schiffgold.com / BY SCHIFFGOLD / JUNE 6, 2017
Gold is flowing into India and China, as demand for the yellow metal in the world’s two largest markets continues to boom.
Gold imports into India surged once again in May, building on strong March and April numbers. Increasing imports signal a continued rebound in demand for the precious metal in the world’s second-largest market after a tepid 2016.
According to a Reuters report, gold imports quadrupled in May year-on-year, coming in at 103 tons. Analysts say they expect the rise in imports will likely help support global prices in the coming months.
Jewelers accounted for the bulk of Indian gold imports last month, as they worked to replenish depleted inventories after a booming Akshay Tritiya festival in April. Gold sales increased more than 30% during the important Hindu holiday. All-told, Indians bought more than 23 tons of gold in a single day.