Indian Gold Imports Jump 65 Percent

  • Posted Tuesday, July 22, 2014 at 01:45 PM

Los Angeles CA, July 22 (Tangible Investments) - by James O’Dell - Gold and Silver prices edged higher on Monday with Gold adding $1.00 or 0.08 percent to close at $1,311.75 an ounce on news that Gold imports by India jumped 65 percent last month, to $3.12 billion from $1.89 billion last year, after the Reserve Bank of India (RBI), India's Central Bank, allowed more investors to purchase foreign bullion. The price of Silver gained $0.06 or 0.29 percent to close at $20.94 an ounce, while the Gold/Silver ratio fell to 62.64.

The turmoil in Ukraine and the Middle East has helped Gold rebound nearly 9 percent so far this year. “Escalation of sanctions on Russia and more geopolitical problems in Gaza are keeping Gold supported,” said George Gero, of RBC Capital Markets. “There are enough fundamentals to keep prices over $1,300 for some time,” added Gero.

In the meantime, Russia's President Putin is facing intense pressure to halt Russian involvement in the Ukraine crisis, after more evidence surfaced that Russian backed rebels in the Donetsk region of Ukraine used a Russian made BUK rocket launcher to shoot down the Malaysian Airlines passenger jet on July 17, killing everyone onboard.

In Israel, the lopsided death toll continues to rise with nearly 600 Palestinians dead and almost 4,000 wounded with no end in sight of the deadly air and ground assault. Secretary of State John Kerry, who is in Cairo on Tuesday in hopes of brokering a cease-fire between the Palestinians and Israel, was overheard on an open mic deriding Israel’s promise of a pinpoint operation in the shelling of the Palestinians, since so many innocents have died.

Meanwhile, in India, after its weakest start in five years, India's monsoon season, a key driver of Gold investment and jewelry demand, continued to pick up during the weekend. "The monsoon has revived in many parts of central and north India," said B.P. Yadav, of the National Weather Forecasting Center earlier this month. This could mean a better than average second half of the year for the Gold market.

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