Weekly Markets Monitor
Weekly Markets Monitor - The crude pied piper
Last week, investors monitored US-Iran peace negotiations amid mixed global economic data. In the US, manufacturing and labour markets remained resilient, although consumer sentiment fell to a record low and inflation expectations increased.Weekly Markets Monitor
Weekly Markets Monitor - India’s import duty reversal
Last week, markets focused on the Trump-Xi summit amid fading hopes of an Iran peace deal, while stronger-than-expected US inflation reinforced higher-for-longer rate expectations.Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’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
