Asian gold demand to hit all-time quarterly high: World Gold Council
Asian gold demand from April to June of this year will reach an all-time high, according to the World Gold Council managing director Marcus Grubb.
Consumers across Asia, and in particular from China and India, have viewed the recent price collapse and ETF outflows as a great buying opportunity.
Indian demand for gold is up 200% from a year ago, causing Grubb to suggest that "even if ETF outflows continue in the United States, it is quite likely that the gold previously held in ETFs will find a ready market among Indian, Chinese and Middle Eastern consumers who are taking a long-term view on the prospects for gold.”
Net gold imports to China hit nearly 170 tonnes in April, with year-end totals anticipated in the neighbourhood of 880 tonnes.
Taken together, China and India account for more than half of total consumer bullion demand worldwide.