Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in January: retail demand remained soft and imports declined
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilThe overvalued Indian equity market could represent an opportunity for gold investors
India’s equity market has outperformed major equity markets in 2021, triggered by signs of economic recovery and an accommodative monetary policy from the Reserve Bank of India (RBI).
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in October: retail demand strengthened and imports remained flat
Retail demand strengthened in the month with festival and wedding purchases. Official imports were flat m-o-m as stocks remained ample and the average local market premium traded at flat
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilRBI maintains its accommodative stance and keeps its policy rate unchanged
At the last monetary policy meeting held in October, the Reserve Bank of India (RBI) maintained its accommodative stance and kept its policy repo rate unchanged at 4%
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in July: imports rebound as retail demand improves with easing of lockdown restrictions
Retail demand was mixed in June: moderate strength in the first half of the month was followed by a softening of demand in the second half due to an absence of wedding dates. Official imports rebounded with easing of lockdown restrictions and the local market flipped back to discount as demand softened from mid-July onwards
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in June: retail demand improved as lockdowns eased
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in May: retail demand collapsed amid COVID-induced lockdowns
Summary
- The domestic gold price ended 5.1% higher in May at Rs48,993/10g
- Retail demand collapsed amid COVID-induced lockdowns in the country
- Indian official imports slowed and the local market flipped to discount
- Monthly inflows into gold ETFs slowed as higher returns lured investors towards the equity market. Total holdings for Indian gold-backed ETFs (gold ETFs) reached 33.2t by the end of May; a net inflow of 0.1t (Rs2.9 bn; US$39mn)
- The Reserve Bank of India (RBI) added 0.9t of gold to its reserves in the month increasing its total gold reserves to 696.2t.
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilIndia’s gold market in March: Indian imports were highest in a decade amid robust retail demand and re-stocking by trade
Mukesh Kumar
Former Senior Analyst, India World Gold CouncilThe impact of Tax Collected at Source (TCS) on the Indian gold market
To widen the tax revenue the Finance Minister, Nirmala Sitharaman, announced during the annual budget of 2020-21 an extension to the scope of Tax Collected at Source (TCS). This blog discusses the impact of TCS on bullion dealers and the resultant impact on other participants in the gold supply chain.
