2012 at 09:15 IST
Asian physical Gold demand improving: Analysts
Source :Commodity Online
The physical demand is looking somewhat rejuvenated of late, but it's not a consistent trend. The volumes last week of around 36.2 metric tons were the highest turnover since late September.
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MUMBAI (Commodity Online): Asian physical gold demand is showing signs of life, said analysts.
According to UBS, the physical demand is looking somewhat rejuvenated of late, but it's not a consistent trend. The volumes last week of around 36.2 metric tons were the highest turnover since late September.
According to Barclays Capital, Our flows to India indicated some days of strong demand last week, but continue to lack consistency. The key thing to watch for in India is if hefty levels are sustained, especially now that we are in the traditionally busy wedding season, or if demand remains erratic, as has been the case for most of the year. That the rupee is weakening as the week starts will act as an obstacle.
“There was a notable pickup in Indian demand late last week and the switching between buying gold in jewelry form to coins and bars as prices remain elevated. The gold to find some cushioning in the near term with the key Indian gold-buying festival of Diwali still more than two weeks away,” Barclays added.
Also, Barclays noted that gold-bar premiums have firmed in Singapore to the levels last reached in July.
Meanwhile, both banks pointed out that volume has picked up on the Shanghai Gold Exchange lately.
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