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Lower prices bolster gold demand; premiums rise in India, China
By Koustav Samanta
Reuters
Friday, May 5, 2017
Gold demand in Asia rose this week, helped by a correction in prices, but traders said some buyers have held back from purchases while they wait for bullion prices to drop further.
Analysts said gold buyers were expecting prices to dip in the upcoming days, banking on the possibility of the U.S. Federal Reserve hiking interest rates in June. Higher rates increase the opportunity cost of holding non-yielding bullion. Futures traders are pricing in a 74 percent chance of a June hike.
Gold prices in India have been at a premium over the last couple of weeks due to stronger demand for the annual Hindu and Jain holy festival of Akshaya Tritiya and the recent dip in global rates have further boosted the appetite.
"The price correction is attracting retail buyers. Jewellery demand is good for wedding season. At this price level even investment demand is emerging," said Mukesh Kothari, director at bullion dealer RiddiSiddhi Bullions in Mumbai. ...
... For the remainder of the report:
http://in.reuters.com/article/asia-gold-demand-idINKBN18114C
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