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Gabsekai
2021-04-22

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Gold Buying Is Bouncing Back in Key Markets of China and India

Shipments from Switzerland to India and China surged in March Palladium eases after hitting record h

Gold Buying Is Bouncing Back in Key Markets of China and India

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That’s helped bolster the precious metal this month after the worst first quarter in decades. Still, with India posting the world’s biggest one-day jump in&nbsp;Covid-19&nbsp;cases on Thursday, the recovery in gold demand is about to be tested.</p>\n<p>Spot gold fell 0.4% to $1,787.60 an ounce by 12:20 p.m. in London, as Treasury yields rebounded after earlier losses.</p>\n<p>India, the world’s No. 2 gold consumer, imported 82.6 tons from Switzerland last month, the most since April 2013, as&nbsp;jewelry buyers&nbsp;took advantage of the dip in prices during the ongoing wedding season.</p>\n<p>“These latest numbers certainly demonstrate the degree of pent-up demand in the country after the implosion in 2020,” Rhona O’Connell, an analyst at StoneX, wrote in a note. Still, India’s gold-market revival is now “evaporating as a result of the rapid spread of the Covid virus” there, she added.</p>\n<p><img src=\"https://static.tigerbbs.com/0974c25884c6518f775210cd137a2488\" tg-width=\"956\" tg-height=\"542\"></p>\n<p>China also boosted shipments from Europe’s premier gold-refining hub. Imports from Switzerland rose nearly fourfold to a seven-month high of 9.3 tons, following the resumption of purchases in February. China’s central bank is approving imports of about 75 tons a month to meet domestic consumption, according to people familiar with the matter.</p>\n<p>Silver and platinum declined, while the Bloomberg Dollar Spot Index was little changed.</p>\n<p>Spot palladium fell 0.6%, after touching a record high of $2,895.96 an ounce on Wednesday as a global economic rebound fueled expectations for increasing demand from automakers and concerns about a deepening supply shortfall.</p>\n<p>The price of the metal used in catalytic converters to curb emissions in gasoline-powered vehicles is up 17% in 2021, building on a five-year rally. The bulk of this year’s gains have come since mid-March after flooding at Russian mines run by&nbsp;MMC Norilsk Nickel PJSC&nbsp;curbed output.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gold Buying Is Bouncing Back in Key Markets of China and India</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGold Buying Is Bouncing Back in Key Markets of China and India\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-22 20:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-04-22/india-s-massive-gold-imports-shows-asian-consumer-demand-returns?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shipments from Switzerland to India and China surged in March\nPalladium eases after hitting record high on Wednesday\n\nIndia’s gold imports from Switzerland surged to highest in almost eight years in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-04-22/india-s-massive-gold-imports-shows-asian-consumer-demand-returns?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-04-22/india-s-massive-gold-imports-shows-asian-consumer-demand-returns?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185203037","content_text":"Shipments from Switzerland to India and China surged in March\nPalladium eases after hitting record high on Wednesday\n\nIndia’s gold imports from Switzerland surged to highest in almost eight years in March, in a sign that Asian consumers are once again a key pillar of support for the precious metal.\nAfter a year on the sidelines -- during which exchange-traded fund buying drove bullion to a record -- Indian and Chinese consumers have rediscovered their appetite for gold. That’s helped bolster the precious metal this month after the worst first quarter in decades. Still, with India posting the world’s biggest one-day jump in Covid-19 cases on Thursday, the recovery in gold demand is about to be tested.\nSpot gold fell 0.4% to $1,787.60 an ounce by 12:20 p.m. in London, as Treasury yields rebounded after earlier losses.\nIndia, the world’s No. 2 gold consumer, imported 82.6 tons from Switzerland last month, the most since April 2013, as jewelry buyers took advantage of the dip in prices during the ongoing wedding season.\n“These latest numbers certainly demonstrate the degree of pent-up demand in the country after the implosion in 2020,” Rhona O’Connell, an analyst at StoneX, wrote in a note. Still, India’s gold-market revival is now “evaporating as a result of the rapid spread of the Covid virus” there, she added.\n\nChina also boosted shipments from Europe’s premier gold-refining hub. Imports from Switzerland rose nearly fourfold to a seven-month high of 9.3 tons, following the resumption of purchases in February. China’s central bank is approving imports of about 75 tons a month to meet domestic consumption, according to people familiar with the matter.\nSilver and platinum declined, while the Bloomberg Dollar Spot Index was little changed.\nSpot palladium fell 0.6%, after touching a record high of $2,895.96 an ounce on Wednesday as a global economic rebound fueled expectations for increasing demand from automakers and concerns about a deepening supply shortfall.\nThe price of the metal used in catalytic converters to curb emissions in gasoline-powered vehicles is up 17% in 2021, building on a five-year rally. The bulk of this year’s gains have come since mid-March after flooding at Russian mines run by MMC Norilsk Nickel PJSC curbed output.","news_type":1},"isVote":1,"tweetType":1,"viewCount":329,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}