Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in July: imports rebound as retail demand improves with easing of lockdown restrictions
Retail demand was mixed in June: moderate strength in the first half of the month was followed by a softening of demand in the second half due to an absence of wedding dates. Official imports rebounded with easing of lockdown restrictions and the local market flipped back to discount as demand softened from mid-July onwards
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in June: retail demand improved as lockdowns eased
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in May: retail demand collapsed amid COVID-induced lockdowns
Summary
- The domestic gold price ended 5.1% higher in May at Rs48,993/10g
- Retail demand collapsed amid COVID-induced lockdowns in the country
- Indian official imports slowed and the local market flipped to discount
- Monthly inflows into gold ETFs slowed as higher returns lured investors towards the equity market. Total holdings for Indian gold-backed ETFs (gold ETFs) reached 33.2t by the end of May; a net inflow of 0.1t (Rs2.9 bn; US$39mn)
- The Reserve Bank of India (RBI) added 0.9t of gold to its reserves in the month increasing its total gold reserves to 696.2t.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in March: Indian imports were highest in a decade amid robust retail demand and re-stocking by trade
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilThe impact of Tax Collected at Source (TCS) on the Indian gold market
To widen the tax revenue the Finance Minister, Nirmala Sitharaman, announced during the annual budget of 2020-21 an extension to the scope of Tax Collected at Source (TCS). This blog discusses the impact of TCS on bullion dealers and the resultant impact on other participants in the gold supply chain.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in August: Indian imports hit nine-month high but retail demand remained weak
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in July: Indian imports hit five-month high as market returns in premium
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in June: Jewellery demand improved further, continued inflows into Indian gold ETFs
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in May: Jewellery demand reviving gradually, Indian gold ETFs attract strong inflows
Vishal Jain
Former Head of ETFs Nippon India Mutual FundGold ETFs in India – time for growth
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilSupply-chain disruptions impact on Indian gold market
To curb the spread of COVID-19, the global restrictions have impacted the global gold supply chain, from production to refining. These supply-chain disruptions have impacted both bullion and gold dore’ imports into India.