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Mukesh Kumar
Market Intelligence Group
World Gold Council

India’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
Alistair Hewitt
Head of Market Intelligence
World Gold Council

Gold and e-waste

In the age of sustainability, having a socially and environmentally responsible business model is no longer a luxury. Consumers and investors, increasingly conscious of the impact commercial activities can have, are exerting pressure on businesses to ensure their practices are as ethical and responsible as possible.

Adam Perlaky
Manager of Investment Research
World Gold Council

Gold rose over 4% last week, its largest move in over 3 years

Gold had its largest weekly move to the upside since April 2016 (LBMA 3.4%, XAU 4.3%) continuing its move higher for a fifth straight week–this was likely driven by the US dollar falling sharply (-1.4%) and the price of gold breaking out of the key technical resistance level of $1,365 (discussed in depth on Friday).
Andrew Naylor
Director, Central Banks and Public Policy
World Gold Council

Gold and Islamic finance

The Islamic finance market is now valued at more than US$2tn and growing at a rapid rate. The association between Islamic finance and gold dates back many centuries but, until recently, Islamic savers were unclear whether they could invest in gold products. In 2016, the AAOIFI Shari’ah Standard on Gold, developed in collaboration with the World Gold Council, provided the clarity that investors needed.