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Gold rout seen bottoming by analysts as China buys: Commodities

Posted on 22 August 2013

The rout in gold that wiped out $56 billion of value this year is spurring consumer demand in China and India, the biggest buyers, and leading JPMorgan Chase & Co. and Bank of America Corp. to say prices are bottoming.
Sales of jewelry, coins and bars will reach as much as 1,000 metric tons in India and China in 2013, valued at a combined $87.6 billion, the World Gold Council estimates. Prices will average $1,300 an ounce in the fourth quarter, or 5 percent less than now, the median of 17 analyst estimates compiled by Bloomberg shows………………………………………..Full Article: Source


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