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Wednesday, March 1 2017

February gold import seen at 50 tonnes as demand returns

Gold demand seems to be returning after several months of lull in the past year. In the first two months of this year, January and February, the average monthly import has been around 50 tonnes. Except January, October and November of last year, the monthly average during 2016 was 30 tonnes.

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Thursday, February 2 2017

January gold imports down nearly 70%

The gold business is showing scant signs of revival after being severely hit by demonetisation. This is evident as gold imports have only marginally increased from last month. According to data provided by Ahmedabad Air Cargo Complex, gold imports in January were nearly 70% lower than in the same period last year. Imports stood at 2.8 metric tonnes (MT) till Jan 30 this year, against 9.42 MT in January 2016.

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Monday, January 30 2017

Time to come out with comprehensive gold policy

Former Reserve Bank Governor Venugopal Reddy today said the government needs to come out with a comprehensive 'gold policy' owing to its role in the economy and to handle the precious metal in a better way.

He maintained that gold is the ultimate currency in the world, though domestically possessing it is part of Indian culture and for women it acts like insurance.

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Thursday, January 26 2017

Indian households have record gold hoard of Rs 24,000 tonnes worth $800 bn

Indian households, together the world’s largest hoarders of gold, hold a record 23,000-24,000 tonnes of the prea record 23,000-24,000 tonnes of the precious metal, worth at least $800 billion, despite a sharp fall in international prices from their peaks in 2011, according to a comprehensive study of the Indian market by the London-headquartered World Gold Council (WGC).

The country’s gold demand has been shaken a tad after demonetisation, as some customers feared a crackdown on gold holding as well, but long-term prospects remain bright with demand expected to average at 850-950 per annum by 2020, the WGC said.

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Tuesday, January 24 2017

India’s gold market: evolution and innovation

In 2015 India was the world’s fast growing economy; in recent years millions have been lifted out of poverty and India’s middle class has swelled. This is important because our econometric analysis indicates income growth drives gold demand. But India’s relationship with gold goes beyond income growth: gold is intertwined with India’s way of life. And as we look ahead, India’s gold market will evolve.

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Tuesday, January 17 2017

Cash Crunch Leaves India Gold Lovers No Way to Buy Wedding Rings

A self-imposed cash shortage in India is creating chaos for jewelry retailers in one of the world’s biggest gold-buying countries. Sales are plunging.

A majority of retailers aren’t equipped to accept credit cards because India’s jewelry industry runs mostly on cash, something consumers have a lot less of these days.

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Tuesday, January 10 2017

Here Are The Final Numbers On A Terrible Year For Gold In India

Local press quoted familiar persons as saying that India closed out 2016 with a very weak December gold market. During that month, shipments into the country reportedly dropped by 46% — totalling just 56.9 tonnes, as compared to the 106 tonnes Indian buyers brought in during December 2015.

That brought calculated imports for the past year to a grand total of 570.8 tonnes. Marking a 44% decline from import levels seen for 2015.

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