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Investment Update: Gold tracks the dollar as rates take a back seat

Published 23rd April 2018

Investors often use the direction of the US dollar as a bellwether for gold’s performance. However, over recent years, short-term movements in gold have been more heavily influenced by US interest rates and expectations of policy normalisation.

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Published 27th February 2018

The strong gold price performance was a positive for investors and producers, and was symptomatic of a more profound shift in sentiment: a growing recognition of gold’s role as a wealth preservation and risk mitigation tool. This goes to the heart of our strategy to make gold a mainstream asset.

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Published 15th February 2018

India, a nation that accounts for around a fifth of annual global gold demand, has a long history of gold-focused policies. These, however, have often distorted the market rather than achieving policymakers’ aims. Announcements in the Union Budget on 1 February 2018, however, suggest this might change.

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Published 16th January 2018

In 2017, investors added gold to their portfolios as incomes increased, uncertainty loomed, and gold’s positive price momentum continued. As 2018 begins we explore four key market trends and their implications for gold.

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Published 14th December 2017

Welcome to the winter edition of Gold Investor, where leading commentators and market participants discuss new developments for gold and its evolving global role.

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Published 7th December 2017

This report covers key stages in the hallmarking journey in order to ascertain what works best in other jurisdictions and how India can maximise the benefits of mandatory hallmarking. Gold has played an integral role in Indian tradition and culture for centuries. Presented as a gift at festivals, weddings and births, acquired by families as a means of saving and aspired after as an object of beauty, gold is considered both an investment and an adornment across India. Product integrity is a key attribute of gold industry and it is not evident in India.

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Published 5th December 2017

Changes are afoot in the technology sector. Smartphones are becoming increasingly powerful, electric and self-driving vehicles could revolutionise the automotive industry, and emerging nanotechnology could transform solar energy. All of this could have a positive impact on gold demand.

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Published 20th September 2017

Welcome to the autumn edition of Gold Investor, where leading commentators and market participants discuss new developments for gold and its evolving global role.

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Published 8th June 2017

On 1st July, India’s labyrinth of taxes will be replaced with a simple, nationwide Goods & Services Tax (GST). This is the biggest fiscal reform since India’s liberalisation in the early 1990s. While gold consumers will face a slightly higher tax rate, and the industry will go through a period of adjustment, we see the net impact on the gold industry as being positive. The gold supply chain should become more transparent and efficient, and the tax reform can boost economic growth, which we see as supporting gold demand.

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Published 8th March 2017

A barrage of policy initiatives aimed at purging India of black money and instilling greater transparency rocked India’s economy last year, including its gold market. The most dramatic was the radical decision to demonetise over 15 trillion rupees, around US$220bn. Other policies – such as the re-introduction of excise duty – affected the gold market, too. And the forthcoming Goods & Service Tax (GST) will change the shape of the industry. India’s gold market faces some short-term headwinds. But looking ahead, these policies may deliver a stronger economy and a more transparent gold industry, underpinning gold demand, which we expect to be between 650-750t in 2017.

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Published 24th January 2017

In 2015 India was the world’s fast growing economy; in recent years millions have been lifted out of poverty and India’s middle class has swelled. This is important because our econometric analysis indicates income growth drives gold demand. But India’s relationship with gold goes beyond income growth: gold is intertwined with India’s way of life. And as we look ahead, India’s gold market will evolve.

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