Gold demand surges 21% in Q1 2016: WGC
The Dollar Business Bureau Global gold demand has increased 21 percent to 1,290 tonnes in the first quarter of 2016, up from 1,070 tonnes during the same period last year, a World Gold Council (WGC) report said. “This rise in demand was driven by vast inflows into ETFs (exchange-traded funds), fuelled by the concerns of investors with regard to economic instability and an uncertain financial landscape,” the report said. The global demand for jewellery was earlier down by 19 percent due to higher prices and subdued industrial action in India. A softening of the Chinese economy further meant that many consumers have delayed the purchases. “Two main themes appeared in the first quarter of this year. Driven by the ambiguity raised by negative rates ...
Govt slashes import tariff value on gold and silver
The Dollar Business Bureau Amid tumbling gold price in the international market, the government on Friday cut import tariff value on the yellow metal to $354 per 10 grams and on silver to $470 per kg. The import tariff value is revised on fortnightly basis and is used to determine custom duty on inward shipments to prevent under-invoicing. In the previous fortnight, the import tariff value on gold was fixed at $373 per 10 grams and on silver was $517 per kg. Global gold and silver prices have been tumbling in recent month owing to a weak demand and reduced industrial applications. On Friday, gold prices in India was around Rs.26,000 per 10gm, while silver remained around Rs.34,400 per kg. Gold ...
Global gold demand up in July-Sept; India tops buyers chart
The Dollar Business Bureau Increased buying of coin, bar and jewellery prompted by fall in price triggered an 8% surge in the global gold demand during July-September, with Indian jewellery consumers leading the charge, the World Gold Council said on Thursday. The gold demand climbed to 1,120.9 tonnes, it said, as bar and coin demand drove gains mainly due to bulk buying from central banks across the world. The demand for jewellery grew 6%. In India, the demand of the yellow metal was highest in the form of jewellery as compared to bar and coins. The demand increased by 15% in the last quarter to 211 tonnes, up 26.9 tonnes year-on-year and equal to the level of 2008. In this segment, India ...
