India's traditional peak season demand can not stop the decline in the price of gold
Josephine wang
Yadao
2014-09-03 19:30:56
ABN amro (ABN) on Tuesday (September 2) said in a report, investors continue to cut gold bullish bets last week, as the global economic growth is strong, and expected the federal reserve may raise interest rates soon. The CFTC data show that net long positions of the Comex gold futures and options last week fell by 21% to 92734, this is the biggest drop since June 3, short positions fell 51% to 36877.
At the same time, the Dutch bank also said that although September India could usher in a new series of traditional festival, during physical gold demand tend to be stronger, but the future price of gold is still not avoid falling destiny, just drop will be limited. Indian elephant god festival has started on August 29, on October 23, then there will be 5 days of traditional religious festival diwali, people usually buy in large quantities of gold COINS and gold bars. Based on previous data, India during diwali gold jewelry sales will surge, and gold prices also usually rises before holiday.
In addition, the Netherlands bank argues that short-term won't loosen any gold restrictions on imports, India is expected at the holidays and the day before the local gold supply will be tight. According to the past more than 20 years of history, according to the annual September price best, an average of 3%, followed by November, up around 1.8%, the two months are the gold consumption season in India. Maintain gold has risen by 5.8% in 2014.
