The government is weighing a proposal to slash the minimum deposit requirement under its gold monetisation scheme (GMS) in phases, to induce a large number of people to park their idle holdings with banks. The scheme’s performance has seen some improvement in recent years, but is still a far cry from the lofty goals set […]
India’s gold jewellery demand is likely to grow steadily at 11 per cent during the current financial year due to strong retail performance last year, according to a report by ICRA Ratings. Within the jewellery retail industry, revenues of organised retailers are likely to grow at a higher pace of 14 per cent, backed by […]
The government on Saturday said the second phase of mandatory hallmarking of gold jewellery and artefacts will come into force from June 1 this year. In the first phase, 256 districts of the country were covered. Gold hallmarking is a purity certification of the precious metal and was voluntary in nature till June 16, 2021, […]
Jewellery demand in India fell by 26% y-o-y in Q1 to 94t after reaching a record high in the last quarter of 2021, the World Gold Council (WGC) said. The lack of auspicious gold-buying days and wedding days in January was followed by a sharp rise in the gold price in late February/early March – […]
Gold jewellery demand of 474t in the first quarter of this year was relatively soft, particularly when compared with the bumper previous quarter, but much of the decline can be accounted for by China and India, which together tend to generate between 55-60% of total quarterly jewellery consumption, the World Gold Council (WGC) said in […]
In a quarter that saw the US dollar gold price rise by 8%, gold demand (excluding OTC) increased 34% y-o-y to 1,234t – the highest since Q4 2018 and 19% above the five-year average of 1,039t, the World Gold Council (WGC) said. The Ukraine invasion and surging inflation were key factors driving both the gold […]
India’s retail gold demand could improve in April as consumers accept higher gold price levels after a sluggish March that saw buyers postpone purchases in anticipation of a correction in prices, the World Gold Council (WGC) said. Demand will also receive support from the festival- and wedding-related purchases during the month and official imports could […]
Barrick Gold Corp.’s first crack at building a copper mine in Pakistan was thwarted when the government denied it permits. A decade later, the company is making another — much bolder — attempt. The Toronto-based miner laid out revised plans for developing the giant Reko Diq copper-gold deposit in a desert region close to the […]
Global gold prices rose 8% in the first three months of 2022, the best quarterly performance since Q2 2020, after rising a further 2% in March, as rapidly rising inflation and unexpected geopolitical risks more than offset the drag from higher nominal rates, the World Gold Council (WGC) said in its latest monthly report, adding […]
Revenue of gold jewellery retailers in India is expected to rise 12-15% next fiscal, backed by sustained high prices of gold and steady demand, ratings agency CRISIL forecast, adding that this will follow strong revenue growth of 20-22% expected this fiscal, albeit on a lower base of the Covid-19 pandemic-impacted last fiscal. Operating margins should […]
