INDIAS PHYSICAL GOLD DEMAND
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
Gold gains on dollar retreat, focus on US inflation data
Gold prices rose on Monday, helped by a pullback in the dollar, while investors looked forward to U.S. inflation data due later this week that could offer more clarity on the Federal Reserve's monetary policy.
Gold prices edge higher as US Treasury yields soften
Gold prices rose on Monday as Treasury yields fell, with investors awaiting economic data and comments from Federal Reserve officials for clarity on interest rate cuts.
Jewellery business shift to organised market: What's the way to do it?
The jewellery sector in India is experiencing a shift towards formalisation, with the organised market growing rapidly. Players need to focus on inventory management and customer experiences for success. Top retailers are expanding into new geographies, with a franchise model proving successful. Market trends indicate a significant move towards branded jewellery purchases.
Elevated gold prices to restrain jewellery consumption growth to 6-8% in FY25: ICRA
ICRA forecasts a slowdown in India's jewellery consumption growth to 6-8% in FY2025, down from 18% in FY2024, citing elevated gold prices dampening consumer sentiment. Volume is expected to contract after marginal growth in previous years. Despite stable gold prices post-April 2023, a 14% rise in FY2024 boosted revenues amid muted volumes. Operating margins are projected at 7-8% amidst rising competition, with retailers expanding cautiously amid subdued consumer demand.
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Everything you expect from physical gold can be done faster, better with digital gold: SafeGold CEO
SafeGold, a digital platform, redefines gold investment with innovative ways to buy, sell, and store vaulted gold. Founder Gaurav Mathur envisions a global standard for digital gold transactions using a technology-driven ecosystem. The company's revenue grew by 35% to Rs 6,100 crore in FY24, maintaining profitability and aiming for faster profit growth.
AAP, Congress slam Centre over irregularities in NEET exam, demand investigation
Taking to X, AAP shared a video that described the NEET exam scam, "The National Testing Agency (NTA) released the scorecard of NEET UG results on June 4- the same day the counting of votes for the Lok Sabha was held. A total of 67 students secured rank 1 in the exam. Six students, among the candidates who achieved rank 1, have taken the exam at the same centre. Many students secured 720 out of 720 or 718 or 719 out of 720. The government that cannot able to conduct examinations transparently is corrupt."
India imports more silver in 4 months of 2024 than in all of 2023
India's silver imports in the first four months of 2024 have surpassed the total for all of 2023, driven by rising solar panel demand and investor interest. The country imported a record 4,172 metric tons, up from 455 tons a year ago. This surge supports global prices and outperforms gold.
Manappuram Finance Q4 Results: Profit beats Street estimates on healthy loan growth
Indian gold-loan provider Manappuram Finance reported a better-than-expected fourth-quarter profit on Friday, helped by strong loan growth at both its gold and non-gold segments.
Gold demand expected to primarily revolve around festive period: Kavita Chacko, WGC
After a generally weak March and April, gold demand was resurgent ahead of and around the Akshaya Tritiya festival on 10 May. Considered one of the two most important days for buying gold traditionally, anecdotal evidence suggests that demand exceeded expectations, with strong activity observed in both urban and rural areas; some industry participants even hinting at record buying in value terms.
Gold heads for second weekly gain, silver hits 11-year high
Gold prices were on track for a second consecutive weekly gain on Friday due to improved interest rate cut expectations, providing support to silver which broke through the $30 milestone and hit an 11-year high.
Silver looks set to take over glitter from gold
Silver's relative underperformance to gold in the recent rally of both the precious metals and prospects of further gains in industrial metals globally could help silver gain as much as 15-20% from current levels, helping it cross the ₹100,000 per kilogram mark over a one-year horizon, said experts. The precious metal, also a key industrial input, is currently at ₹84,984 per kg on the MCX.
Akshay Tritiya: Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers report strong sales
Jewellers from South India such as Malabar Gold & Diamonds, Bhima Jewellers, and Kalyan Jewellers saw strong demand during this year's Akshay Tritiya. Malabar Gold and Diamonds reported a 39% increase in sales, totaling Rs. 1361 crore. Kalyan Jewellers also noted robust revenue growth, with Bhima Gold experiencing over 50% sales growth compared to last year.
Why touchy-feely consumerism is here to stay and also thrive
The surge in e-commerce once signaled the demise of brick-and-mortar stores, but a notable shift is occurring as D2C companies expand offline. The trend extends beyond smartphones to FMCG and banking, with consumers favoring physical stores for premium items. Retailers are adapting by enhancing store sizes to provide immersive shopping experiences.
High gold prices unable to dampen consumer sentiment during Akshaya Tritiya
On Friday, gold prices were ruling at over Rs 71,000 per 10 grams as against about Rs 60,000 in April last year, registering an increase of 15-17 per cent. World Gold Council Regional CEO Sachin Jain said there was little growth in jewellery demand during the January-March period while April was also a very quiet month.
19% annual returns in 10 years on buying gold on Akshaya Tritiya; should you invest in gold this year too?
Gold price has increased by 18% to Rs 71,502 for 10 grams with 999 purity since the last Akshaya Tritiya. Investing during this period has historically yielded attractive returns due to various factors such as price cyclicality, holding period, and discipline in investment. Safe havens like gold may see increased demand amidst global uncertainties and currency depreciation impacting prices. Experts recommend a 15% allocation to gold for a balanced risk profile.
Akshaya Tritiya today: Gold ETF AUM doubles in 3 years to Rs 33,000 crore
Gold ETFs have seen exponential growth, with assets doubling to Rs 33,000 crore in three years. In the last one year, gold ETFs have offered an average return of 15.47%.
Akshaya Tritiya 2024: Why gold rates vary across cities?
On Akshaya Tritiya, Hindus globally celebrate by purchasing gold, symbolizing prosperity and new beginnings. However, understanding the fluctuating gold prices across Indian cities is crucial. Factors such as local demand, transportation costs, taxes, market competition, and global trends influence these variations. Despite the timeless allure of gold, its pricing reflects the intricate dynamics of each urban center, shaping the experience for buyers.
Intrinsic opportunity for jewellery business very strong: CK Venkataraman, Titan Company
The businesses like eyecare in the last few months have really picked up and we are very bullish on those as well. Taneira continues to do well, international business is doing well. So, from a growth side, everything is really doing well and we just need to execute to generate the profit growth. We are all committed to that and we will know when the results actually come out, of course.
Indian diamond jewellery market to grow to US$ 17 bn by 2031
Nirav Bhansali, Convener of National Exhibitions at GJEPC, said, “In the gems and jewellery industry, we are not merely purveyors of luxury; we are guardians of tradition, custodians of culture, and champions of craftsmanship. But in order to honor our rich heritage, we must also embrace the winds of change. Today, we are surrounded by the brightest minds and the most promising talents of our industry."
Soaring prices no bar, demand for gold rises 8% in March quarter
Demand for gold bars, coins, and jewellery increased in March quarter. Total gold demand rose due to rising investment interest, positive inflows in gold ETFs, and strong macroeconomic support in India.
World gold demand surges in Q1 2024, hits record high amid central bank buying and OTC investment boom
The World Gold Council's Q1 2024 Gold Demand Trends report reveals a 3% increase in global gold demand to 1,238 tonnes, driven by healthy investment from the OTC market and persistent central bank buying. Gold price hit a record quarterly average of US$2,070/oz. Central banks added 290 tonnes to official holdings, highlighting gold's importance in reserve portfolios.
India's gold demand up 8 pc in Jan-Mar to 136.6 tonne despite high rate
India's gold demand increased 8% to Rs 75,470 crore in March quarter, supported by strong economic environment and aggressive gold buying by RBI. Jewellery demand rose 4%, investment demand grew 19%. RBI plans to continue gold purchase.
Consumers in India are likely to temper demand for gold, here's why
World Gold Council (WGC) predicts subdued consumer demand for gold due to high prices, fewer weddings, and election-related restrictions. However, stability in prices before Akshaya Tritiya could boost demand. Gold's remarkable performance may encourage investment, despite challenges in the market. Domestic prices rise swiftly, impacting consumption but investment demand rises.
During Covid times, investors in India's most vulnerable districts mostly preferred 'golden mask'
A study by IREF reveals that Indians in COVID-19 vulnerable districts allocated more savings to gold than those in other regions. Gold share in household savings was 6.9 percentage points higher in vulnerable districts. Financial holdings decreased by 4.1 percentage points. Poorer households in these districts allocated more to gold.
India's March gold imports set to drop 90% as prices surge
India's gold imports are anticipated to plummet by over 90% in March, reaching the lowest level since the COVID pandemic. This decline, driven by high prices dampening demand, is expected to be around 10 to 11 metric tons, compared to 110 metric tons in February. Such reduced imports could help India narrow its trade deficit and bolster the rupee.
Rural spending getting captured in urban consumption; women SHGs helping boost incomes: SBI Research
According to SBI Research, improvements in physical infrastructure and connectivity have led to a shift in rural demand and supply patterns, with rural spending being captured in urban areas. The phenomenal growth in the income of self-help groups and increased banking linkages are contributing factors, with rural female labour force participation rising due to the support provided by self-help groups.
Sovereign gold bonds no threat to physical trade of the precious metal, says World Gold Council CEO
Gold demand and prices are expected to rise in 2024 due to geo-political uncertainties, debt crisis, and central bank purchases. India's sovereign gold bonds will encourage investors to see gold as an alternative asset class. Efforts are being made to bridge the trust deficit and improve transparency in the gold industry.
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