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.
'Periods of high volatility are usually bad for mid-caps and this is something that has to be kept in mind.' 'Focus on quality is of paramount importance.'
This comes hours after Madhya Pradesh Home Minister Narottam Mishra issued a "24-hour ultimatum" and threatened to send the police after him.
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 country's exports in December surged 37 per cent on an annual basis to $37.29 billion, the highest-ever monthly figure, government data showed on Monday.
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Prime Minister Narendra Modi had asked exporters to prepare a strategy for the next five years and start working in that direction.
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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.
Imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion.
The average salaries for vocational jobs have grown by 18% whereas engineering and MBA jobs rose only by 4% and 3% respectively.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Traders said sustained buying by stockists and jewellery fabricators for the ongoing marriage season mainly led to an upward trend in gold prices.
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Elevated gold prices have led Indian investors to eye diamonds and platinum as a lucrative investment opportunity.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
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Recovery is attributed to higher domestic demand, export orders and import by NRIs.
As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
The import tariff value is the base price at which the customs duty is determined.
Silver also plunged by Rs 1,300 to Rs 46,000 per kg on poor offtake by jewellery fabricators and industrial units.
India, China account for 54% of total gold demand in first four mnths of 2015.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
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Indian diamantaires are looking to go slow on rough diamond purchase during the remaining quarters of the current financial year, thanks to weak global sentiment.
Live commerce, quick commerce, group buying, WhatsApp commerce, dukaantech have made their mark.
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
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India's exports increased 3.79 per cent to $26.75 billion in January, helping the trade deficit to narrow to $9.92 billion.
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Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
The council is looking at the youth as a segment in the global market and has started the LoveGold on the social media (Facebook and Twitter).
Sectors with positive growth during the month include rice, iron ore, oil seeds, oil meals, meat, dairy and poultry products, pharmaceuticals, coffee, engineering goods, and plastic.
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Gold also moved up by Rs 70 to Rs 20,430 per 10 grams on rising jewellery demand, reaching nearer to its record level of Rs 20,600 per 10 grams set on November 11.
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