Wednesday, 2nd September 2009 (101 views)
Investors in gold could see their assets surge in value during September, as the month traditionally sees a sharp rise in demand for the precious metal, an expert has said.According to Moming Zhou of MarketWatch, gold has seen an increase in value during September for 16 of the past 20 years, with prices jumping by more than five per cent in the past seven.
"Gold tends to do well in September because it's the run-up to several events that can drive up gold consumption," the analyst said.
In India, jewellers build up their gold stocks ahead of the Diwali religious festival, which takes place in October. September also sees the start of the post-monsoon wedding season.
According to Reuters, demand for gold jewellery in India accounted for over 20 per cent of the global market last year.
Jewellery makers also tend to buy up gold ahead of the Muslim holy month of Ramadan, as many families give gold as gifts during the Eid ul-Fitr holiday that marks its end.
Elsewhere, gold demand typically rises in China between National Day on October 1st and the Chinese New Year in January or February.
1 comment:
...must not let your guard down as there is a shark about in these waters...the IMF said months ago that they would be announcing gold sales in October 2009..but this September seems to be wonderful for a quick skinny dip.
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