Gold Silver Reports – India’s gold demand grew by 9.1% to 727 tonnes in 2017 due to low prices coinciding with Dhanteras, positive economic backdrop and improved consumer sentiment especially in rural areas, according to a World Gold Council (WGC) report.
Gold Demand
Gold Prices up on local Demand
Gold Silver Reports – Gold Prices up on local Demand — Gold prices advanced by Rs30 to Rs30,650 per 10 grams at the bullion market on Friday following a firm trend overseas along with increased buying by local jewellers. Silver prices also gained Rs120 to Rs39,800 per kg due to pick up in demand from industrial units and coin makers.
Gold Prices Weaken Marginally on Tepid Demand
Gold Silver Reports – Gold prices softened by Rs15 to Rs29,685 per 10 gram at the bullion market on Friday as demand from local jewellers eased even as the metal strengthened overseas. Silver prices followed suit and declined by Rs60 to Rs38,220 per kg due to reduced offtake by industrial units and coin makers.
Gold Jumps on Haven Demand as N. Korea Lobs Missile Across Japan
Gold Silver Reports — Gold Jumps on Haven Demand as N. Korea Lobs Missile Across Japan – Gold rallied to the highest level this year after North Korea fired a ballistic missile over Japan, boosting demand for havens amid escalating tensions between Pyongyang and the U.S. and its allies.
Pre-GST buying spurs gold demand in India, import at record high in May: WGC
Gold Silver Reports — India’s gold demand surged in the June quarter, helped by improved rural sentiment and buying ahead of the 1 July implementation of the Goods and Services Tax (GST).
India’s Big Bang Tax Reform Roils Gold Demand as Buyers Adjust
Gold Silver Reports — Gold demand in India, which vies with China as the world’s biggest user, will hold below a five-year average in 2017 as buyers adjust to a new uniform tax regime, according to the World Gold Council.
Gold Demand in India Continues to Recover
Gold Silver Reports — It’s hard to keep 1.1 billion gold-loving people from buying the metal they trust most. A poll by the World Gold Council last year found that 63% of respondents in India agreed with the statement “I trust gold more than the currencies of countries.” More importantly, 73% agreed with the statement “gold makes me feel secure for the long-term.” Compare that with the small minority of citizens in the United States that own gold or follow the gold market closely. India is clearly dedicated to owning more gold.