India's gold demand increased by 19.2 per cent to 76.1 tonne during the April-June quarter this year, largely due to low base effect, owing to the nationwide lockdown that hit economic activity last year, the World Gold Council (WGC) said in a report. The overall gold demand during the second quarter of 2020 calendar year stood at 63.8 tonnes, according to the WGC's 'Gold Demand Trends Q2 2021' report. In value terms, India's gold demand witnessed 23 per cent growth during April-June quarter at Rs 32,810 crore, compared to Rs 26,600 crore during the corresponding period of 2020.
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
In April and May, there were additions by RBI of 600 kg and 900 kg. RBI's total gold holding is now 561.9 tonnes.
Consumers have to watch out for four marks on hallmarked gold jewellery: BIS mark, purity in carat, assay centre's name and jewellers' identification mark.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
Gold, which lost its sheen to some extent in the second half of 2021, is likely to regain the glitter in the New Year and cross the Rs 55,000-per-10-grams level amid pandemic woes, inflation worries and stronger US dollar. After a stellar run up in 2020 when the yellow metal touched a record high of Rs 56,200 on the MCX in August, the prices are near Rs 48,000 per 10 grams now. This is roughly 14 per cent lower from the all-time highs and 4 per cent lesser compared to January 2021 levels.
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
Import is returning to the normal prevailing three years ago
This is good news for the central government at a time when crude oil prices are rising.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The buying was heavily restricted to light weight jewellery, coins and precious stones due to lower purchasing power and high gold rates, they said. Due to the fear of coronavirus infection, many customers who had booked in advance were taking delivery of wedding orders on Friday, while some were seen buying safely through online brands like Tanishq and Melorra.
Globally, jewellery buying fell 14%, investment slid 11%.
This Women's Day Week, we celebrate the groundbreaking achievements of Justice Anna Chandy, Justice M Fathima Beevi and Justice Leila Seth.
The rouble has been falling steadily since early November and collapsed earlier this month following a spectacular decline in the price of crude oil to five-year lows.
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
Concern would kick in if imports stay at or over 100 tonnes a month.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Jewellers see flat gold sales this Dhanteras
'Curbs will again lead to the grey market developing, undoing all the work done over the last two-and-a-half years.'
The World Gold Council recently listed Suhani Pittie as one of the top ten inventive and ingenious jewellery designers in the world. Pittie who showed at the recently concluded Lakme Fashion Week talks about how she made it.
WGC expects demand to revive in H2 on surplus monsoon rains
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
Gold prices are set to drop further in the domestic market, owing to the rupee's appreciation.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
In cricket, we have something that we can share with our families, neighbours and indeed, the whole country. It is colour-blind, language-neutral, truly secular and transcends all regions, from Kashmir to Kerala and Mizoram to Maharashtra, explains Shreekant Sambrani.
Indian overtakes China in gold consumption.
Gold is seen as a preferred asset for all types of investors, even central banks.
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
In August 2013, import duties on gold, silver and platinum were hiked to 10 per cent in order to curb the surging imports and also to check CAD.
Official imports into India shrank almost 90 per cent in the six months to November
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
World Championship gold-medallist para shuttler Manasi Joshi has strongly criticised former Indian cricketers Harbhajan Singh and Suresh Raina for allegedly mocking people with disabilities.
Indian jewellery is widely prized for intricacy and craftsmanship.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Gold demand in India dropped by 30 per cent during the July-September quarter to 86.6 tonnes, compared to the same period last year due to Covid-19 related disruptions and ruling high prices, the World Gold Council (WGC) said in a report.
Indian gold demand seen falling to 8-year low in festive quarter.
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
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