- Indian gold imports reached just 37.7t in July 2019 – 49% lower than the same month last year
- The domestic gold price was 2.3% higher in July compared to June; 23% higher y-t-d
- The custom duty on gold was unexpectedly raised by 2.5% in the Union Budget on 5th July
- With elevated domestic gold prices and a higher custom duty, the discount in the local gold market reached a peak of US$28/oz in July
- Volatile prices and weak physical demand encouraged healthy gold futures trading on MCX: volumes touched a high of 46.8t in July
Market Intelligence Group
World Gold Council
Mukesh joined the World Gold Council in March 2015, and works within the Market Intelligence Group. He has previously held positions with CRU International, Hatch Associates and Steel Authority of India Limited, focusing on consulting and research for the metals and mining industry.
Mukesh has a Bachelor’s degree in mining engineering from ISM Dhanbad and an MBA from the University of St. Gallen, Switzerland.