Thursday, 11 August 2016

Today Commodity Market ; India's Gold Demand May Rise in the Second Half of 2016

India's gold demand may rise in the second half of 2016 after falling to the lowest in seven years in the first half as beneficial monsoon rains will spur rural demand during the peak festive season.Gold held steady early on Thursday after rising slightly in the previous session, with lower expectations for a U.S. rate hike weighing on the dollar. Read more Live Commodity Gold/Silver Market News at: www.marketmagnify.com/freetrial.php or Get Free Trials Just Give One Missed Call @78-79-88-11-22.

GOLD FUNDAMENTALS :- 
* Two-thirds of demand in India, the world's second-biggest gold consumer, comes from villages. Consumption of the yellow metal should rise as farmers reap the benefit of this year's monsoon and that should further support the global bullion price that is trading near the highest since March 2014

* Rural demand has fallen in the past few quarters after the first back-to-back drought in nearly three decades squeezed farmers' earnings. India is forecast to receive surplus rainfall during the June to September monsoon season. The quarter ending in December typically accounts for about a third of India's gold sales since it includes the start of the wedding season and festivals like Dhanteras and Diwali.

* The U.S. dollar struggled to gain traction, amid doubts over whether the Federal Reserve will raise interest rates this year. The dollar index, which measures the greenback's value against a basket of major currencies, last traded at 95.554 , holding within sight of a near one-week low of 95.442 set on Wednesday.

* Gold consumption in China and India, the world's top two buyers, is set to drop 15 to 20 percent in 2016 after lower investment demand and jewellery sales, said an official at a leading importing bank.

No comments:

Post a Comment