The gold market remains firm in India

The gold market remains firm in India


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(Kitco News) - India is one of the biggest gold consumers in the world a is and some of the latest statistics have been released by the World Gold Council. Today golding at $1826/oz around 0.22% higher after a tough session on Thursday. 

Retail demand in India remained strong during the first three weeks of May due to wedding- and festival-related purchases before slowing towards the end of the month. The local market surged to a premium of US$4-5/oz by the third week of May but flipped back to a discount of US$3-4/oz by the end of the month as retail demand softened

Official imports remained firm at 98t in May, significantly higher than official imports in April this year (27.1t) and May 2021 (11.4t)

Looking at investment ETFs witnessed a modest net inflow of 0.4t in May. This was said to be driven by higher inflation and a depreciating rupee. Total holdings increased to 38.9t
The Reserve Bank of India (RBI) added 3.7t of gold in May, increasing its total gold reserves to 765.1t

Cash your Jewellery

India’s gold sales during the festival period that ends the year may shine less brightly after a massive jump in 2021, and customers won’t be rushing to stores this time around, according to the World Gold Council.



Cash your Jewellery

Demand for gold jewelry, coins, and bars typically peaks in the world’s second-biggest consumer over October to December, driven by festivals including Diwali which starts next week, and the spate of weddings that follow. Cash your Jewellery sales nearly doubled in the final quarter of the last ye.




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