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Standard Bank says physical gold purchases unusually high
Published : January 23rd, 2013
171 words - Reading time : less than a minute
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Keywords :   Gold | Gold Demand | India | Physical Gold |

LONDON -- Physical gold demand has been unusually strong for this time of year, with "good buying" from Southeast Asia, according to Standard Bank Plc.

The Standard Bank Gold Physical Flow Index signaled demand climbed to the highest since November, the bank wrote in an e-mailed report yesterday. Purchases typically pick up toward the end of the year amid religious festivals and the wedding season in India. Gold reached a four-week high of $1,696.28 an ounce in London on Jan. 17.

India, the biggest buyer in 2011, raised taxes on gold imports two days ago to reduce a record current-account deficit and to moderate demand. Standard Chartered Plc said earlier this month that its gold shipments to India soared on mounting concern the duty would be raised. While gold has gained for the past 12 years, the best run in at least nine decades, prices dropped as much as 9.5 percent from October through Jan. 4.

 

By Nicholas Larkin
Bloomberg News
Wednesday, January 23, 2013

Read the rest here : http://www.bloomberg.com/news/2013-01-23/standard-bank-says-physical-gol...

 

Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
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Chris Powell

Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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