Oil prices have declined, and the dollar is gaining over growing fears revolving around Spain’s less-than-stellar budget. Austerity measures are proving quite unpopular in Spain. The physical demand for Gold remains high in China, but the jewelers’ strike in India continued into a 13th day, which has hindered demand in the world’s top Gold-buying country. Nic Brown of Natixis said, “In the near-term, there is substantial support still coming out of China. Until Chinese investors have a solid alternative to precious metal, it’s likely that demand coming out of China will remain very strong. … If you see a significant decline in Indian demand for Gold, that is a major negative for the Gold market.”
JAI SANI MAHARAJ
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