Gold and silver gained on rising demands,prices in China and India
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Gold and silver gained on rising demands in China and India
Albanian_Minerals President Sahit_Muja said " Gold and silver demand has witness a significant growth in 2011 fueled by steady growth of gold and silver use in China and India"
Sahit_Muja said "Devaluation of the dollar, economic problems, political tensions, inflation, and exchange rates are other factors that have also contributed on rising gold and silver prices".
Gold added $13.60 to settle at $1,537.30 an ounce at the the New York Mercantile Exchange.
Silver prices gained 53 cents to finish at $37.85 an ounce while the U.S. dollar index was shedding 0.9% at $74.93.
Most metals settled higher after trading experts believes prices for many commodities will improve in the second half of the year.
China’s gold demand last year hit 700 tons.Global demand for gold in the first quarter of 2011 totaled 981.3 tonnes, up 11% year-on-year from 881.0 tonnes in the first quarter of 2010.
Chinese investors more than doubled their purchases of gold during the first quarter in 2011, compared to the same period last year.
China’s investment demand increased to 90.0 metric tonnes (40.7 tonnes in the year prior), compared to India’s 85.6 tonnes.
The first quarter, investments into bullion surged 179% in China totaling $4.1 billion.
China's net imports of silver hit a record high of 400% in 2010 to 3,500 tonnes .
About 70% of China's silver demand comes from the industrial sectors.
China has some of the world's largest manufacturing facilities for home electronics and electrical appliances, which utilize various type of silver-based solder.
Silver price increased more than 80% in 2010.
Gold and silver demand in China and India is soaring thanks to increasing use for industrial and jewelery purposes. http://www.prlog.org/11514944-gold-and-silver-gained-on-rising-demands-in-china-and-india.html
Mehmet_Muja
Albanian_Minerals
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