Gold prices rocket in India as festive season sales gather momentum
Industry analysts say prices of 24-carat gold rose by 2.26% in the last week and by 1.93% between October 10-18.
gold demand
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Gold demand falls 5% in Q2 CY24; import duty cut to spur growth in Q3
The 9% reduction in import duty on gold is expected to revive demand in the July-September quarter,” says Sachin Jain, Regional CEO, India, World Gold Council.
Global economic VUCA fuels gold demand
Total global gold demand for Q1 2024 was up 3% year-on-year to 1,238 tonne, marking the strongest first quarter since 2016
Gold demand surges by volume - and value - in Q3 2023
The gold demand increased by 28% YoY to ₹188,400 crore in Q3 2023; in volume terms, the demand rose by 10% in the July-September period.
High prices slash domestic gold demand 7% in Q2FY23
However, value wise demand rose by 4% to ₹82,530 crore, compared to the ₹79,270 crore sales in Q2 of 2022.
High prices crash India gold demand 17% in Q1
Global factors, primarily US interest rate hikes, pushing up dollar prices, coupled with rupee depreciation, kept gold prices above ₹60,000/10g, nearly a 19% jump over last year
High interest rate makes gold uninteresting
True to its nature, gold takes a plunge with rise in global interest rates
Gold jewellery demand in India to jump 11% in FY23: ICRA
Driven by the Akshaya Tritiya season, the jewellery industry is expected to witness a 45% year-on-year growth in the first quarter of FY23.
Has gold lost its glitter?
After a fall in prices in 2021 so far, gold is becoming attractive again. Analysts believe the rupee depreciation and potential inflation may spur it to a new high in the latter half of 2021.
Gold ruled 2020. Will it reign 2021 too?
Gold exchange traded funds added a record 877 tonnes during 2020, nearly 231 tonnes more than the 2009 record of 646 tonnes. Experts argue much of gold's growth drivers will continue in 2021 too.
