India’s gold market update: Gold market broadens; expansion in physical and financial holdings
Domestic gold price tracks the upward trend in international prices. Consumer demand stabilises but maintains strength; festive season momentum key. Premium of domestic gold prices over landed cost shrinks. The Reserve Bank of India (RBI) has added 50t to its gold reserves so far this year. Streak of fund inflows into Indian gold ETFs continues, with highest monthly inflows on record in August. Gold imports hit a new high in August
2024 Chinese gold jewellery retail insights: Cautiously optimistic
China’s gold jewellery demand has fallen off a cliff after and the weakness has extended into H2. Against this turbulent backdrop, the World Gold Council, together with China Gold News, launched the fifth Annual Chinese Gold Jewellery Retailers survey to identify current market trends and draw clues that will help the industry shape a better future.
China’s gold market in August: expect the expected light
In August, China’s wholesale gold demand saw a seasonal m/m bounce. But it remains well below the long-term average amid the record level gold price and economic uncertainties. Meanwhile, Chinese gold ETFs saw their first monthly outflow since November 2023.
Western demand strength persists
Global gold ETFs saw inflows four months on a trot, attracting US$2.1bn (+29t) in August. Once again, all regions experienced positive flows this month and Western gold ETFs led inflows. Non-stop inflows in recent months have narrowed global gold ETFs’ y-t-d losses to US$1.0bn (-44t). During the first eight months of 2024, Asia has registered the largest regional inflows (+US$3.5bn) while Europe (-US$3.4bn) and North America (-US$1.5bn) have witnessed notable outflows.
Unearthed: Tracing Gold from Mine to Vault ft. Marie Lemay and Rob Sargent, The Royal Canadian Mint
In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Marie Lemay, President and CEO, Royal Canadian Mint and Rob Sargent, Director Refinery Services, Royal Canadian Mint. Lemay discusses the role of the Royal Canadian Mint in the Canadian and broader gold industry and highlights several key initiatives and priorities for the Mint.
India’s gold market update: Import duty reduction, a catalyst for demand
The reduction of gold’s import duty brought domestic gold prices lower 6% m/m, with y-t-d gains now at 10%. The lower import duty has also reportedly boosted consumer demand ahead of the festive season. In turn, strong demand pushed the domestic gold price to a premium relative to the landed price following five months of discounts. The Reserve Bank of India (RBI) continued with its consistent but measured approach to buying gold. Gold ETFs saw substantial inflows in July on the back of adjustments to the treatment of long-term capital gains. Gold imports also maintained their momentum in July.
China’s gold market in July: wholesale demand remained weak while ETFs inflows continued
In July, China’s wholesale gold demand remained weak and the local gold price premium trended down further. However, gold ETFs saw their eighth consecutive monthly inflows, pushing the total assets under management and holdings to record highs. And China’s official gold holdings remained unchanged.
Western activity picked up in July
Global physically-backed gold ETFs have now seen inflows three months in a row, adding US$3.7bn in July. Notably, all regions reported positive flows this month with Western gold ETFs contributing the most.
