Herisau, 16.11.2023 (PresseBox) – Festivals and the wedding season in India are fueling demand for gold, perhaps particularly strongly this time.
The Diwali festival of lights has just caused quite a stir. And not just because the sea of lights in the city of Ayodhya could be worth an entry in the Guinness Book of Records. 2.2 million oil lamps were lit. Diwali is an important festival, similar to Christmas. Record-breaking numbers of visitors were recorded, and this could mean positive news for the gold market. Gold is given away during the five-day Hindu festival of lights, as is often the case on public holidays. A dynamic in the sale of gold could already be observed at the beginning of October. Sales are expected to increase by 20 to 22 percent. And after the Festival of Lights comes the wedding season, which is also celebrated with gold gifts. The physical demand for gold in India should not be underestimated, as it can support the gold price.
In the USA, the focus is currently on US debt. The rating agency Moody’s has lowered the USA’s credit rating from stable to negative, citing domestic political instability. There is a threat of another government shutdown, as debt and interest rates are high. And a consensus on a budget plan is difficult to achieve. Time and again, the USA has to avoid defaulting on its debts. This debt problem leads analysts to be optimistic about the gold price. This is because the price of gold could rise well above USD 2,000 in view of the immense national debt and thus, please investors in 2024. Good news for those who are already invested in high-quality gold companies such as Gold Terra Resource or Osisko Development.
Osisko Development – https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ – is a successful gold producer with projects in Mexico, Canada and the USA.
Gold Terra Resource – https://www.commodity-tv.com/ondemand/companies/profil/gold-terra-resource-corp/ – owns the Yellowknife Gold Project in the Northwest Territories, a large, high-grade property in a prime location.
Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -) and Gold Terra Resource (- https://www.resource-capital.ch/en/companies/gold-terra-resource-corp/ -).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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