'It’s up to this industry to see how they will leverage the opportunities in new India': Mr Somasundaram talks about future of gold sector, needed policy reforms
“It’s up to this industry to see how they will leverage the opportunities in new India,” says Mr Somasundaram PR, M.D, World Gold Council, India.
Global gold demand during the January-March quarter grew 1 percent to 1,083.8 tonnes compared to the same period last year mainly due to heavy inflow in gold-backed ETFs as COVID-19 pandemic fuelled safe-haven investment demand for the yellow metal, a World Gold Council (WGC) report said
India's Jan-Mar gold demand falls 36% to 101.9 tonne due to volatile prices, economic uncertainties: WGC
Gold demand in India fell 36 percent in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report
India's gold demand falls 9% in 2019 on economic slowdown, record prices; reforms may boost consumer confidence: WGC
In 2019, the WGC said India's gold demand in volume terms declined to 690.4 tonnes from 760.4 tonnes in 2018, out of which jewellery demand fell nine percent to 544.6 tonnes from 598 tonnes.
India’s gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said on Tuesday, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal
India's gold demand slumped 32 percent to 123.9 tonnes in the September quarter as higher prices and economic slowdown reduced the appetite for the yellow metal, according to a report
Gold amnesty scheme: Tax cheats must be taught a lesson, but targeting households, temple treasure will be a tricky affair
The problem with India’s ‘gold’ economy is that Indians do not see gold as merely an investment asset.
India's gold demand likely to soften in third-quarter on record high local price, rural distress: WGC
Indian gold futures hit a record high of Rs 35,409 ($511.54) per 10 grams in July. Local prices have risen 10 percent so far in 2019.
Akshaya Tritiya gets off to a good start after three bad years; gold coins, lightweight jewellery most sought-after items
The dip in the price of gold helped and customers have been thronging jeweller stores across cities in the country
Domestic gold demand dips 1.40% to 760.4 tonne in 2018 on higher prices, govt measures; rises 4% globally: Report
Various central banks bought 74 percent more gold, adding 651.5 tonne more to their official gold reserves in 2018, compared with 374.8 tonne in 2017, the report said.
Demand for gold in rural India to revive in second half of 2018 as govt supports farmers: World Gold Council
Two-thirds of the country's gold demand comes from rural areas, where jewellery is a traditional store of wealth.
Gold loses shine: Demand falls by 12% to 115 tonne in Q1 due to high local price, says World Gold Council
In terms of value, the gold demand fell by 8 percent to Rs 31,800 crore, compared to Rs 34,440 crore in the same period of 2017
Gold tracks US dollar as interest rates take a back seat; trend expected to continue over coming months, says World Gold Council
One of the reasons the dollar will overtake rates to explain the direction of the gold price is that movements in the American unit already reflect inflation expectations of monetary policy in the world's largest economy, the WGC said
The growth gold demand was mainly driven by jewellery segment in 2017, which was up by 12 percent at 562.7 tonne compared to 504.5 tonne in 2016.
Global gold demand falls 9% in Jul-Sep on lower ETF flows in US, GST, anti-money laundering rule in India
Gold bar and coin demand grew by 17 percent driven largely by China due to currency depreciation and government restrictions on alternate investment options
"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," it added.
WGC said after plummeting last year, demand for the precious metal is unlikely to fall further.
WGC said gold trade will become more transparent with introduction of GST, mandatory hallmarking and a massive push by organised jewellers to promote non-cash payments
In August, WGC had reported that the country's gold demand fell by 30 per cent to 247.4 tonnes during the first six months of 2016 from 351.5 tonnes in the year-ago period
Smuggled gold into India could double to as much as 300 tonnes in 2016