Page 4 - Gold Demand

Gold price dips Rs 10 to Rs 62,060, silver climbs Rs 100 to Rs 74,600

The price of 22-carat gold also fell Rs 10 with the yellow metal selling at Rs 56,890

Global gold demand down 5% in 2023 on continuing ETF outflows: WGC Report

Global gold demand declined 5 per cent to 4,448.4 tonnes in 2023, compared to the previous year, mainly due to continuing Exchange-Traded Fund (ETF) outflows, according to the World Gold Council (WGC) report. The overall global gold demand was 4,699 tonnes in 2022, according to WGC's Gold Demand Trends report 2023. According to the report, global gold ETFs saw a third consecutive annual outflow, losing 244.4 tonnes compared to 109.5 tonnes in 2022. Losses were most marked in Europe, where holdings fell by 180 tonnes - the worst annual performance since 2013. The pace of outflows slowed markedly into year-end, but October's hefty outflows dominated the fourth quarter (October-December), it added. Outflows from European funds have continued in the opening weeks of 2024, and North American-listed funds have resumed their decline after a two-month respite in November and December, the report said. Strong equity performance and continually shifting expectations surrounding the timing

Gold steadies amid firm dollar, countering expectations on peak US rates

The market was certain the U.S. central bank will leave rates unchanged in December, with most traders eyeing rate cuts from May 2024.

Q3 gold demand up 10%; price to play key role in Dhanteras buying

Gold demand in India, the world's second-largest consumer of the yellow metal, rose 10 per cent to 210.2 tonnes during the third quarter of this calendar year, aided by softening of gold prices and festive demand, according to the World Gold Council (WGC). Speaking to PTI, WGC India Regional CEO Somasundaram PR said gold prices softened a bit during the last quarter but now they have started inching up. Prices will play a critical role during the Dhanteras festival and wedding season in the next two months. Trade feedback is that consumers have accepted the Rs 60,000 per ten-gram price point, so a downward correction could trigger a significant jump in demand. Dhanteras is considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, to other valuables. Releasing the quarterly gold demand report, the WGC said India's gold demand increased to 210.2 tonnes during the third quarter of 2023 calendar year, from 191.7 tonnes in the ..

Gold demand loses lustre in peak festival season in India as prices rally

India is the world's second-largest gold consumer, and a drop in purchases could limit a rally in global prices. Falling demand for gold imports could also help narrow India's trade deficit

Gold demand in India dips 7% YoY in June 2023 quarter as prices rise: WGC

High gold prices, and a knee-jerk reaction to the ban on Rs 2,000 notes during the recently concluded quarter, WGC said, also dented sentiment for gold

Gold demand in India this year could fall 10% to hit 3-year low: WGC

In the June quarter, scrap supplies jumped 61% from a year ago to 37.6 metric tons, the highest in nearly 3 years, the data showed

Gold to retain its glitter; may touch Rs 60,000 per 10 grams level in 2023

Market experts opined that Russia-Ukraine conflict led to a short-term spike in gold prices before it began falling amid stronger dollar and spike in crude oil prices

Gold imports decline 17% in Apr-Oct to $24 billion as demand falls

Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent to about USD 24 billion during April-October due to fall in demand, according to the data of the commerce ministry. Imports of the yellow metal stood at USD 29 billion in the corresponding period of 2021-22. The imports during October this year also contracted by 27.47 per cent to USD 3.7 billion, the data showed. Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22. The merchandise trade deficit for April-October 2022 was estimated at USD 173.46 billion as against USD 94.16 billion in the year-ago period. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually. Gems and jewellery exports rose marginally by 1.81 per cent to USD 24 billion

India's gold demand declines as inflation depresses rural demand

Falling demand for gold imports could also help to narrow India's trade deficit and support the rupee

Gold futures gain Rs 62 to reach Rs 49,505 per 10 gram on firm spot demand

Gold prices on Thursday increased by Rs 62 to Rs 49,505 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 62 or 0.13 per cent at Rs 49,505 per 10 gram in a business turnover of 7,699 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.49 per cent higher at USD 1,667.50 per ounce in New York.

Sharp fall in purchases pulls global gold demand down by 8% in Q2

A sharp fall in purchases by investors pulled global gold demand down 8% in the second quarter compared to the same period in 2021, the World Gold Council said on Thursday.

Gold, silver prices rise; yellow metal trading at Rs 51,980 per 10 gm

A kg of silver is trading at Rs 60,300 on Tuesday

Spiraling inflation may boost gold demand as a hedge, says UBS report

Imports were only worth $34.62 billion in the pandemic-hit FY21.

India's gold demand declined sharply in March quarter as prices surged

The India trend is contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q42018.

Russia-Ukraine conflict, inflation drives Q1 jump in gold demand, WGC says

Strong demand for gold-based exchange traded funds (ETFs) helped to boost total gold demand to 1,234 tonnes in the first three months of 2022

Gold prices jump over 2% as Russian troops attack Ukraine

Spot gold XAU= climbed 1.7% to $1,939.97 per ounce by 0611 GMT, after hitting its best level since January 2021 at $1,948.77

Gold prices near nine-month high as Russia-Ukraine crisis deepens

Spot gold was up 0.2% at $1,909.86 per ounce by 0558 GMT, after scaling its highest since June 1 at $1,913.89 per ounce earlier. U.S. gold futures GCv1 gained 0.7% to $1,912.20

Gold demand likely to reach pre-Covid levels in 2022: Quantum MF

Demand for gold is expected to reach pre-Covid-19 pandemic levels in 2022 aided by higher savings, increased mobility and stable price levels, said Chirag Mehta at Quantum Mutual Fund.

Gold trading at Rs 48,940 per 10 gm today; silver price at Rs 65,000/kg

The price of gold varies across the country due to excise duty, state taxes, and making charges.