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The Dollar Business Bureau India’s gold imports are expected to surge by a third this year to 750 tonnes on account of restocking by jewellers and a good rainfall during the monsoon is likely to augment demand in the rural areas in the upcoming festival season, an official of a leading gold refinery said. Higher imports by India will support the global gold prices, which are already hovering near the peak level in the last two months. The increased imports could also widen the trade deficit of the country. “Demand and imports are normalising after taking a hit last year. Jewellers are restocking after destocking last year,” Rajesh Khosla, Managing Director, MMTC-PAMP India, India’s biggest gold refinery, told Reuters. India, the world’s second largest consumer of gold, imported around 557 tonnes of gold last ...

The Dollar Business Bureau  The Commerce and Industry ministry has urged the Finance ministry to reduce the import duty on gold to 2% from 10%, to encourage the growth of Indian jewellery in the international market. This was revealed to the media by Manoj Dwivedi, Joint Secretary, Commerce ministry.  India’s reducing trade deficit will also make it easy for the government to lower its import duty on bullion Dwivedi added. And with the reduction in import duty, gold’s rates would become cheaper, boosting demand thereby supporting global prices. It would also help keep a check on gold smuggling which many predict could increase after a hike in sales tax of gold jewellery beginning July 1.  Dwivedi justified that since the current account deficit (CAD) ...

The Dollar Business Bureau The global demand for gold fell by 18% to 1,034 tonnes during the January-March period of 2017, primarily due to fewer inflows into the exchange-traded funds (ETFs) and slow central bank demand, as per the World Gold Council (WGC). The overall global demand for gold stood at 1,262 tonnes in the first quarter of 2016, as per the latest report on Gold Demand Trends by WGC.  “Demand is down but that is largely because Q1 last year was exceptionally high. Although we did not see the record-breaking surges in ETF inflows experienced in Q1 2016, we have seen good inflows nonetheless this quarter, with strong interest from European investors ahead of the Dutch and French elections,” said Alistair Hewitt, ...

The Dollar Business Bureau India Ratings and Research (Ind-Ra) on Friday said that it has kept a negative outlook on the cut and polished diamond exporters and a stable one on the organised jewellery retailers for the financial year 2017-18. According to the World Gold Council (WGC), the demand for gold jewellery in India fell steeply by 22% year-on-year to reach a 7-year low of 522 MT in 2016. The demand was severely impacted due to several events that occurred last year like country-wide strikes by jewellers and the severe cash crunch due to the withdrawal of 500 and 100 rupee notes by the Government. After a four-month disruption on both supply and demand side, the decline in consumers demand was led due ...

Sreenivasa Rao Dasari The first 8 months in 2016 witnessed an upward journey for the yellow metal as prices surged 29% from $1,060.20 an ounce on January 1, 2016, to $1,366.33 on July 8. Last four months of 2016 recorded a decline in gold price. Indicating a 10-month low against the US dollar, the precious metal is trading at $1,160.18 as on December 30, 2016. Gold price this year so far indicated a 9.33% rise from $1,061.10 on December 31, 2015, and almost 40% lower from the record high of $1,920.30 on September 6, 2011. Gold imports fell 30.5% to $15.74 billion during April-November.  Multiple factors including increased investments in gold ETFs and other financial instruments are influencing gold prices. The positive outlook ...

The Dollar Business Bureau Global gold demand increased 15% during the 2016 second quarter on account of an escalated investment demand, said World Gold Council (WGC) in its latest report. Overall gold demand stood at 1,050 tonnes during the second quarter of the current fiscal as against 910 tonnes during the corresponding quarter of last fiscal, according to the report. Investment demand during the period amounted to 448 tonnes as global investors sought to diversify risks and store a value of money amid continued political, social and economic instability. The performance of Exchange traded funds (ETFs) grew at 237 tonnes during the period. Bar and coin demand, too, was up across several international markets, including the USA, at 25 tonnes. “The strength of this quarter’s ...

The Dollar Business Bureau The fourth leg of Sovereign Gold Bond (SGB) Scheme will be launched soon, and the gold bonds trading shall start during the month end, Ministry of Finance said in a statement on Monday. The Finance Ministry has reviewed the development of Gold Monetisation Scheme (GMS) and Sovereign Bond Scheme (SBS) during a meeting held in New Delhi under the leadership of Department of Economic Affairs (DEA) Secretary, Shaktikanta Das. The meeting was attended by top executives of public and private sector banks, along with the senior officials of Reserve Bank of India (RBI) and Bureau of Indian Standard (BIS). Ever since Prime Minister Narendra Modi launched gold schemes on November 5, 2015, the overall gold accrued under the Short ...

The Dollar Business Bureau   India’s gold imports decreased for the third straight month in April 2016. The country has imported $1.24 billion worth gold, which is 60.47% down from $3.13 billion in the same month previous year as per the data released by Ministry of Commerce and Industry on Friday. Gems and jewellery exports increased 17.23% to $3.45 billion from $2.94 billion in the same month last year. Silver imports also have declined 31.39% to $218.98 million. Due to a long strike by jewellers in India, the gold imports had declined over 80% to $972.96 million in March. Gold demand in India has come down 39% y-o-y to 116.5 tonnes during the last quarter of FY 2016 when compared to the demand ...