Thursday, 3 September 2015

Gold coin rush in the US!

Cheap gold is fuelling a gold coin rush in the US.

The US Mint official data indicates that sales of the American Eagle Bullion gold coins in August this year has soared over 300% to hit 101500 ounces, compared to 25000 ounces in the same month last year.

Despite seeing a three-fold jump, gold coin sales in August were 40% lower than the 170000 ounces sold in July.

Gold rates have dropped around 17% in dollar terms this calendar year, and had hit the year's low of $1080.4 per ounce in August. 

However, prices took support at lower levels and bounced back to touch $1160 during the same month. Gold is currently trading at $1140 a ounce.

The mint also reported a more than two-fold jump in American Eagle silver one-ounce coin sales to 4.935 million ounces in August, as against 2.088 million ounces sold during the same month last year.

Jewellers in India have also said that domestic consumer demand shot up during July-August against the backdrop of fall in gold prices coupled with buoyant wedding season demand.

The World Gold Council (WGC) has estimated India’s gold demand in 2015 at 900-1000 tonnes.

Demand is likely to be around 554 tonnes in the second half of 2015. The first half had seen demand at 346.2 tonnes for the yellow metal.

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