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Since hitting a four-year low of $1179 an ounce on June 28, gold has shown some strength, rallying 15% over the past month and a half to current levels around $1360.
In a note to clients Thursday titled, "Gold and the Denver play: Gold Shrugs Off the Paulson Sale; Buy the Bounce," JPMorgan analysts John Bridges and Anant Inani point to a number of bullish factors for the shiny yellow metal:
"China and India remain large physical buyers of the metal. We believe this highlights that enthusiasm for the metal remains strong amongst the majority of the world’s population," say Bridges and Inani. "Indian demand is quite seasonal related to events and festivals. While some might argue for less Indian buying due to tougher regulations and the weaker rupee making the metal more expensive, the WGC data suggests the opposite."