Diabytes
World Gold Council News
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Amid uncertainty in stock markets, wealthy investors are parking their money in gold ETFs rather than buying physical gold.
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The RBI bought another 8 tonnes of gold in November 2024, as Central banks around the world continued their buying spree with a collective purchase of 53 tonnes of the precious metal during the month, according to the latest World Gold Council (WGC) report.
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According to the World Gold Council, while retail and investor demand for gold continues to grow, global central banks reported a net selling of 3 tonnes (t) in December, according to data from the International Monetary Fund (IMF) and other sources.
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Similar to the last decade, Jain said they were expecting progressive, people-friendly, and industry-supportive policy announcements.
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The RBI has increased its buying to 73 tonnes in the first 11 months of 2024 and its total gold holdings to 876 tonnes, maintaining its position as the second largest buyer during the year after Poland.
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The Central Bank of Uzbekistan also made significant additions, increasing its reserves by 9 tonnes after a hiatus since July.This brings its year-to-date net purchases to 11 tonnes, with total holdings now at 382 tonnes.
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Row over Prithviraj Chavan's statement on trusts' gold, Watch the video to know more.
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MD of the Indian operation of the industry body, said gold not at the centre of the current account deficit issue.
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However, silver recovered by Rs 100 to Rs 40,300 per kg on scattered enquiries from industrial units.
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In the March 2017 quarter, demand had stood at 131.2 tonne, WGC said in a report.
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Dealers in India were offering a discount of up to $2 an ounce this week over official domestic prices, compared to a $2 premium last week.
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Indian demand is likely to be around 650 tonnes in 2017, compared to a 10-year average of 845 tonnes.
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Post introduction of gold spot exchanges, the market in Turkey and China witnessed growth and improvement, WGC said.
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Global gold demand declined by 10 percent to 953 tonnes in the April-June quarter of 2017, due to significant slowdown in inflows into Exchange Traded Funds (ETFs), a World Gold Council (WGC) report said.
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As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 percent from 1.2 percent previously, with traders and buyers saying the move will likely force more transactions into the black market.
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Economic growth and greater transparency within the country's gold market will boost demand for the yellow metal up to 950 tonnes level by 2020, World Gold Council (WGC) said in a report Wednesday.
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Total demand for gold -- whose twin drivers are jewellery and investment buying -- advanced 2 percent to 4,309 tonnes compared with 2015, London-based industry body WGC said in a report.
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The gold demand for 2015 stood at 857.2 tonne, the WGC data revealed.
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The jewellery industry, which suffered and saw about 80 percent drop in demand following the demonetisation, is slowly recovering, although it may take over a year for things to become normal, market experts said.
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India's gold demand declined by 28 percent to 194.8 tonnes in the third quarter this year mainly due to higher prices, not so recovered rural wallet and regulatory changes, World Gold Council's said in its latest report.
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