India’sMinistry of Commerce and Industryhas restricted gold jewellery and jewellery parts import, according to an 11 June 2024 notification, which took effect immediately and aims to contain the surge in gold imports. Goods affected are gold jewellery studded with pearls, diamonds, and precious and...
After falling sharply after the import duty cut, the gold price in rupees stabilized and largely moved in tandem with the international price. Gold was up 3.9 percent in rupee terms in August. Despite the August price gains, the domestic gold price remains about 2 percent lower than it was ...
Rising Gold Demand in India India, the world’s second-largest gold consumer, accounted for 761 tonnes of consumer demand in 2023. Based on current year-to-date import trends, demand for 2024 is expected to rise by approximately 10%, potentially surpassing 800 tonnes for the first time since...
A weaker Rupee makes gold more expensive in local terms, leading to increased prices. Additionally, the Government’s import duty on gold affects its cost; higher duties generally lead to increased retail prices. The demand for gold in India plays a significant role, especially during festive ...
SEATTLE (Scrap Monster):India's gold imports dipped 24.15% to $35 billion in the financial year 2022-23 as compared to $46.2 billion in FY2021-22 amid a global slowdown, especially in developed economies, the commerce ministry data shows. The yellow metal import value stood at $3.3 billion...
Gold importHabit formationDynamic demand modelIn India gold imports act as a huge burden on the country's current account balance and a large part of it lies idle in the economy. The attempts to curb the import demand have often failed in recent past. We explore the reasons of such ...
Import Costs: The demand for gold in India is primarily met through imports. Also, India is one of the largest consumers of gold in the world. Thus, these import duties directly affect gold prices. Seasonality: The demand for gold is higher during festivals, marriages and auspicious occasions...
Gold demand in India has languished for the last couple of years. The pandemic crushed demand, particularly for gold jewelry, but record-high gold prices in rupee terms and government policy put a drag on the gold market even before COVID-19. There weresigns of a turnaround late last year...
RBI expands gold reserves:India's central bank continues to buy gold,boosting its reserves. Positive outlook for gold demand:The World Gold Council predicts a 50-tonne increase in gold demand in the second half of 2024. According to anew reportby the World Gold Council, the import duty reduct...
The gold prices in the country hit new highs through the past week, in tandem with the rally in international gold prices. The multi-year high domestic gold prices have dented the demand for physical gold in the country. The hike in import duties from 10% to 12.5%, as proposed in the ...