Weekly Review For Gold Investors – May 1st

Gold Market Strengths

After a two-month hiatus, Russia’s appetite for buying gold is back. The nation increased foreign reserves of bullion to 39.8 million ounces as of April 1, compared with 38.8 million ounces a month earlier. The 30 ton purchase was the most since September. Russia is the fifth-biggest holder of gold and thus the move sends a bullish signal to the market.

Gold jewelers are betting the Indian Akshaya Tritiya festival will buoy demand for the bullion. Jewelers expect the festival could drive up sales by as much as 30 percent over last year’s level. Already, gold imports are estimated to have hit 125 tons in March, compared with just 55 tons in February and twice the amount imported a year earlier, suggesting jewelers have stocked up well. The holy day of Akshaya Tritiya, which fell on April 21, is considered by Hindus as an auspicious day to purchase gold. It is the nation’s second biggest bullion-buying festival.

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