Gold Focus: Items tagged with "india gold market"

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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
Somasundaram PR
Managing Director - India
World Gold Council

The blueprint for a gold spot exchange in India

On Friday 2nd August, the Blueprint for Gold Spot Exchange in India was released at the India International Gold Convention (IIGC) in Amritsar. The report was produced by the industry steering committee, which is comprised of 27 major stakeholders of the bullion industry – both global and domestic and is chaired by the World Gold Council.

Mukesh Kumar
Market Intelligence Group
World Gold Council

Higher domestic price and monsoon dents Indian gold demand in June

Summary

  • Indian gold imports were 62t in June 2019 – up slightly on the same month last year 
  • The domestic gold price was 6.1% higher in June as compared to end of May
  • With higher domestic gold prices, the local discount in the gold market reached $23/oz (1.6% to the international price) by end of June
  • Higher and relatively volatile prices encouraged gold futures trading on MCX: volumes touched a high of 28.2t in June