Tsuen Wan International: UBS gold sales to India climb 23% in 2011 so far on robust demand.

June 23, 2011 - PRLog -- UBS AG has informed Tsuen Wan International that its gold sales to India, the world’s biggest bullion consumer, have shot up 23% so far in 2011 from the same period a year earlier, on “robust” demand.

Physical bullion sales in May rose “a very substantial” 76% compared to the previous month and 161% from the same time last year, UBS analyst Edel Tully told Tsuen Wan International recently.


Gold prices have risen 8.6% so far this year, and reached a record $1,577.57 an ounce in early May, extending gains for the 11th year in a row. Bullion imports by India surged to a record in 2010, driven by ever increasing demand from the jewellery sector and expectations prices would continue to appreciate, according to the World Gold Council.

“The value of India’s combined gold and silver imports soared 500% in May from April, and 222% from May 2010,” Tully told Tsuen Wan International. “While import volumes rather than values would be much more accurate, given the run-up in gold and silver prices in May, the figures still provide a good indication of the country’s robust appetite for precious metals.”

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