Goldhub blog: Posts tagged with "India"

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Mukesh Kumar
Market Intelligence Group
World Gold Council

Gold demand tailed off in second half of December with start of inauspicious period and higher gold price

Wedding and stable domestic gold price at ~Rs 37800/10gm helped demand in first half of December but demand tailed off after 15th December after the beginning of inauspicious period and rising gold price which jumped by 3.7% from mid-December till end of the month.

Mukesh Kumar
Market Intelligence Group
World Gold Council

Higher prices and custom duty dampened Indian demand in July

  • 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