Gold
India's demand for yellow metal rises 43% in Q2: World Gold Council
Value-wise India's second quarter (Q2) 2022 gold demand value was Rs 79,270 crore, an increase of 54 per cent in comparison with Q2 2021 (Rs 51,540 crore). Total jewellery demand in India for Q2 2022 was up by 49 per cent at 140.3 tonnes as compared to Q2 2021 (94 tonnes). Globally in the jewellery sector, Q2 gold demand increased 4 per cent year-on-year to 453 tonnes, helped by a recovery in Indian demand, up 49 per cent compared with Q2 2021.
'India's gold demand for 2022 to be over 800 tonne'
He also said 80 per cent of the demand will be for jewellery and the balance in the form of gold coins. The gold demand in India for 2022 will be above 800 tonne. It will be between 800 tonne to 850 tonne. The 5 per cent duty hike on the gold by the Central government will not have any major impact on the demand for the yellow metal, said Somasundaram P.R., Regional CEO India, World Gold Council.
'Increase in import duty on gold, will not have major impact on demand'
Nor the duty hike will result in any increased smuggling activity of the yellow metal, he added. On Thursday, the central government increased the customs duty on gold from 10.75 per cent to 15 per cent to curb gold imports. The government said, there has been a sudden surge of gold imports. In May, a total of 107 ton of gold was imported and the import volume last month was also significant, the government said.
'Gold prices likely to witness pressure on anticipation of Fed's aggressive policy stance'
As the country approaches the season of prosperity, it is very important to see how has the gold prices have moved till now and what does it look like from here on. There are several factors which have contributed to gold's movement in past few years, the Covid-19 pandemic being one of the major one. Although, there are three major factors to keep an eye on for gauging direction in gold -- geo-political tensions, inflationary concerns and the central bank's policies.
Gold jewellery retailers' revenue seen rising 12-15% next fiscal: Crisil
Sustained high prices of gold, as well as steady demand, is expected to raise gold jewellery retailers' revenue by 12-15 per cent next fiscal, said ratings agency Crisil. It also said that the segment's revenue is expected to grow by 20-22 per cent this fiscal, albeit on a lower base of the Covid-19 pandemic-impacted last fiscal. Besides, it said that operating margins should improve 50-70 basis points (bps) on-year to 7.3-7.5 per cent in fiscal 2023, because of elevated gold prices and improved operating leverage.
Normalcy in war, aggressive US Fed stance to ease gold prices: Emkay Wealth
"Except for the UK, the interest rates in the rest of Europe have not been hiked so far, and it is felt that it may be delayed," the wealth management firm said. An aggressive stance by the US Fed is likely to cause some problems as the US dollar yields rise and the currency strengthens. However, the prices of commodities quoted in US dollars is likely to gradually ease.
Gold, asset devaluation pulls India's forex reserve down by $2.597 bn
Devaluation of gold and other asset classes pulled India's foreign exchange reserves lower by $2.597 billion during the week that ended on March 18. Reserve Bank of India data showed that India's forex reserves fell to $619.678 billion from $622.275 billion reported for the previous week. The country's forex reserves consist of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
As markets turn wobbly, gold likely to cross Rs 55K-mark, silver to touch RS 80K
Rush for safe haven investments during the ongoing market volatility triggered by the Russia-Ukraine conflict is expected to keep global gold and silver prices at elevated levels. Besides, sanctions on Russia, which is a major producer of gold, is expected to reduce supply. A sell-off in equity markets by FIIs has also triggered a rush for these safe haven options. Last week, inflationary fears on the back of Russia-Ukraine conflict pushed gold price to Rs 55,000 per 10-gram.
Ukraine war, FII sell-off push gold price to Rs 55K per 10 gm
The fears of supply shortages due to the Russia-Ukraine conflict along with robust demand has kept prices higher. Sanctions on Russia, which is a major producer of gold, is expected to reduce the supply. Besides, a sell-off in equity markets by FIIs has triggered a rush for safe haven investment. The FIIs net sold Rs 8,142.60 crore worth of equities. Last week, MCX gold prices had increased sharply by 4.66 per cent to Rs 52,559 levels.
Gold Rush: Ukraine war pushes up global prices to $2K
Inflationary fears triggered a rush for safe haven investments during the ongoing market volatility that pushed up the global gold price to $2,000 per ounce on Monday. Accordingly, the fears of supply shortages due to the Russian-Ukrainian conflict along with robust demand has kept prices higher. Besides, sanctions on Russia, which is a major producer of Gold, is expected to reduce the supply.
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