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.

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