Just a week ago we reported on gold sales in India. As you might know, we are heading into wedding season in India, when it is customary to give gold to new brides (and possibly others you love) (and heck, buy something for yourself too). As such, it’s an important barometer for the country’s gold demand.
In last week’s report we noted that sales were down compared to the previous year. New figures out this week indicate that changed sharply in the last week of September – Thomson Reuters now reports gold imports were up 31% for the month. Why the sudden change? This Gold Enthusiast believes it’s all due to the calendar of Indian holidays. This year the Dussehra holiday shifted forward into September, from October last year, pulling gold demand with it. So while this is good for September figures it is bad for October figures. Meaning, sadly, we won’t really have a good read on this years’ trend until mid-October numbers are released.