According to data compiled by London-based Gold Field Minerals Services (GFMS) for the World Gold Council (WGC), the combination of a robust economy and buoyant stock market helped fuel purchases of the metal during the first eight to nine months of the year, despite gold breaching the psychologically significant level of Rs 9,000 per 10 grams in September.
Gold demand in the country was 864 tonnes during 2012, according to data given in WGC 'Gold Demand Trends 2013' report.
WGC will conduct nearly 30 workshops across the Indian cities as a prelude to Au DITIONS, a competition for gold jewellery designers. Au DITION is aimed at identifying three trend-setting designers, whose works will be showcased worldwide.
Some of the leading, most cutting-edge, designs in India take inspiration from Indian culture and history.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
Sky-high gold jwellery prices will haunt buyers in 2010 also though India is better placed than its global peers, where people are slowly turning back to purchases, according to World Gold Council.
Gold prices in the national capital touched a peak of Rs 16,250 per 10 grams before Diwali, on October 14, from Rs 15,370 in the beginning of September. The prices are ruling at Rs 16,175 per 10 grams on Friday.
Sales of gold coins and bars should be curbed after reaching around 300 tonnes
According to the Q2 09 Gold Demand Trends report released on Wednesday by WGC, 'investment demand for gold remained very strong in the second quarter of 2009, rising 46 per cent on year-earlier levels as investors continued a flight to quality'.
Investors globally have found solace in gold in the last one year when major world economies slipped into recession. Sample this: According to World Gold Council data, investment by exchange traded funds in gold was 150 tonnes in the third quarter
India's first quarter gold demand decreased by 29 per cent in volume at 207.6 tonne, year-on-year, while it dipped by 3 per cent at Rs 56,650 crore (Rs 566.5 billion) in terms of value.
India owns over 18,000 tonnes of above ground gold stocks worth approximately $800 billion and representing at least 11 per cent of global stock, according to estimates of World Gold Council.
In Q1 2010, India was the strongest performing market as total consumer demand surged by 698 per cent to 193.5 tonnes.
Indian buyers were on a gold buying spree during the July-September 2004 period despite the rising prices of the precious metal, said a World Gold Council report on Tuesday.
Gold only beats inflation. It fares poorly when compared to real estate or shares when compared on the basis of real inflation adjusted returns. Any serious investor, however, is advised to have a certain percentage of investment in gold to hedge inflation.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Investors, speculators, hedgers and consumers who sold their gold stocks to partly set off losses in the financial markets will start replenishing within six to eight months, says Ajay Mitra, managing director - Indian sub-continent, World Gold Council.
After yellow and white, pink gold is set to hit Indian jewellery retail stores by the end of this year.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
With their increasing economic independence and rising personal wealth, more and more women in India are preferring to buy gold, World Gold Council has said.
Gold prices on Friday rose by Rs 210 to hit another five-week high of Rs 28,300 per 10 grams in the national capital on sustained buying by stockists amid a firming global trend.
Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
Rising bullion prices was no deterrent to the Indian gold jewellery segment in India as sales soared in the third quarter of the current fiscal (Q3).
The World Gold Council has suggested that banks be allowed to offer gold-backed saving products to channelise gold investments in the banking sector.
The only element of demand for gold likely to be affected by a recession is investment demand, "but that in turn will depend on the 'type' of recession,". Recessions can be bad for commodity prices, as consumer and business confidence falls, demand for goods and services is cut, weighing on demand for raw materials and depressing prices.
While gold consumption is expected to stabilise this year, it may be some time before it revisits record levels seen in the depths of the financial crisis.
'...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.'
Gold demand fell by 8 per cent to 45 tonnes on this year's Akshaya Tritiya, an auspicious day in the Hindu calendar for new purchase of long-term assets, due to a rise in prices, compared with 48.9 tonnes in a year-ago period, the World Gold Council said.
Gold is back in favour with consumers shifting their focus on the precious metal on the back of moderation in prices.
A gold-encrusted dagger once carried by the builder of the Taj Mahal is expected to fetch some 500,000 Euros at an auction this week, says a report from the World Gold Council web site. The artefact, which was once held by the Mughal Emperor Shah Jahan, is being auctioned at Bonhams on Thursday. The gold-encrusted dagger is part of the collection of Indian and Islamic art & artefacts owned by Jacques Desenfans, who spent more than 50yrs collecting historical & cultural items.
Junior Civil Aviation Minister G M Siddeshwara told Parliament that disciplinary action has been taken against the employees.
According to industry estimates, 5 per cent of India's total gold consumption of about 750 tonnes is sold on this auspicious day alone. This year, too, customer's attraction towards gold is likely to continue despite high prices.
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.
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.
In comparison to other asset classes, globally, gold rallied significantly after many years to deliver 18.4 per cent returns in 2019.
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.
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