Chinese and Indian gold jewelry demand falling off a cliff

chinese gold jewelry and indian gold jewelry in Bangkok Thailand
Amazon Best Sellers Discounts and Offers

(Kitco News) - Investment demand will continue to drive gold prices even as physical sales in critical global markets have fallen off a cliff so far this year, according to one investment research group.


In a report Thursday, Alexander Kozul-Wright, a commodities economist at Capital Economics, highlighted dismal gold jewelry demand in China and India.


Quoting Chinese customs data, Kozul-Write, noted gold imports that imports fell by 50% year-over-year in the first two months 2020. Meanwhile, he added that withdrawals from Shanghai's gold exchange fell by 56% during the same period.

Looking ahead, Kozul-Write said that he doesn't expect to see a significant rebound in gold jewelry demand as gold prices remain high against the Chinese yuan and consumers remain subdued as the nation starts to recover from the COVID-19 pandemic.

"That said, China's gold imports may stage a comeback in the second half of the year, assuming that economic growth continues to gather pace and households start spending again," he added.

Kozul-Write is even more pessimistic about India's gold market. According to India's trade data, he said that gold imports last month fell by a whopping 73% m/m in March.

"It appears that inflated local-currency prices slashed jewelry demand in India's price-sensitive market," he said. "And with anecdotal evidence suggesting that domestic gold purchases ceased altogether after the government imposed a three-week lockdown on [March 24], India's gold imports could sink even lower in April."

Although gold jewelry demand is expected to be weak through 2020, Kozul-Write said that he expects investment demand to dictate gold prices this year. Currently, Capital Economics sees gold prices ending the year at $1,600 an ounce.

"In our view, the price of gold will only begin to fall once the global spread of COVID-19 is brought firmly under control," he said.

Last week, a $2.3 trillion loan program launched by the Federal Reserve -- to help small and medium-sized businesses impacted by the COVID-19 pandemic -- helped to push gold prices to a fresh seven-year high.

The precious metal is seeing some technical selling pressure at the start of the new week. June gold futures last traded at $1,734.50 an ounce, down 1% on the day.

News source & Original Author: By Neils Christensen For Kitco News

Comments

What you think?

Recent Articles

  1. Good

    Nov 25, 22 10:57 PM

    Good and informative site

    Read More

  2. Automotive mould industry development status and market trend analysis

    Apr 01, 22 12:20 AM

    Automotive mould industry development status and market trend analysis

    Read More

  3. பசங்களுக்கு கட்டாயம் மூக்கு குத்த வேண்டும்

    Mar 22, 22 11:22 PM

    பொதுவாக தவறு செய்யும் பசங்களுக்கு தண்டனை விதிக்கப்பட வேண்டும்.. ஒரு பெண் வயதுக்கு வந்து விட்டால் அந்த பெண்ணிற்கு சடங்கு செய்ய படுவது போல்...ஆம்பள பசங்களுக்கும்

    Read More

  4. ஏழாம் நாள் குலவழக்கம் பாகம் 2

    Mar 09, 22 10:07 AM

    உடனே நான் கேட்டேன் நீ ரொம்ப அனுபவம் மாதிரி பேசுற இது வரைக்கும் எதனை ஏழாம் நாள் போயிருக்க ?. 5 போயிருக்கேன் அதான் பட் இது தான் கிளோஸ் பேமிலி ல முதல் தடவை.

    Read More

  5. ஏழாம் நாள் குலவழக்கம் பாகம் 2

    Mar 09, 22 10:06 AM

    உடனே நான் கேட்டேன் நீ ரொம்ப அனுபவம் மாதிரி பேசுற இது வரைக்கும் எதனை ஏழாம் நாள் போயிருக்க ?. 5 போயிருக்கேன் அதான் பட் இது தான் கிளோஸ் பேமிலி ல முதல் தடவை.

    Read More

  6. Piercing infections

    Mar 09, 22 10:04 AM

    For anyone still having this problem, I would recommend only flushing with a sterile saline solution! Do not take the piercing out when having an infection

    Read More

  7. How many parts are in a Car? Engine Car VS Electric Car

    Mar 05, 22 08:34 AM

    How many parts are in a Car? Engine Car VS Electric Car

    Read More

  8. Singapore's Policy of Covid-19 Endemicity!

    Feb 10, 22 12:24 AM

    Singapore's Policy of Covid-19 Endemicity

    Read More

  9. เอาขำๆมาให้อ่านคะ ใครเคยอ่านแล้วก็ผ่านไปนะคะ

    Feb 09, 22 10:14 AM

    เอาขำๆมาให้อ่านคะ ใครเคยอ่านแล้วก็ผ่านไปนะคะ

    Read More

  10. Winston Churchill was he a Hero or a Monster?

    Feb 08, 22 09:01 PM

    Winston Churchill was he a Hero or a Monster?

    Read More

  11. ‘I don’t want to be born again’ ~ Lata Mangeshkar.

    Feb 08, 22 08:48 PM

    ‘I don’t want to be born again’ ~ Lata Mangeshkar.

    Read More

  12. What happened in the United States when home cooking stopped?

    Feb 08, 22 08:45 PM

    What happened in the United States when home cooking stopped?

    Read More

  13. There are four types of Intelligence

    Feb 05, 22 10:23 PM

    According to Psychologists, there are four types of Intelligence

    Read More

  14. FIFA22 ULTIMATE TEAM MILLIONS, MADE EASY

    Feb 04, 22 02:00 AM

    Join the Most Complete and Advanced Ultimate Team PRO Trading Tools and Methods Website in the World for FIFA22.

    Read More

  15. Plastics News

    Feb 03, 22 10:12 PM

    Plastics News

    Read More

  16. The Prominent Plastic Injections Mould Fabrication Company in Malaysia

    Jan 14, 22 09:50 AM

    The Prominent Plastic Injections Mould Fabrication Company in Malaysia

    Read More

  17. Nesepiercing Slik overbeviser du foreldrene dine!

    Nov 09, 21 10:10 AM

    Å ta din første nesepiercing er imidlertid spesielt når du trenger å få godkjenning fra foreldrene dine! Enten man går på videregående eller for tiden er gift med barn, betyr foreldres godkjenning av…

    Read More

  18. Should I get my nose pierced?

    Nov 05, 21 07:57 PM

    Answer 1 You have not mentioned anything about you. However, nose piercing is for anyone and everyone without gender or age discrimination. It is a most

    Read More

  19. Part 2: My gf pierced my nose and ears and made me bride at birthday.

    Oct 22, 21 11:23 AM

    Last page I shared all details,Now I pierced both nosetril one time and both ears three times with the help of my gf.I know how to wear saree and make

    Read More

  20. Riche Niche: Health | Lifestyle | Fashion | Marketing | Technology

    Sep 05, 21 12:51 PM

    Our Riche Niche blog is the easiest way to stay up-to-date with the latest news, trends and articles published on this site.

    Read More

  21. Nose Ring Piercings

    Aug 28, 21 02:56 PM

    All about nose ring piercings.

    Read More

  22. Nose piercings - Information and Unique Design

    Aug 28, 21 02:41 PM

    Our nose piercings bring uniqueness and pride to you. Discover new nose piercing insights on healing, infections and proper care.

    Read More

  23. Muhyiddin Yassin appointed Malaysian caretaker PM

    Aug 16, 21 03:26 AM

    Muhyiddin Yassin appointed Malaysian caretaker PM after resignation is accepted by the king

    Read More

  24. Airlines reroute flights to avoid Afghanistan airspace

    Aug 16, 21 03:00 AM

    Airlines reroute flights to avoid Afghanistan airspace

    Read More

  25. Malaysia PM set to quit with no clear successor in line

    Aug 16, 21 01:54 AM

    Malaysia PM set to quit with no clear successor in line

    Read More

  26. Malaysia PM at palace to meet king amid reports he will resign

    Aug 16, 21 01:39 AM

    Malaysia PM at palace to meet king amid reports he will resign

    Read More

  27. My gf pierced my nose and ears and made me bride at birthday.

    Aug 15, 21 08:23 PM

    I am a male and I stay in an apartment in Mumbai alone and I am doing a Job.My girl friend is a beautician.One day My gf came to my room and wanted to

    Read More

  28. My mom pierced my nose

    Aug 15, 21 08:19 PM

    I am a boy.My mom pierced my left nosetrill at 5years old because that time some female friend pierced their nose and I said to my mom to pierced my nose

    Read More

  29. My gf pierced my nose and ears and made me bride at birthday.

    Aug 15, 21 08:18 PM

    I am a male and I stay in an apartment in Mumbai alone and I am doing a Job.My girl friend is a beautician.One day My gf came to my room and wanted to

    Read More

  30. Which Cat Toys do You Want?

    Aug 13, 21 10:36 AM

    Finding the best cat toys can be difficult unless you remember the following tips and techniques.

    Read More

  31. Piercings Festivals Around the World

    Aug 11, 21 07:32 PM

    A collection of piercings festivals around the world for spiritual, religious and other a cult piercings practices.

    Read More

  32. Hide Nose Piercing With Ease

    Aug 07, 21 12:51 PM

    Need to hide nose piercing evidence? Read on and find out the most effective tricks and techniques to hide your facial piercing

    Read More

  33. New nose stud trends and designs

    Aug 07, 21 12:35 PM

    Discover new nose stud designs, 22k gold with unique, Indian designs that are very uncommon in the western market, available here

    Read More

  34. Infección del Piercing de Nariz

    Aug 07, 21 12:20 PM

    Tratando su infección del piercing de nariz – la prevención es el mejor tratamiento, pero ¿qué debe hacer si ya tiene la infección?

    Read More

  35. Piercing Pagoda

    Aug 07, 21 12:12 PM

    Piercing pagoda is an online store and also sells through specialty kiosks all over the U.S. and Puerto Rico. Started in 1969, the kiosks came to be known for their quality piercings,

    Read More

  36. Prince Albert Piercing - The Dressing Ring

    Aug 07, 21 03:10 AM

    The Prince Albert piercing was called the “Dressing Ring,” by the Victorian dealers of men’s clothing in the early centuries.

    Read More

  37. I have a Nose Ring Mask

    Aug 07, 21 02:06 AM

    I have a Nose Ring Mask

    Read More

  38. Mental Health of Students Must Figure in Restarting Classes

    Aug 07, 21 12:50 AM

    Mental Health of Students Must Figure in Restarting Classes

    Read More

  39. The Pet Boost: Furry Friends Help Seniors Feel Less Lonely

    Aug 06, 21 02:24 AM

    The Pet Boost: Furry Friends Help Seniors Feel Less Lonely

    Read More

  40. Popular Cat Names

    Aug 06, 21 02:18 AM

    Finding the best cat names for your new cat can be complicated but also very fun and enjoying.

    Read More

  41. COVID-19 Fallout: Americans Changing Their Higher Ed Plans

    Aug 05, 21 01:05 PM

    COVID-19 Fallout: Americans Changing Their Higher Ed Plans

    Read More

  42. Travel Advisors Smooth the Way for Post-Pandemic Getaways

    Aug 05, 21 12:46 PM

    Travel Advisors Smooth the Way for Post-Pandemic Getaways

    Read More

  43. Building Trust in the Science of Vaccines

    Aug 05, 21 12:17 PM

    Building Trust in the Science of Vaccines

    Read More

  44. Male Cat Names - How to Pick One!

    Aug 04, 21 12:05 PM

    How to Pick a Male Cat Names

    Read More

  45. BEST NONSTICK PANS MATERIAL

    Aug 04, 21 11:32 AM

    BEST NONSTICK PANS MATERIAL

    Read More

  46. Boadisk

    Aug 04, 21 11:12 AM

    check this review on boadisk

    Read More

  47. Female Cat Names How to Pick the Best One!

    Aug 02, 21 02:06 PM

    How to pick a Female Cat Names

    Read More

  48. Airport Taxi Service Near Me: Get the Best Service and Rates!

    Aug 02, 21 01:35 PM

    Airport Taxi Service Near Me: Get the Best Service and Rates!

    Read More

  49. Unusual Piercing at Thai Vegetarian Festival

    Aug 02, 21 01:17 PM

    The religious devotees cut themselves with swords, piercing their cheeks with sharp objects and committing other painful acts to purify themselves and take on the sins of the community.

    Read More

  50. Translation and interpretation!

    Aug 02, 21 12:48 PM

    Translation and interpretation! We will introduce the features and differences of each by a professional translation agency.

    Read More

  51. Plastic Kills Corona Virus in 1 Hour!

    Aug 02, 21 10:12 AM

    Plastic Kills Corona Virus in 1 Hour!

    Read More

Sponsored Pages

Subscribe to our nose-piercings newsletter to stay up-to-date with the latest news, trends and articles published on this site.