19-4-2021
China, the world's biggest gold consumer, now allows domestic and international banks to import large amounts of gold into the country, according to Reuters, which cited five sources familiar with the matter.
Since the second half 2020, demand for gold jewellery, bars and coins rebounded together with the local economy. Two sources said 150 tonnes of gold would be shipped in April and two said the shipment would arrive within April and May.
For the second-largest gold consumption country India, the demand for bullion has also witnessed recovery. In March, gold imports surged 471 percent from a year earlier to a record 160 tonnes, an Indian government source asked to remain anonymous told Reuters. The demand is driven by slashed import duties on gold. “Many consumers had postponed buying due to higher prices. They rushed to buy after prices corrected sharply,” said Harshad Ajmera, JJ Gold House owner in Kolkata.
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