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Increase in the investment of gold by 50 percent
Posted on: 13/Jun/2016 12:36:40 PM
In the last 2 years there is increase in the investment in gold by 50 percent because of this there is a fear that the prices of the gold will soar high.
After the USD, gold is considered the best for the barter system in the world economics. Hence the government stocks gold which is supposed to be a great asset in the treasury.
As far as India is concerned the gold production is coming down. In 1942, India produced 81 tonnes of gold. Now there is only one tonne production. There is a great gap between the demand and supply. This is being compensated by importing gold from foreign countries.
In the year 2013, 960 tonnes of gold were imported and in the year 2014, 850 tonnes of gold were imported. 750 tonnes of gold were imported in the year 2015 and similarly in the year 2016, 800 tonnes of gold were imported.
While gold demand has remained subdued and prices are being quoted at a steep discount to the landed cost, unofficial imports have reportedly seen a sharp spurt in the past two months.
40 percent of gold business in the international markets takes place only in Asia. China and India are the great importers of gold. In the recent times people believe that investing in gold is safe and profitable.
In the last 2 years investing in gold has been increased by 50 percent from 40 percent. Because of this, the prices of gold are going up. In the last 6 days, the prices of gold have gone up by Rs 600 and are selling at Rs 22728. The gold merchants say that this price will still go high and will be selling at Rs 23000 by end of the year.
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