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Gold demand from Asia continues to rise

FXStreet (Mumbai) - Chinese Gold demand as per Shanghai Gold Exchange (SGE) hit 227 tonnes in October while the India demand is likely to go up as the wedding season nears.

Gold withdrawals from SGE increased 47.5 tonnes during the week ended October 31. The October month figures along with Jan to September figures indicate a possibility of total annual consumption in 2014 to be around 2000 tonnes, which is almost 10% down from the previous year’s total.

Meanwhile, as per the newspaper reports in India, heavy buying was seen during the week, as buyers appeared convinced that the prices shall rebound. Moreover, Gold did rebound USD 30-35 on Friday, despite which the Indian buying ahead of wedding season remained strong over the weekend.

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