Asian buying spree metals
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Chinese and Indian shoppers go on gold-buying spree | Travel News | eTurboNews
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12 Jul China, Russia central banks still on gold-buying spree They bought a net tons of the metal in , the second largest figure since the.
Description:Volumes of gold products sold surged perc ent in Hong Kong and Macau during the April 13 weekend compared with the weekend prior, Dennis Lau, director of sales operations at Chow Sang Sang Holdings International, said yesterday. Goldman Sachs said April 10 the turn in the gold cycle was quickening and investors should sell the metal. As gold plunged 13 per cent in the two sessions through April 15, retail sales tripled across China on April , the China Gold Association reported. Bullion held in exchange-traded products decreased for an 11th day to Jewellery was 43 per cent of global bullion demand, and bars and coins 29 per cent, according to the industry group. The frenzy appeared in India and China, the biggest gold- consuming nations, with cultures that traditionally acquire the metal for brides, babies or strongboxes. The sell-off in gold was sparked by investor concern that European governments may have to follow Cyprus in selling part of their holdings and exacerbated as the metal fell below so-called technical-support levels, Goldman Sachs said April
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