Gold Trading
Gold traded briefly back above the $1400 level in early
New York trading, before retreating back into the range. The market continues
to be underpinned by considerable physical interest, both in Asia and here in
the U.S.The U.S. Mint is reporting sales of 147,000 ounces in April thus far,
with two more weeks left in the month. Some sources are saying the Mint sold
63,500 ounces on Wednesday alone! That's more than they sold in the entire
month of March. The U.S. Mint should easily exceed the high water market for
the year set in January at 150,000.
Large gold imports
India is known to be among the largest importers of gold
in the world. The imports of gold by India have been rising unabated in recent
years notwithstanding the sustained increase in gold prices. Such large import
of gold, when the gold prices are ruling high is one major source of bulging
trade deficit. The deterioration in current account deficit (CAD) due to large
gold imports has implications for financing the same, which would reduce the
foreign exchange reserves and could become a drag on the external debt. In this
context, a major concern emerged is the impact of huge gold imports on external
stability.
Trends in gold prices
International gold prices have risen exponentially in the
last decade. Since 2000, the international gold prices have grown at compound
annual growth rate of 16.3 per cent. The domestic gold prices have moved in
tandem with international gold prices in recent years. Volatility in
international gold prices in recent quarters is positively skewed implying that
it provides fewer large losses and a greater number of larger gains. One of the
major components of gold demand in recent years has been investment demand at
the global level.
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