Monday, January 18, 2021

Mad Rush in India and China To Buy Gold: Commerzbank

Why is there a mad rush in India and China to buy Gold? Swiss gold exports picked up in August, says Commerzbank. Experts quote data from the Swiss Federal Customs Administration confirming that overall gold shipments rose 30% month-on-month to a 14-month high of 150.5 tonnes. 

Significantly most of the gold was shipped to China and India, which reflects flourishing demand in these two leading gold-consumer countries,” Commerzbank says.

Swiss gold exports to India rose to 39.5 tonnes, the most since May 2017. “This is consistent with the higher gold imports reported by the Indian Ministry of Finance,” Commerzbank says.

“The present debate about a possible expansion in gold import duty could drive demand even higher, at least in the short term.” Meanwhile, Swiss gold exports to China climbed to 44.3 tonnes in August, the second-highest level this year.

This contrasts with a slump in deliveries to Hong Kong, however, with the result that China and Hong Kong combined saw imports that were well below the average monthly level of the first half of the year,” Commerzbank adds.

More News at EurAsian Times


Indian Air Force Bets Big On Russian Jets; Set To Acquire More MiG-29, Su-30 MKI Fighters – Reports

The Indian Air Force is set to procure 21 MiG-29s and 12 Sukhoi-30 MKI fighter jets from Russia. This development comes after the Indian...

UK, Germany, France Warn Iran Against Starting Work On Nuclear Program

Tensions between Iran and the EU nations including the UK, Germany and France have reached a fever pitch over Tehran’s decision to accelerate nuclear...

Afghan President Ashraf Ghani Condemns Attack On Female Judges; Urges Taliban To End Violence

Afghan President Ashraf Ghani in a statement said the terrorist attack and continued violence is contrary to Islamic guidance and urged the Taliban to...

Why Pakistan Keeps Calling India’s Ruling Party BJP’s Parent Body RSS A Terror Group?

Pakistan has urged the United Nations Security Council to designate India’s Rashtriya Swayamsevak Sangh (RSS) -- the parent organization of the ruling Bharatiya Janata...

Why China’s Dream Of Establishing Overseas Military Base In At-Least 12 Nations Could Soon Turn Into A Nightmare? 

Contrary to the apprehensions of the US Department of Defense that China is wooing 12 countries to make them agree to host its military...