Related info:
– U.S. Mint Sells Record 63,500 Ounces Of Gold In One Day
– Gold Buying Frenzy Continues: China, Japan, And Australia Scramble For Physical
– Gold Drop Spurs Demand From Indian Bazaar to Chinese Mall (Bloomberg, April 18, 2013):
Shoppers in China lined up for gold this week, while in Hong Kong they rushed to buy bracelets and in India sought jewelry for weddings not set until December. The metal’s biggest price drop in three decades provoked the clamor.
From Zaveri Bazaar in Mumbai, India’s largest bullion market, to Australia’s Perth Mint, where sales doubled from last week, consumers headed to shops after the commodity entered into a bear market last week. As gold plunged 13 percent in the two sessions through April 15, retail sales tripled across China on April 15-16, the China Gold Association reported.
The frenzy appeared in India and China, the biggest gold- consuming nations, with cultures that traditionally acquire the metal for brides, babies or strongboxes. This year’s 18 percent decline may reignite demand that last year fell for the first time in three years, with Asian investors in particular seeing the drop as a buying opportunity.
Read moreGold Drop Spurs Demand From Indian Bazaar To Chinese Mall (Bloomberg)