Consumers during the quarter sold 37.9 tonnes of old gold, which is the highest quarterly sale after September 2016, when old gold sale, or scrap supply, was 39 tonnes.
Sagoo was the lone candidate left in fray after incumbent senior vice president Anju Bobby George opted out of the race for the position.
In comparison to other asset classes, globally, gold rallied significantly after many years to deliver 18.4 per cent returns in 2019.
Consumption of gold is the highest among middle-income households - those with annual income between Rs 2 lakh and Rs 10 lakh - who account for an average of 56 per cent of gold sales over the last five years, according to a nationwide survey conducted by India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A). "Per capita consumption is highest among the rich, but total volume still rests with the middle-income group. "With increasing income, there is an increasing propensity to consume gold, although the share of gold in the portfolio does not increase with the same proportion of income," the survey report says.
A WGC survey says that there is no dearth of gold demand, but there is lack of trust among prospective gold buyers, not only in India but globally.
Female athletes will soon have to undergo a one-time genetic test to compete in women's events, World Athletics president Sebastian Coe said on Tuesday, after proposals to tighten eligibility rules were discussed at the body's council.
Price up on weak dollar and strong demand
'India has about 22,000 tonnes of private gold, held by individuals and temples.' 'Much of this is locked up in safes and vaults as a dead investment. If we can put the vast reserves of gold to use, it would boost the economy,' says V P Nandakumar, executive chairman, Manappuram Finance, India's first listed gold loan company.
Dhanteras has cheered up jewellers as it has turned out to be the best in three years, thanks to the lower price of the yellow metal and pent-up demand. In Mumbai's Zaveri bazaar, buyers came in out force and jewellers did not have to depend on freebies to induce sales, even though all of them had announced some offers. In fact, more discounts were announced for diamond and studded jewellery.
Gold import this financial year is estimated at 945 tonnes.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
With Indian jewellery market already on the robust recovery path, the jewellers are expecting strong Diwali sales in the Dhanteras as the festive mood remains high with low Covid third wave possibility and softer gold price this season. The industry expects the trends in 2021 will be able to reach pre-covid level sales of 2019 on the back of gold price hovering at Rs 46,000-47,000 per 22 carat 10 grams gold nearly 5 per cent lower than 2020, and jump in number of weddings, a senior official of an industry body said. "Since Navratri market is showing demand. It will continue on Dhanteras also.
Spot gold was substantially higher at USD 1,117.40 an ounce in early European trade.
The demand for gold has bounced back sharply in India from the lows seen in 2020 because of the outbreak of the Covid-19 pandemic, and has even beaten the pre-pandemic level. In the September quarter, the demand for gold jumped 47 per cent year-on-year (YoY) to 139.1 tonnes, as against 94.6 tonnes in the year-ago period, and higher than the 123.9 tonnes recorded in the pre-pandemic September 2019 quarter, the World Gold Council (WGC) said in its latest release. In value terms, demand surged 37 per cent year-on-year (YoY) to Rs 59,330 crore during the quarter.
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
The government on Friday hiked import tariff value on gold to $401 per 10 grams and on silver to $543 per kg in line with global price trends.
Gold prices are struggling and are down 18 per cent from their March highs. But stock prices have fallen even more. As a result, the precious metal has begun to outperform equities - both in the domestic market and international markets. Gold prices are up 2.6 per cent in the domestic market in the current calendar year (CY22) so far, according to the World Gold Council (WGC), compared to a 1.7 per cent decline in the Sensex year-to-date (YTD).
India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices, according to the World Gold Council (WGC). The demand stood at 165.8 tonnes in the first three months of 2021. In terms of value, gold demand dropped 12 per cent to Rs 61,550 crore in the January-March period. It stood at Rs 69,720 crore in the year-ago period, the 'Gold Demand Trends Q1 2022' report released by the WGC said.
'...we say that sport is this great phenomenon that is so wonderful and it's healthy and it's good for us all. Let's make sure that it doesn't bring suffering or disadvantage to anybody because of a major event that's come.'
Going ahead, the likely implementation of the goods and services tax bill in July and how the monsoons play out will have a bearing on India's demand for gold and gold jewellery
Gold schemes are offering attractive returns to investors.
Those interested in investing in gold have shifted to instruments, such as sovereign gold bonds and gold ETFs. Many others are, in fact, selling gold or using it as collateral to generate short-term liquidity.
Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report. The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC's 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.
The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.
It rose to 310 tonnes in the second quarter ended June.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
The RBI on Wednesday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
The Reserve Bank of India (RBI) has increased its gold purchases, as part of its foreign exchange (forex) reserves. In the first half (H1) of calendar year 2021 (CY21), the addition of gold to India's forex reserves has been the highest - on a half-yearly basis -at 29 tonnes. Now, the RBI's gold holding - as a proportion of its forex reserves - has for the first time crossed 700 tonnes.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
Gold looks cheap compared to the stock markets that are highly overbought at the moment.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
Forecasts of a further rise in bullion prices keep Indians away from selling gold.
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
As the nation celebrates its 76th Republic Day, India's sports fraternity took to social media to share their patriotic sentiments and wishes with fans across the country on Sunday.
Custom authorities have been keeping strict vigil on the cargo movements from Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai since January.
In 2012, Q4, the country's demand for the yellow metal during stood at 260.3 tonnes and for the entire year it was 863 tonnes.
In the second half of April, the discount on gold came down to $3 an ounce.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
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