Gold: Yesterday, India’s Ministry of Commerce released May trade data. India’s gold imports

Gold: Yesterday, India’s Ministry of Commerce released May trade data. India’s gold imports in May 2019 was 115.8 tonnes compared with 82.8 tonnes in May 2018.

This is this is the largest one-month import since August 2015. https://t.co/gPXIYpkrQ4

Gold: Looking at Indian imports over a longer period, it seems as if #gold imports are steadily recovering as the market adjusts to higher import duties and other regulatory changes introduced over the past five years. https://t.co/ugBQP2EXeo

Gold: We are unsurprised by the strong Indian #gold imports reported in May.

Conversations with the trade during the month mentioned strong demand and the NCDEX polled premium was strongly positive. https://t.co/fWKL6Urxcx

In June, the #gold market is more nuanced:

Retail activity is still healthy, as the wedding season continues and will do until the end of June.

But the wholesale market is slowing ahead of the monsoon and expected retail slowdown and this is evident from a widening discount.

My colleague Mukesh Kumar, based in Mumbai but regularly travelling India to talk to the wholesale and retail trail plans to write a monthly #blog on the Indian gold market. It will be available on #goldhub when its launched.