Huitong.com June 21: After China’s demand for gold in Asia’s largest economy hits a record in the first quarter of this year, there is no sign of falling back. China’s strong demand for gold has offset India’s weak demand.
Ross Norman, chief executive officer of London's precious metals broker Sharps Pixley, said that at present, China seems to be compensating for the impact of the weakening demand for gold in India on the market.
Commerzbank quoted data from the Census and Statistics Department of Hong Kong that the total amount of gold imported from Hong Kong in Mainland China in April increased by 65% ​​from the previous month, which was the third consecutive month of growth. .
A research report from the German Commercial Bank stated that China generally does not publish its total gold imports. Therefore, these statistics in Hong Kong are very important and provide clues for the outside world to understand China's gold purchase. German Commercial Bank said that as of the end of April, China’s gold imports this year have exceeded half of the total gold imports last year.
China’s demand for gold remains strong because China’s affluent middle class buys gold as an investment product. This is because *** is still strong against the US dollar, so gold denominated in US dollars appears to be even more attractive to Chinese buyers. For cheap.
Helen Lau, a senior metals and mining analyst at UOB Kay Hian, a securities firm, said that inflation in China is currently at a high level. People have little opportunity to invest in real estate, and there is little desire to invest in stocks, but they With increasing disposable income, it is hoped that the protection of its property will not shrink.
In contrast, India, once the largest gold buyer in the world, is now deteriorating its demand for gold. The reason why India’s gold demand is affected is partly because the Indian government has introduced an unpopular gold tax (which was later cancelled). On the other hand, it is because the Indian rupee has continued to weaken as India’s economic growth has slowed.
The lack of performance of the rupee means that gold is now extremely expensive for Indian consumers. In India, the price of gold is now approaching a record high, with prices of 10 kilos of gold at around 30,000 rupees ($536).
According to Morgan Stanley’s latest India Gold Survey, India’s personal consumption, investment, and celebration events such as weddings and religious holidays have roughly the same demand for gold.
In addition, Indians are still interested in gold investment, because from the perspective of the Rupee exchange rate, gold is the best performing asset in the past 10 years.
Compared with inflation, the expected earnings and low volatility of gold are the two major factors that drive Indians’ investment demand for gold, so high prices do not necessarily deter buyers.
Ridham Desai, head of India research at Morgan Stanley, said that if the price of gold denominated in rupee begins to fall, it may affect people’s perception of the return on gold investment, which may affect demand.
As Indians will continue to trade less rupee at more rupees, Morgan Stanley expects that India’s demand for gold will decrease by 4% in 2012, while the purchase of gold converted to rupee will increase by 4%.
Ross Norman, chief executive officer of London's precious metals broker Sharps Pixley, said that at present, China seems to be compensating for the impact of the weakening demand for gold in India on the market.
Commerzbank quoted data from the Census and Statistics Department of Hong Kong that the total amount of gold imported from Hong Kong in Mainland China in April increased by 65% ​​from the previous month, which was the third consecutive month of growth. .
A research report from the German Commercial Bank stated that China generally does not publish its total gold imports. Therefore, these statistics in Hong Kong are very important and provide clues for the outside world to understand China's gold purchase. German Commercial Bank said that as of the end of April, China’s gold imports this year have exceeded half of the total gold imports last year.
China’s demand for gold remains strong because China’s affluent middle class buys gold as an investment product. This is because *** is still strong against the US dollar, so gold denominated in US dollars appears to be even more attractive to Chinese buyers. For cheap.
Helen Lau, a senior metals and mining analyst at UOB Kay Hian, a securities firm, said that inflation in China is currently at a high level. People have little opportunity to invest in real estate, and there is little desire to invest in stocks, but they With increasing disposable income, it is hoped that the protection of its property will not shrink.
In contrast, India, once the largest gold buyer in the world, is now deteriorating its demand for gold. The reason why India’s gold demand is affected is partly because the Indian government has introduced an unpopular gold tax (which was later cancelled). On the other hand, it is because the Indian rupee has continued to weaken as India’s economic growth has slowed.
The lack of performance of the rupee means that gold is now extremely expensive for Indian consumers. In India, the price of gold is now approaching a record high, with prices of 10 kilos of gold at around 30,000 rupees ($536).
According to Morgan Stanley’s latest India Gold Survey, India’s personal consumption, investment, and celebration events such as weddings and religious holidays have roughly the same demand for gold.
In addition, Indians are still interested in gold investment, because from the perspective of the Rupee exchange rate, gold is the best performing asset in the past 10 years.
Compared with inflation, the expected earnings and low volatility of gold are the two major factors that drive Indians’ investment demand for gold, so high prices do not necessarily deter buyers.
Ridham Desai, head of India research at Morgan Stanley, said that if the price of gold denominated in rupee begins to fall, it may affect people’s perception of the return on gold investment, which may affect demand.
As Indians will continue to trade less rupee at more rupees, Morgan Stanley expects that India’s demand for gold will decrease by 4% in 2012, while the purchase of gold converted to rupee will increase by 4%.
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