Physical gold demand unusually high, according to Standard Bank
South Africa’s Standard Bank has reported unusually high demand for physical gold for this time of year, according to its Gold Physical Flow Index.
Precious metals broker Sharps Pixley highlights the news, citing a report in Bloomberg.
The demand is reported as being as high in January as it was in November – when the traditional Indian season of weddings and religious events results sees a spike in demand and prices.
However, India has just placed a tax on gold imports as part of its current account deficit reduction plans, Bloomberg reported. This is believed to have resulted in an increase of gold imports ahead of the tax being implemented.