gold price forecast , why is it so resistant

gold price forecast , why is it so resistant

gold price forecast , why is it so resistant

 

gold price forecast The supports of gold are many and varied. Precious metal prices are less subject to changes in the order books of the industry, as can be those of silver or platinoids

They are also less sensitive to the effects of trading. In addition, a large part of the global gold stock is held by individuals in the form of jewelry

But there are also a few countries, notably India, which support the price of gold. In India, demand is highest between October and November due to Divali (or Diwali), which is the holiday season
gold price forecast These festivities last for several days and culminate in the celebration of the goddess of abundance and prosperity. Gold gifts are therefore de rigueur

Above all, this period coincides with the wedding season and the precious metal is just as essential during ceremonies. Families literally cover the bride and groom so that their union begins under the best auspices

India and China concentrate 40% of world demand
gold price forecast This seasonality is visible in the figures noted by the World Gold Council. Thus, in 2018, demand for jewelry gold in India reached 180 tonnes in the last quarter, while it averaged between 120 and 150 tonnes of gold in previous quarters

In 2018, however, the wedding season was shorter than usual. Demand was even higher in the last quarter of 2016 (182 tonnes) and in the last quarter of 2017 (also 182 tonnes)

In India, gold occupies a special place. The precious metal is both a pillar of religious festivals and traditional celebrations, and a refuge value par excellence especially with rural populations
gold price forecast These factors provide a better understanding of why buying precious metal in India has such a strong impact on the gold market worldwide

In Indian culture, religion and tradition take a big place. With gold as a pillar: the precious metal is indeed the “reference” for gifts or offerings
gold price forecast For Hindus, for example, offering gold coins to the goddess Lakshmi is an obligatory rite to attract the good graces of the goddess of fortune, prosperity and abundance. Its symbols are gold and jewelry. She is also frequently depicted with gold coins falling from her hands