In its report, the Canberra-based Bureau of Resources and Energy Economics said fabrication demand for gold is expected to increase by a further 3 per cent in 2014, relative to 2013, to total 2835 tonnes.
India's efforts to curb gold imports are expected to affect growth in global fabrication demand from 2014 due to its importance as the single largest source of fabrication demand for gold, according to Australia’s government forecaster.
In its report, the Canberra-based Bureau of Resources and Energy Economics said fabrication demand for gold is expected to increase by a further 3 per cent in 2014, relative to 2013, to total 2835 tonnes.
These measures include further increases to the import duty on gold, restrictions upon how gold imports may be financed, and the issuing of investment bonds indexed to inflation to provide individuals an alternative means of preserving their wealth as a hedge against inflation, it said.
While the level of purchases in April are not expected to be maintained across 2013 as a whole, this buying activity should contribute to a 5 per cent increase in fabrication demand for gold, relative to 2012, to total 2747 tonnes.
Over 2013 as a whole, the price of gold is forecast to average around $1444 per ounce, 13 per cent lower than in 2012, as outflows from Exchange Traded Funds, continue to weigh upon prices.
The gold price is forecast to decrease by a further 7 per cent in 2014, to average around $1340 an ounce, as the appeal of gold as an investment diminishes compared to other asset classes.
courtesy of bullionstreet
No comments:
Post a Comment