Indian Demand set to soar again

Posted | 06/09/2013 / Views | 1449
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India is historically the world’s biggest consumer of gold (though challenged this year by China) with gold being their 2nd biggest import.  With the damage this does to their current account deficit their Government has tried to restrict imports.  On Wednesday they in effect loosened these restrictions.  Combined with a better than expected monsoon season meaning the lucrative farmer market (60% of gold demand) will likely increase and their central bank now talking of money printing the stage looks set for a strong increase in demand for gold and silver.