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Physical gold demand in India this week surged as local prices dropped to their lowest levels since June last year, with buying expected to pick up in other Asian centres after the Chinese Lunar New Year holiday week.
Read more about Gold price drop boosts India buying, lifts premiums to eight-month high on Business Standard. On Friday, local gold futures fell to 45,861 rupees per 10 grams, the lowest level since June 2020
Gold will continue to rise in the Year of the Ox albeit at a slower pace than the previous two years, aided by low-interest rates, inflationary concerns and the Covid-19 pandemic, according to analysts. The price of bullion in Hong Kong rose 18 per cent in the Year of the Rat to close at HK$17,050 (US$2,200) per tael (37.8 gram) on Thursday, the last trading day before the Lunar New Year holiday. "The Year of the Ox is likely to see gold prices rising between 15 and 20 per cent to break through HK$20,000 per tael," said Haywood Cheung Tak-hay, president of the Chinese Gold an...