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.
By Nicholas Larkin
Wednesday, January 23, 2013
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