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The Lunar New Year supports the demand for gold.
The Lunar New Year, which is celebrated in China and other Eastern countries on February 19 this year - last year's celebration was on January 31 - is one of the major holidays in China and an important holiday for the participants of the gold market due to positive changes in the demand for gold. Everyone knows that people usually give gold to their loved ones on this holiday.
In anticipation of the holiday, bankers and traders began to stock the yellow metal, fearing an increase in demand that will lead to an increase in prices. An unprecedented rise in demand almost raised the interest on the price of gold twice, up to $ 7, compared to $ 4 of the previous week. However, these high rates do not make the start of the year exceptional comparing to the results of the previous year.
According to the Shanghai Gold Exchange, the purchase of gold also remains strong this week. This sudden increase in demand has ensured the necessary support for the international prices of gold, holding them above $ 1,200 per ounce.
In experts' opinion, both the interest and the sales volumes have sharply risen this month, and most likely they will continue their growth throughout the festival that will last 19 days longer than last year. The increase in demand for gold will occur despite the increase in gold prices, and this is a good sign for the market. The increase in the physical demand can spur gold to higher levels.
A higher standard of living is secured for customers of the Emgoldex company, who buy gold in the company's online store and create their gold reserves to ensure their golden future.
Category: Gold news Publication date: 2015-01-23 08:58
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