Demand for gold in China is faltering and there is concern India will not be able to pick up the slack.
According to the World Gold Council, India imported 891.5 tons of gold last year while demand was 811.1 metric tons. The council believes consumption will increase to between 900 tons and 1,000 tons this year. [India Unlikely to Stem Gold’s Decline]
“Turning to the chart, we see the December Gold contract trading in a tightening range between the low 1100s and the 1150s. A breakout out of this range may signal a near-term direction for prices. Currently, the oscillators are sitting at neutral levels,” notes Options Express.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.