In May, India's gold imports increased by a staggering 677 percent over the same month last year. Imports totaled 101 tons of gold, compared with only 13 tons a year earlier in May. That's the highest level in a year. So, a lot of gold went over the counter in the retail sector. Indeed, the price of gold corrected during the Akshaya Tritiya festival and already Indians were rushing to the jewelry stores. The annual Hindu and Jain festival, which is celebrated in the first week of May, is considered particularly favorable for the purchase of gold.
India is the second largest consumer of precious metals in the world and the current trend can support the gold price. Also, many weddings have been postponed to 2022 due to the Corona pandemic. A major component of the bride's dowry in India is gold. And the precious metal represents a popular gift from guests and family. Even if some analysts see a stronger U.S. dollar due to the tightening plans of the major central banks and thus a headwind for the gold price, gold is and remains the tried and tested means of building up or preserving wealth. And this is necessary, as the World Bank recently warned of above-average inflation and below-average economic growth for several years. From a global perspective, it lowered its forecast for economic growth in the current year to 2.9 percent.
These circumstances speak for gold, thus also for investments in gold shares, for example in Karora Resources - https://www.youtube.com/watch?v=uByunotmKIw -. The gold company, which produces successfully in Western Australia, has recently added a second processing plant. It expects to produce 185,000 to 205,000 ounces of gold in the current year.
Skeena Resources - https://www.youtube.com/watch?v=uByunotmKIw - is reviving the formerly producing Eskay Creek gold-silver property in British Columbia. This has just been approved by the indigenous government.
Current corporate information and press releases from Karora Resources (- https://www.resource-capital.ch/en/companies/karora-resources-inc/ -) and Skeena Resources (- https://www.resource-capital.ch/en/companies/skeena-resources-ltd/ -).
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