Goldhub blog: Posts from July 2019

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Ray Jia
Research Manager
World Gold Council

Shanghai Gold Benchmark price hit record high in June

Summary

  • Shanghai Gold Benchmark price hit 319.2 yuan/gram – highest level since its introduction in April 2016
  • Au(T+D)’s trading volume in June reached second highest level on record – 2,062t
  • The local gold premium rose sharply 
  • Imports continued to slide in May, dropping to 69t
  • Gold withdrawals from Shanghai Gold Exchange (SGE) fell again last month 
  • PBOC added a further 10t to its reserves in June
Mukesh Kumar
Market Intelligence Group
World Gold Council

India’s gold import duties rise

Summary

  • On 6th July, India’s gold import duty increased from 10% to 12.5% as part of a revenue-raising budget
  • We believe it will have a negligible long-term effect on gold demand
  • We think it may be a temporary measure: when the government’s books are in better shape we may see some of these tax increases rolled back
  • The market will be supported by other government initiatives, including the structural reforms such as the India Gold Spot Exchange and plans to boost rural incomes
Alistair Hewitt
Head of Market Intelligence
World Gold Council

Gold and e-waste

In the age of sustainability, having a socially and environmentally responsible business model is no longer a luxury. Consumers and investors, increasingly conscious of the impact commercial activities can have, are exerting pressure on businesses to ensure their practices are as ethical and responsible as possible.