Analysts see steady long-term gains, say volatility to last for a short while.
Gold burnished its image as the go-to asset class during turbulent times. However, investors seemed to have missed the bus. Net inflows into gold exchange-traded funds (ETFs) plunged to a four-year low of Rs 653 crore in 2022-23 (FY23), even as gold emerged as the top-performing asset class.
The days of spot prices of gold differing from one city to another will soon be over.
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India added four gold and one bronze on the third day on Sunday to reign supreme on top of medal standings in the 11th South Asian Games in Dhaka.
The World Gold Council initiates micro-finance scheme to promote investments by low-income groups.
India's top private banks might soon exit from the gold coin business.
Even those reaching out to jewellery showrooms at the peak of the marriage season are putting a cap on their purchases, jewellers rued.
Gold prices on Thursday crossed the crucial Rs 17,000 per 10 gram level in the bullion market here, buttressed by frantic buying by jewellers for the ongoing marriage season amid a firming global trend.
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Gold is likely to touch Rs 18,000 per 10 gram during the forthcoming festival season as the demand for the yellow metal peaks around Diwali time, according to a projection by industry body Assocham.
Gold is no longer physical wealth but a paper asset whose value can fluctuate widely.
Stung by the steep fall in demand for the yellow metal in the world's largest consumer nation, the World Gold Council is now falling back on the familiar marketing mantra: If customers aren't coming, go to their doorsteps. The reason for the marketing overdrive by the Indian arm of the WGC is simple: India, which used to import around 60 tonnes of gold a month till last year, has seen zero imports in the past two months because of the prevailing high prices.
Rounding off a reasonably successful campaign for India, Shamjetsabam Sarjubala (48kg) and Pinki Jangra (51kg) clinched god medals.
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.
As the global economic slowdown takes hold, India's gold demand has recorded an all-time high quarterly growth of 66 per cent in the third quarter of the current calendar year as investors continued to find the yellow metal a safe haven.
India's total medal count stood at 252 (132 gold, 79 silver, 41 bronze), leaving behind hosts Nepal and Sri Lanka behind. Nepal has won 165 medals (45 gold, 44 silver, 76 bronze) while Sri Lanka have collected 197 medals (36 gold, 68 silver, 93 bronze).
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.
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Vanshaj was also beaten 0-5 by Yernur Suyunbay of Kazakhstan in his summit clash.
The yellow metal dropped Rs 400 at Rs 11,550 per 10 gram, a level last seen on Sept 11, on brisk selling by stockists and investors after the Bombay Stock Exchange benchmark Sensex recorded a second steepest fall in its history. The stock markets nosedived and bullion prices collapsed after the Reserve Bank of India kept interest rates unchanged and downgraded the national economic growth to 7.5 per cent.
A "flat-footed" athlete, P R Sreejesh had a specific aim in mind when he decided to become a hockey player: securing 60 marks in annual examinations without having to study.
The request came from India's Minister of State for Mines T Subbarami Reddy. He said that the government is concerned over the huge bills for the gold that is imported to India.
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During April, the imports stood at 34.2 tonnes, as per data given by the Bombay Bullion Association.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
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.
A depreciating dollar and the uncertainty in the equity markets globally are adding to the sheen of the yellow metal. With gold prices surging 20 per cent in the last two months, Gold ETFs are back in focus.
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
After demonetisation, demand jumped as many people with unaccounted money bought the yellow metal.
Gold as an asset class has shown its mettle in the last one year. Especially in the past six months when the equity markets have been on a downslide, this yellow metal has continued to move northwards. And the numbers are there for all to see.
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
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.
India outclassed South Korea 5-3 in a hard-fought semi-final to enter the gold medal clash of the men's hockey competition at the Asian Games.
According to IMF, the body is planning to raise $6bn by selling 12.97 mn ounces of gold, about 12% of the total holdings it has. IMF officials said the sale would likely take place over several years in an effort to avoid market disruption. The news of the IMF decision will most probably affect the bullion market. It is a fundamental step that will enable IMF to remain an independent, astute and dynamic international organisation. It will put IMF on solid financial footing.
Swimmers led the gold rush as India bagged a rich haul of 33 medals, including 17 yellow metals, to leave other countries far behind on the ninth day of the 11th South Asian Games in Dhaka on Saturday.
China has emerged as the world's 2nd largest gold producer and is all set to challenge South Africa's number one position.
The online gold futures trade on the National Multi Commodity Exchange of India will be launched by Union Minister for Consumer Affairs, Food and Public Distribution Sharad Yadav in New Delhi on Friday.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Gold prices jumped upwards to set another high of Rs 6720 per ten gram on the bullion market on Saturday on sustained buying to meet the marriage season demand.
