Abated Indian demand to cap further upside in gold price
By GCRU Gold News on Thursday, October 8 2015, 23:20 - Permalink
The latest research note published by HSBC states that gold bullion prices are likely to face stiff resistance at current levels. This is on account of weakening gold demand in India- one of the two major gold consuming nations of the world, the other being China.
Abated Indian demand to cap further upside in gold price
This is propaganda news:
August imports for India were the sixth highest over the last 8 years.
China demand is running the strongest ever averaging 265 tonnes per month for the last 3 months (global mine production is 260 tonnes per month)
Gold futures on the MCX closed yesterday at US$1266.4 a 10.74% premium to spot gold.