Huge market craze from the buyers have been observed regarding buying the gold bars, coins and nuggets after prices touched their lowest in more than last two years. Even this rush from the buyers has resulted in shortage of gold in Hong-Kong and Singapore.
Gold hit a session high of $1,381.80 an ounce and was standing at $1,370.84 by 0611 GMT, up $3.05. It falls down 18% and came to the amount of $1,321.35. This price fall resulted into the rush for the gold from the buyers and it has been reported that people are rushing for everything. Some of the distributors claimed that they has gone out of stock and cannot able to supply further to satisfy the quest for gold of the buyers.
It has been also reported that for silver, the scenario is more or less the same. However, when the places like Singapore are rushing after the gold, Indian market is very quiet. It has been reported that gold purchase is happening in this place in a small margin. India celebrates Akshaya Tritiya, a key gold-buying festival, next month, while the wedding season will continue until early June. Indian parents typically give gold jewelry to their daughters when they marry.
SPDR Gold Trust, the world's largest gold-backed ETF, said its holdings fell 0.73 per cent to 1,145.92 tonnes on Tuesday from 1,154.34 tonnes on Monday. Since 2011, Holdings of global gold ETFs are currently at their lowest.