INDIA BOOSTS PHYSICAL GOLD’S DEMAND
The Gold price is relatively flat this morning, while Silver is slightly higher, recovering from yesterday’s losses. November consumer prices dropped by 0.3 percent overall according to a report released this morning, though the core prices (which exclude volatile food and energy prices) rose by 0.1 percent. Inflation is a key concern of the Federal Reserve, which has recently made clear that Gold-friendly quantitative easing measures would continue until unemployment fell to 6.5 percent and inflation was curbed.
Earlier this year, talk was that investors were sitting on the sidelines as far as taking a Gold position as they waited for the election. As time progressed, it became apparent that the fiscal cliff was another hot button topic keeping investors on the sidelines, which continues to today. Internationally, however, the story is different. Gold importers in India, the world’s largest consumer of Gold, are stocking up for the wedding season. Harshad Ajmera of JJ Gold House said, “People feel this is a good buying opportunity as prices could jump another 1,000 rupees,” which is currently around $18.35 (USD).
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,697.10, Up $0.40.
- Silver, $32.53, Up $0.20.
- Platinum, $1,617.40, Up $3.60.
- Palladium, $700.00, Up $8.40.
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