Gold In India

Gold consumption surged to 800 tons last year as the easing of virus-related restrictions unleashed demand. The jump in demand and rising imports forced the government to raise the import tax on gold

As the economy recovers from the coronavirus damage, India's gold demand for the June quarter increases by 43% compared to the corresponding quarter last year, says a report by World Gold Council.

At the global level, the demand for gold (excluding OTC) was 8 per cent lower y-o-y at 948 tonnes. Combined with Q1-2022, the total demand in the first half of 2022 came in at 2,189t, up 12 per cent

The price of 10 grams of 24 carat gold on Tuesday is trading at Rs. 52,470 and 10 grams of 22 carat gold is selling at Rs. 48,100. Silver is trading at Rs. 70,000 per kg

The central bank's gold reserves stood at 705.6 tonnes as on June 30. The gold reserves were at 558.1 tonnes in the beginning of 2018

In New Delhi, gold price stands at Rs 49,600 per 10 gm (24 carat)

The next phase of gold demand - in the second half of 2021 - will not be driven by fear, but by economic growth, WGC said

Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present

Easing of lockdown restrictions, festive period and the ensuing wedding season, however, revived demand hope and drew in jewellery demand worth 137.3 tonnes in the December 2020 quarter

US-China friction has weakened the dollar index, while disappointing US Jobless claims data has also pushed gold prices higher

Gold is the third-most popular investment choice, with 46% of all global retail investors choosing gold products - next only to saving accounts (78%) and life insurance (54%)

the fact that the estimates of the size of the black economy in India varied from 7 per cent to 120 per cent of GDP is a matter of surprise - and some concern

The current rally in the yellow metal is without real demand from Indians

In the local market, gold was trading at 30,405 rupees per 10 grams, after hitting a 15-month high of 30,839 rupees last month