Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in March: Indian imports were highest in a decade amid robust retail demand and re-stocking by trade
Explore India's gold market in March - domestic gold prices, retail gold demand, official imports, RBI gold data and more...
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilThe impact of Tax Collected at Source (TCS) on the Indian gold market
To widen the tax revenue the Finance Minister, Nirmala Sitharaman, announced during the annual budget of 2020-21 an extension to the scope of Tax Collected at Source (TCS). This blog discusses the impact of TCS on bullion dealers and the resultant impact on other participants in the gold supply chain.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in August: Indian imports hit nine-month high but retail demand remained weak
Demand for safe haven assets and strong year-to-date performance, coupled with the price correction likely seen by investors as a buying opportunity, supported gold ETF flows. On the other hand, retail gold demand weakened as consumers waited on the sidelines following a sharp correction in the domestic gold price amid rising COVID-19 cases.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in July: Indian imports hit five-month high as market returns in premium
Mukesh Kumar provides an update on India's gold market in July. Explore Indian jewellery demand, investment demand, gold imports, the gold price, central bank gold and more.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in June: Jewellery demand improved further, continued inflows into Indian gold ETFs
Jewellery demand improved further in the month but failed to recover completely due to recurring lockdowns, lower number of weddings and lack of auspicious days in the month. Bullish gold price momentum and safe-haven demand lured investors towards gold ETFs. Total holdings for Indian gold ETFs reached to 24t in June.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in May: Jewellery demand reviving gradually, Indian gold ETFs attract strong inflows
A rising gold price, higher volatility in the equity market and safe-haven demand lured investors towards gold ETFs. Jewellery demand improved in southern India but remained weak elsewhere.
Vishal Jain
Former Head of ETFs Nippon India Mutual FundGold ETFs in India – time for growth
Vishal Jain is widely regarded as the founding father of the Indian gold ETF market. Now head of ETFs at the Nippon India Mutual Fund, Jain explains why interest in gold ETFs has soared in India recently and assesses prospects for the market.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilSupply-chain disruptions impact on Indian gold market
To curb the spread of COVID-19, the global restrictions have impacted the global gold supply chain, from production to refining. These supply-chain disruptions have impacted both bullion and gold dore’ imports into India.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in February: Strong inflows in gold ETF amid weak consumer demand
The domestic gold price increased by 4.1% in February m-o-m and 8.4% higher than the end of 2019. The rising gold price and higher volatility in the market lured investors towards gold ETFs.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilGold 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
Former Senior Analyst, India World Gold CouncilWedding season revives gold demand in November a little – but the market is still soft
Summary
- Indian gold imports were 62.3t in October 2019 – 11% lower than the same month last year
- The domestic gold price declined by 2% in November, ending the month 20% higher than the end of 2018
- With the onset of the wedding season in November, the local market was back in premia of US$1/oz on 6th November after trading at discount for more than five months, but lower than expected wedding volumes pushed the market back into discount by end of November
- Late withdrawal of the monsoon, with heavy rainfall in several states of India, damaged kharif crops, leading to more than 50% of kharif crops trading below the minimum support price (MSP) due to high moisture content and little progress in procurement of crops from government . This will impact rural income in Q4 2019
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilDhanteras fails to boost gold sales in October
Summary
- Indian gold imports were 38.3t in October 2019 – 15% lower than the same month last year
- The domestic gold price rose by 3.1% during October, ending the month 22.4% higher than the end of 2018
- With the festival of Dhanteras in October and onset of wedding season in November, the discount in the local market narrowed to US$3/oz by end of October from a discount of US$29.5/oz at end of September
- Late withdrawal of the monsoon, with heavy rainfall in several states of India, damaged the kharif crops and more than 60% of kharif crops traded below the minimum support price (MSP) in October due to high moisture content and little progress in procurement of crops from government.
