India, the world’s biggest consumer of gold after China, imported its lowest monthly volumes in at least a decade after curbs to control the coronavirus pandemic grounded air transport and shuttered jewelry stores. The world’s second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year […]
Gold imports, which have a bearing on the country’s current account deficit (CAD), fell 8.86 per cent to $ 27 billion (about Rs 1.90 lakh crore) during April-February period of the current financial year, according to commerce ministry data. Imports of the yellow metal stood at $ 29.62 billion in the corresponding period of 2018-19. […]
India’s gold imports in 2019 fell 12 per cent from a year ago to the lowest level in three years as retail buying faltered in the second half after local prices rallied to a record high, reports Reuters. Lower buying by the world’s second biggest consumer of the precious metal could weigh on global prices that jumped […]
Turkey is putting the finishing touches on a plan to loosen rules that govern the import of gold to one of the world’s biggest consumers of the precious metal. The Turkish treasury is drawing up changes that would allow the certification and standardization of scrap or unregistered gold people may carry when entering Turkey, Bloomberg […]
The Union Ministry of Finance has issued a notification announcing a sharp increase in duty drawback rates for gold and silver jewellery effective 16 November, 2019, in a move that is expected to make exports more viable for those who opt for drawback route. The drawback has been raised from Rs 272 to Rs 372.9 per gram […]
India’s gold imports plunged 68 per cent year on year in September to their lowest in more than three years as record domestic gold prices curbed retail buying, reported Reuters last week. Lower imports by the world’s second biggest consumer could cap gains in global prices that are trading near their highest level in over six years, […]
India’s gold imports in July plunged 55% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import taxes curtailed demand, a government source said on Monday. Lower purchases by the world’s second biggest consumer of gold could cap gains […]
Gold imports to India rose last month despite local prices trading near the highest in more than five years, as jewelers start to restock for the wedding season. The wedding season starts this month and purchases will jump during the second-biggest gold-buying day of Akshaya Tritiya in early May. Inbound shipments grew by 64 per cent […]
Gold demand in India turned weak last week as local prices jumped to their highest level in two and a half years. Traders in major buying centres in Asia have now pinned hopes on purchases ahead of the approaching Lunar New Year, Reuters reports. Local gold prices in India, world’s second-largest gold consumer, touched their […]
India has launched a gold monetisation scheme In a bid to bring into the banking system an estimated 20,000 tonnes of gold worth Rs 540,000 crore held mainly in family lockers and temple vaults. The scheme, launched by Prime Minister Narendra Modi will replace the 1999 Gold Deposit Scheme though deposits under the older plan […]
