Global gold demand declines 18% during Q1 of 2017: WGC
The Dollar Business Bureau The global demand for gold fell by 18% to 1,034 tonnes during the January-March period of 2017, primarily due to fewer inflows into the exchange-traded funds (ETFs) and slow central bank demand, as per the World Gold Council (WGC). The overall global demand for gold stood at 1,262 tonnes in the first quarter of 2016, as per the latest report on Gold Demand Trends by WGC. “Demand is down but that is largely because Q1 last year was exceptionally high. Although we did not see the record-breaking surges in ETF inflows experienced in Q1 2016, we have seen good inflows nonetheless this quarter, with strong interest from European investors ahead of the Dutch and French elections,” said Alistair Hewitt, ...
Indian gold sellers hit on both fronts: domestic sales and exports
Sneha Gilada After a sudden surge in demand for gold on the eve of demonetisation, which led to record high gold prices, the gold buyers seem to have all gone into hibernation. With 80% of the Indian currency turning into trash, people can no longer step into jewellery stores, making a display of wads of notes in return for the precious metal. Even straight-laced, honest tax payers seldom buy jewellery electronically. This industry has been worst hit by the cash crunch in the short term and no amount of numbers and statistics can paint this picture better than the empty jewellery stores. Shri Shravanthi Jewellers, a known name in the gold business in Southern India, saw its domestic business suffer great losses in the months after note ban as turnovers were slashed by 90%. Footfall in retail stores witnessed an all-time low, ...
Indias gold imports stable at 100 tonnes in Nov
The Dollar Business Bureau The gold imports of India remained stagnant in the month of November at around 100 tonnes, despite decline in jewellery sales due to the cash crunch owing to the government’s demonetization initiative. The country had imported around 97 tonnes during the month of October, according to Bacchraj Bamalwa, Director of All India Gems and Jewellery Trade Federation (GJF). “The imports of gold were normal in the last month, about 100 tonnes and took place due to demand in the wedding season,” he said. The shipments are likely to halve when the wedding season ends in mid-December. In addition, there is a surplus stock from the previous month. The demand in rural areas has been affected because of the cash crunch after the demonetization of Rs.500 and Rs.1,000 notes, he added. However, the total imports of gold in the quarter of October-December are likely ...
India's gold demand estimated to fall 24% in 2016
The Dollar Business Bureau India's vast gold market seems to be losing its sheen this year as the domestic demand could fall as much as 24% in 2016 due to higher prices and increased smuggling of the metal. The World Gold Council (WGC) said the lower demand of gold in India, the world’s second largest gold consumer market, could hurt global spot prices, which have been on a constant rise this year, but will help the economy reduce its trade deficit. Gold continues to be one of the country’s biggest expenses on its import bill. India's domestic demand during the first three quarters of 2016 nosedived 29% from a year ago to 441.2 tonnes as it was hit by price rises and the government’s restrictive measures such as the mandatory disclose of ...
Global gold demand up 15% in Q2 2016: Report
The Dollar Business Bureau Global gold demand increased 15% during the 2016 second quarter on account of an escalated investment demand, said World Gold Council (WGC) in its latest report. Overall gold demand stood at 1,050 tonnes during the second quarter of the current fiscal as against 910 tonnes during the corresponding quarter of last fiscal, according to the report. Investment demand during the period amounted to 448 tonnes as global investors sought to diversify risks and store a value of money amid continued political, social and economic instability. The performance of Exchange traded funds (ETFs) grew at 237 tonnes during the period. Bar and coin demand, too, was up across several international markets, including the USA, at 25 tonnes. “The strength of this quarter’s ...
Gold hits 2-week low, global cues, subdued demand
Source: PTI Gold continued to head downhill to trade at a 2-week low of Rs.30,550 per 10 grams by plunging Rs.200 on Monday, in sync with a weak global market. Demand from jewellers at the domestic market remained soft, which kept the prices lower. Silver declined Rs.240 at Rs.46,260 per kg due to reduced off-take by industrial units and coin makers. Overseas, gold turned weaker after data on Friday showed the US economy gaining traction, raising bets that the Federal Reserve may increase interest rates this year. This diminished its demand as a safe haven, which weighed on sentiment here, traders said. Globally, gold traded 1% lower at $1,323.83 an ounce in Singapore. In the national ...
Gold remains weak on sluggish demand from jewellers
Source: PTI Tepid demand from jewellers and retailers following end of wedding season mainly kept pressure on gold prices but a better trend overseas as a drop in the dollar boosted appeal of the metal, capped the losses. Continuing its slide for the second straight day, gold prices fell by Rs.60 to Rs.25,550 per ten grams at the bullion market on Thursday, largely dragged down by fall in demand from jewellers as well as retailers, even as the metal strengthened overseas. However, silver firmed up by Rs.200 to Rs.34,300 per kg on increased offtake by industrial units and coin makers. Marketmen said tepid demand from jewellers and retailers following end of wedding season mainly kept pressure on gold ...
Involve jewelers in gold schemes to realise maximum benefit, curb import
Deepak Kumar | The Dollar Business As the government prepares to launch Sovereign Gold Scheme and Gold Monetisation Scheme in November, industry experts have asked for the involvement of jewellers to make the two schemes successful and check imports. “If implemented properly by including jewellers, the scheme can reduce India’s import burden by 20% per year which is equivalent to $5 billion,” Bachhraj Bamalwa, director & ex-chairman at the All India Gems and Jewellery Trade Federation (GJF), told The Dollar Business. Bamalwa said the industry has sent a detailed representation to the government requesting jewellers’ participation in the government-bank collaboration. “Part of gold will be used to make coins and sold to consumers. Gold will come from one consumer to another. ...
