Gold imports into India spiked 54% in April, quelling fears that the country was losing its taste for our favorite yellow metal. In all, the country pulled in $3.97 billion (USD) worth of gold in April 2019, compared to $2.58 billion (USD) the previous April. As you know we watch India’s gold consumption quite closely, as it is one of the largest retail consumers of gold and highly variable.
So Indian demand is often the variable that determines which way prices will head in the near term. One thing seems certain: There’s no end yet in sight for the world’s thousands-of-years love affair with gold, what with China and Russia both increasing their central stockpiles and more countries calling their gold home. We won’t give you a reading assignment this weekend, just point you at this latest news out of India.
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