Thursday, November 03, 2005


India Gold Imports Up 52%, Market Finds 'Floor'

One gold trader had a report this morning. "India's gold import was reported to have risen 52 per cent to $5.5 billion during April-August this year from $3.6 billion recorded in the same period last year. Gold's share of total imports has gone up to 10.2% from 9.3%."

The country's gold consumption—including jewelery, investment and industrial demand—logged in at 508 tons in the first half of the current financial year compared with about 400 tons last year, according to World Gold Council Managing Director Sanjiv Agarwal."

"Gold stabilized, rising slightly in New York trading on Wednesday, while holding solidly all day above the $460 mark, which seems to represent a floor for now..Most analysts saw gold in consolidation mode, with little in the way of major developments to either ignite a resumption of the bull market, or to pressure the metal below current support levels."

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