Gold consumption will increase in the coming days, says International Gems Institute

“So yes, we think that there is going to be at least 2 million barrels a day of new supply in the system. In 2020 we think there will be a little over million barrels a day of demand that sounds like a million barrels a day of inventory build but it’s not because we have the catch-up to do,” Morse added.

On India front, he said: “The expectation is that the Indian economy is going to grow at a better rate going forward than it has in the pre- and post-election period of time. So we will wait and see, but yes, Indian demand growth has been a little bit more sluggish than anyone.”

Talking about crude price, Patnaik said, “Organisation of the Petroleum Exporting Countries (Opec) is a very strong organisation. Today if they decide to cut production and get the crude oil prices higher, I do not see a reason why we couldn’t see high, but I would be skeptical about $70 per barrel. I would price it around $65 per barrel.”

Printer of IGI said: "We expect more gold consumption due to more auspicious days going ahead."

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