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Coming out of the grip of economic slump brought in by the coronavirus pandemic, Indias gold demand for the second quarter (April-June) increased by 43 per cent compared to the corresponding quarter last year, revealed the latest report by <keyword id="113718" type="General" weightage="50" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword>. Value-wise <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'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. The strong performance in India balances a significant decline of 28 per cent in China, where the market was dampened by Covid lockdowns that stalled economic activity and constrained consumer spending. "India's gold demand for Q2' 22 left behind the anxiety caused by the pandemic in Q1 and marked by festivals and wedding buying, grew 43 per cent year-on-year (YoY) to 170.7 tonne. Akshaya Tritiya coupled with traditional wedding buying spurred jewellery demand by 49 per cent to 140.3 tonne, though on a low base as Q2 of last year was impacted by a devastating second wave of covid. Total jewellery demand for H1 (first half) reached 234 tonne which 6 per cent higher y-o-y. Gold investment that is, bar, and coin demand in Q2 was of 30 tonne which is 20 per cent higher y-o-y, whereas H1' 22 demand of 72t at 11 per cent stronger y-o-y. Gold demand drew support from volatility in equity markets and inflation expectations," stated <keyword id="1817980" type="General" weightage="50" keywordseo="somasundaram-pr" source="Orion">Somasundaram PR</keyword>, Regional CEO, India, World Gold Council. The World Gold Council's latest Gold Demand Trends report revealed that global gold demand (excluding OTC) in the second quarter was down 8 per cent year-on-year to 948 tonnes. Globally gold bar and coin demand remained stable year-on-year at 245 tonnes in Q2. Growth in demand came notably from India, the <keyword id="30350" type="General" weightage="50" keywordseo="middle-east" source="Orion">Middle East</keyword>, and Turkey which helped to balance weakness in Chinese demand that was partially driven by continued coronavirus lockdowns. Going into H2'22, jewellery demand in India faces downside risks, due to uncertainty over the economic outlook, a higher import duty and the possibility of additional curbs on gold buying, even if for temporary and tactical reasons with an eye on INR-USD exchange rate, stated Somasundaram. Upside potential for demand can come from expectations of a normal monsoon, higher inflation and the possibility for range-bound prices, he added. The gold prices increased from Rs 43,994 per 10 grams on March 31, as against Rs 46,504 per 10 grams on June 30, he said. Total gold recycled in India in Q2 2022 increased 18 per cent to 23.3 tonnes, compared to 19.7 tonnes in the same period last year. The quarter also witnessed 34 per cent growth in imports at 170 tonnes, compared to 131.6 tonnes in the same period in 2021. Somasundaram said, even as demand makes a recovery towards near-normal, the Indian bullion market is altering with some fundamental structural reforms such as mandatory hallmarking and exchange trading. "The proposed launch of the <keyword id="12742598" type="General" weightage="50" keywordseo="india-international-bullion-exchange" source="Orion">India International Bullion Exchange</keyword> (<keyword id="12552666" type="General" weightage="50" keywordseo="iibx" source="Orion">IIBX</keyword>) will kick-start a journey to make India a trusted and efficient trading hub and extend its influence in the global bullion markets," he said. IIBX is bound to emerge as a credible global entity in the bullion industry. As the importance of bullion rises in an uncertain world, a trusted eco-system underpinned by IIBX will offer a global advantage to investors in gold. India's efforts to monetise gold will also derive tremendous support from a transparent bullion trading system in GIFT City, he added. Globally central banks continued to buy gold. Global official gold reserves grew by 180 tonne in Q2, taking H1 net purchases to 270 tonne. The report asserted that some macroeconomic factors such as aggressive monetary policy tightening and continued US dollar strength may create headwinds, but upside surprises for gold investment remain firmly on the table. 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India's demand for the yellow metal rises 43% in Q2: World Gold Council

<ul><li>Gold demand in India plunged 70 per cent during the April-June quarter to 63.7 tonnes compared with the same period last year mainly due to the <keyword id="8902499" type="UNKNOWN" weightage="20" keywordseo="nationwide-lockdown">nationwide lockdown</keyword> to prevent the spread of COVID-19 and <keyword id="6448091" type="UNKNOWN" weightage="20" keywordseo="High-prices">high prices</keyword>, according to a World Gold Council (WGC) report. </li><li>Overall gold demand in the country was 213.2 tonnes during the <keyword id="6471809" type="UNKNOWN" weightage="20" keywordseo="second-quarter">second quarter</keyword> of 2019, WGC said in its 'Q2 Gold Demand Trends' report. </li><li>In terms of value, India's gold demand during the second quarter of this year was Rs 26,600 crore, down by 57 per cent compared to Rs 62,420 crore in the corresponding period of 2019.</li></ul>Gold demand in India plunged 70 per cent during the April-June quarter to 63.7 tonnes compared with the same period last year mainly due to the nationwide lockdown to prevent the spread of COVID-19 and high prices, according to a World Gold Council (WGC) report. Overall gold demand in the country was 213.2 tonnes during the second quarter of 2019, WGC said in its 'Q2 Gold Demand Trends' report. In terms of value, India's gold demand during the second quarter of this year was Rs 26,600 crore, down by 57 per cent compared to Rs 62,420 crore in the corresponding period of 2019. The total jewellery demand in India for the second quarter of 2020 decreased by 74 per cent at 44 tonnes compared to 168.6 tonnes in the same quarter of 2019. Jewellery demand, in value terms, fell by 63 per cent during the April-June this year at Rs 18,350 crore from Rs 49,380 crore in the corresponding period last year. Total investment demand for Q2 2020 declined by 56 per cent to 19.8 tonnes during the quarter under review against 44.5 tonnes last year. In value terms, gold Investment demand during the second quarter witnessed a dip of 37 per cent at Rs 8,250 crore from Rs 13,040 crore. Total gold recycled in the country also saw a decline of 64 per cent during April-June quarter at 13.8 tonnes from 37.9 tonnes in Q2 of 2019 as refineries were closed due to the nationwide lockdown. Similarly, total gold imports in India in Q2 2020 sank 95 per cent to 11.6 tonnes during the quarter compared to 247.4 tonnes in Q2 2019 due to no movement. "The second quarter of 2020 was defined by lockdowns and high prices, both of which acted in combination to keep India's gold demand record low at 63.7 tonnes, down 70 per cent," WGC Managing Director, India, <keyword id="1817980" type="COMPANY" weightage="20" keywordseo="Somasundaram-PR">Somasundaram PR</keyword> said. Sales trend during the window of opportunity, afforded by relaxation of lockdown in select cities, do point to healthy latent demand that should surface once COVID-19 turbulence is behind us, he added. He said, demand for jewellery dropped by 74 per cent to 44 tonnes, in an atmosphere of fear and uncertainty where weddings were postponed or just turned out to be uncharacteristically quiet and private. "Investment demand fared relatively better, with demand drop lower at 56 per cent to 19.8 tonnes - as gold's safe haven attributes and perhaps some price increase anticipation attracted HNIs and investors. "Naturally, online buying convenience played a significant part in consumer behaviour during lockdown, as we saw gold exchange traded funds (ETFs) grow after being dormant for many years," he noted. Digital gold too saw significant activity, though volumes are yet negligible in the <keyword id="9669243" type="UNKNOWN" weightage="20" keywordseo="overall-demand-scenario">overall demand scenario</keyword>, he said adding that logistical issues and poor demand crashed imports by 95 per cent, to a mere 11.6 tonnes. "Overall, gold demand in India in H1 2020 was 165.6 tonnes, plummeting 56 per cent in comparison to H1 2019, despite marginal increase of gold ETF buying in keeping with global trends," he stated. Going forward, he said, India's COVID-19 journey in H2 will chart the course and pace of economic revival of which gold demand is an integral part. "A sense of optimism is developing amongst trade, however, that, by Dhanteras, COVID-19-related disruptions may matter less as society learns to live with it, with a possible upside following some positive news on treatment. "This should spur consumer confidence, and jewellery demand will play a big role in bringing things to normalcy. Fast rising gold prices could act as headwinds though," he added. The price is currently a life-time high of over Rs 50,000 per 10 grams, a key milestone and response is naturally mixed - with content investors and wary consumers and to put it in perspective, gold prices have risen by 60 per cent since January 2019 and 20 per cent since January 2020, income growth or expectation have not kept pace with this, Somasundaram said. "As we are still in the midst of the crisis without clear sight of many variables on consumer behaviour, prices or length of the disruption, we will not be able to quantify the impact on the full-year gold demand in India," he added. 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India's gold demand between April and June sinks 70% due to COVID-19 disruptions: WGC

Mumbai, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s gold demand witnessed on-year decline of 3 per cent at 747.5 tonnes in 2023, and going ahead the spurt in demand could be anywhere between 800-900 tonnes, if prices hold out and are not significantly volatile, the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> said in a report. The country's total gold demand stood at 774.1 tonnes in 2022, according to the World Gold Council (<keyword id="20256712" type="General" weightage="20" keywordseo="wgc" source="keywords">WGC</keyword>) Gold Demand Trends report 2023. "India's gold demand in 2023 declined by 3 per cent to 747.5 tonnes, strongly influenced by rising gold prices. Although consumer interest remained high, it lagged trade sentiment. October's price correction during <keyword id="20023931" type="General" weightage="20" keywordseo="navratri" source="keywords">Navratri</keyword> stimulated a robust consumer response, boosting Diwali sales in November. "However, demand declined in December as gold prices resumed an upward trend, resulting in a 9 per cent drop in fourth quarter jewellery demand compared to the same period of 2022," <keyword id="20399154" type="General" weightage="20" keywordseo="wgc-regional" source="keywords">WGC Regional</keyword> CEO, India, Somasundaram PR told PTI. Price of gold was volatile throughout 2023, with the yellow metal reaching a new high of Rs 61,845 per 10 gm on May 4 in the domestic market and USD 2,083 an ounce in global markets, and this trend continued with the precious metal reaching another high of Rs 61,914 per 10 grams in November 16. Looking forward to 2024, India's gold demand should benefit from ongoing positive economic conditions and if the prices hold out are not significantly volatile there is likely to be a big spurt in demand which could be anywhere between 800-900 tonnes, he said. "The subdued demand range of 700-800 tonnes since 2019 attributable to continuous rise in prices, increase in duties, stock market outperformance, near-term elections spending impact and acceptance of elevated price levels, suggest the potential for a spurt in demand in the near future. However, any short-term impediments to higher demand could arise from another round of sharp price hikes and volatility triggered by global factors," he added. The total jewellery demand in India dropped by 6 per cent to 562.3 tonnes in 2023, compared to 600.6 tonnes in the previous year, the report stated. Meanwhile, the total gold investment demand in the country grew by 7 per cent to 185.2 tonnes, compared to 173.6 tonnes in the previous year, the WGC report said. "Bar and coin investment in India rebounded, growing by 7 per cent to 185 tonnes year-on-year. The fourth quarter demand touched 67 tonnes, 64 per cent above the five-year quarterly average. "The correction in gold prices led to some robust investment responses in third and fourth quarters, supported by increased interest from physically backed gold ETF investors, setting total holdings in Indian-listed products to a record 42 tonnes by year-end," Somasundaram said. He said that recycling was 20 per cent higher due to low and supportive higher prices but at 117 tonnes, could be considered the normative expected level. Total gold imported to India in 2023 was 780.7 tonnes, up by 20 per cent compared to 650.7 tonnes in 2022, according to the report. "Net gold imports surged by 20 per cent to 780.7 tonnes in 2023, primarily due to substantial inventory building by the trade. "In 2024, gold imports are likely to be higher than the demand. The various Free Trade Agreements (FTAs) India has inked with many countries are expected to boost gold imports further this year," noted Somasundaram.

India's gold demand dips 3% in 2023 on high prices: World Gold Council

Global <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> demand declined by 13 per cent year-on-year to 1,080.8 tonnes during the January-March quarter of this year, mainly due to outflows from European-listed <keyword id="982068" type="General" weightage="20" keywordseo="exchange-traded-fund" source="Orion">exchange-traded fund</keyword> (<keyword id="6357062" type="General" weightage="20" keywordseo="etf" source="Orion">ETF</keyword>) products, according to the World Gold Council (<keyword id="142987" type="General" weightage="20" keywordseo="wgc" source="Orion">WGC</keyword>). The total gold demand stood at 1,238.5 tonnes during the first quarter of 2022, WGC's Gold Demand Trends Q1 2023 stated. Holdings of global gold ETFs fell during Q1, with 29 tonnes of outflows in January and February equivalent to a USD 1.5 billion in outflow, the report said, adding that the majority of outflows came from the European-listed products. However, North American-listed ETFs, as well as those listed in other regions, witnessed a recovery in inflows during the first quarter of 2023, it added. "The mixed picture for quarter one highlights how gold's diverse sources of demand underpin its role and performance as a global asset," WGC Senior Markets Analyst Louise Street said. "Growth in some regions offset weakness in others as different economic forces and demand drivers played out in the global gold market. One commonality was that different types of investors looked to gold as a store of value in uncertain times," Street added. She, however, noted that against the backdrop of turmoil in the banking sector, ongoing geopolitical tensions and a challenging economic environment, gold's role as a safe haven asset has come to the fore. Moreover, it is likely that investment demand will grow this year, especially with waning headwinds from the strong US dollar and interest rate hikes, she said. She further noted that positive demand for gold ETFs has continued in the second quarter so far, and the looming threat of developed market recession may be the trigger for inflows to accelerate later in the year. "Central bank buying is likely to remain strong and will be a cornerstone of demand throughout 2023, even if at lower levels than the record highs seen last year," she added. Central banks have helped boost demand adding 228 tonnes to global reserves, a quarter-one record high in this data series, compared to 83 tonnes in the same period last year, said the report. "<keyword id="17331412" type="General" weightage="20" keywordseo="central-banks-of-singapore" source="Orion">Central banks of Singapore</keyword>, China and Turkey were the top buyers, while the Reserve Bank of India also added 7 tonnes to its reserves during the January-March quarter," WGC Regional CEO, India, Somasundaram PR told PTI. On the supply side, there was a slight increase in the first quarter to 1,174 tonnes, with marginal 2 per cent growth in mine production and a 5 per cent uptick in recycling driven by the higher gold price. The report further noted that bar and coin investment strengthened 5 per cent year-on-year to 302.4 tonnes compared to 287.7 tonnes in the same period of 2022, although there were notable shifts in key markets. The US bar and coin demand hit 32 tonnes in the first quarter, the highest quarterly level since 2010, and was driven primarily by recession fears and a flight to safety amid the banking turmoil, it said. This increase helped offset weakness in Europe and particularly Germany where there was a 73 per cent drop in demand, they stated. Meanwhile, jewellery performance was relatively flat in the first quarter at 477.9 tonnes compared to 475.3 tonnes in the corresponding period of 2022, the WGC report said. The report stated that Chinese demand regained ground, reaching 198 tonnes in its first quarter of unfettered consumer activity since lockdown restrictions were lifted. "Demand in China went up by 16 per cent due to the lifting of restrictions from the lockdown imposed to control the spread of Covid-19 and Chinese New Year," Somasundaram said. Meanwhile, demand in India declined as consumption fell by 17 per cent year-on-year to 78 tonnes during January-March 2023, mainly on account of a sharp increase in domestic gold prices to over Rs 60,000 per 10 grams and continued volatility in price. 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Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

The demand for <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> went up by 14 per cent to 191.7 ton in India during the third quarter of this calendar year, said the <keyword id="113718" type="General" weightage="20" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword> (WGC) on Tuesday. According to the WGC, the gold demand in India was at 191.7 ton (value ₹85,010 crore) during Q3 2022 as against 168 ton (₹71,630 crore) of the corresponding period in 2021. The jewellery demand for the period under review was at 146.2 ton up from 125.1 ton the previous year. On the other hand, the total investment demand for Q3 2022 at 45.4 ton in comparison to 42.9 ton in Q3 2021. The recycled gold showed a downward trend in Q3 2022 with 16 ton as compared to 20.7 ton in Q3 2021. For the nine months of 2022 the gold demand stood at 497.8 ton (jewellery 380.7 ton, investment 117.1 ton) as compared to 453.5 ton (jewellery 345.9 ton investment 107.6 ton "India's total gold demand in Q3 2022 at 191.7 tonnes is a 14 per cent increase over last year. This reflects better-than expected performance and strong consumer interest, helping year-to-date demand return to pre-Covid levels," said Somasundaram P.R., Regional CEO, India, WGC. Credit expansion added impetus to this demand, with bank loan growth touching a nine-year high by quarter-end. He said the recovery in gold jewellery demand was primarily driven by urban India, more specifically Southern parts, underpinned by robust economic activities with a 17 per cent y-o-y increase in tonnage terms. Rural demand however, was impacted by seasonal effect (monsoons) and inflation. On the other hand, Indian bar and coin demand also saw a six per cent y-o-y improvement to 45.4 ton, he added. "Looking ahead, Indian retail investment is likely to continue to benefit from safe-haven demand amid rising interest rates and a weakening rupee. There's optimism in the overall outlook for the rest of the year with weddings and Diwali demand in Q4, but it is unlikely to match last year's record-breaking Q4. Our gold demand estimate for the full year is around 750-800 ton similar to last year," Somasundaram said. At the global level, WGC said the demand for the yellow metal (excluding OTC) in the third quarter of 2022 hit 1,181 ton, up 28 per cent year-on-year. Strong demand pushed the year-to-date total to its pre-Covid levels. Gold demand was bolstered by the consumers and central banks, although there was a notable contraction in investment demand. According to WGC, investment was down 47 per cent year-on-year, as exchange traded fund (ETF) investors responded to a challenging combination of markedly higher interest rates and a strong US dollar with significant outflows of 227 ton. These movements, alongside weakness in OTC demand and negative sentiment in futures markets, hampered gold's price performance -- contributing to an eight per cent quarter-on-quarter drop in the price during Q3 2022. Just as consumer gold demand firmed, central bank buying picked up significantly with estimated record purchases of nearly 400 t in the third quarter, said WGC. "Looking ahead, we anticipate central bank buying and retail investment to remain strong and that could help offset potential declines in OTC and ETF investment that may prevail if the dollar strength persists. We also expect to see jewellery demand continue to perform strongly in some regions such as India and Southeast Asia, while the technology sector will likely witness further decline in the face of economic deceleration," Louise Street, Senior Markets Analyst said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-to-launch-the-nations-first-digital-rupee-pilot-project-for-the-wholesale-segment-today/articleshow/95221874.cms">RBI to launch the nation's first digital rupee pilot project for the wholesale segment today</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/icertis-raises-150-million-to-boost-contract-lifecycle-management-business/articleshow/95209273.cms">Icertis raises $150 million to boost contract lifecycle management business</a>

Gold demand went up by 14% in Q3: World Gold Council

<ul><li>The government’s efforts to organise the jewellery industry are paying off, according to a report by the <keyword id="113718" type="General" weightage="100" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword>.</li><li>Branded chain stores have increased their market share at the expense of small jewellers.</li><li>Regulatory changes and shifts in consumer behaviour have driven the shift away from smaller retailers to branded chains – and it will only get worse for the small players, the report says.</li></ul>Tough days ahead for standalone jewellers, says a new report by the World <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">Gold</keyword> Council, which has found that chain stores now account for over a third of India’s lucrative jewellery market. India imports a lot of gold – according to government data, India imported $46.14 billion (approx. ₹3.6 lakh crore) worth of gold in FY22, a surge of over 33% from FY21, when the gold imports stood at $34.62 billion (approx. ₹2.5 lakh crore). Despite this, the gold industry contributes just 1.3% to India’s GDP. The World Gold Council report says that this is because the industry is fragmented, with small and medium-sized enterprises dominating it. “The majority of jewellers in large cities and towns fall into the organised category. However, the unorganised sector remains a dominant force in rural centres, where many jewellers also act as moneylenders within their community,” the report said. However, that is changing slowly, with larger regional and national jewellery chains growing – the report shows that the share of small retailers has fallen from 50% in 2015 to 37% in 2021. <div type="image" title="Brands vs medium vs small jewellers market share." msid="94510083" hostid="261" sizebytes="19052" caption="&amp;lt;p&amp;gt;Brands vs medium vs small jewellers market share&amp;lt;/p&amp;gt;"></div> “One of the most significant changes in the jewellery market over the last 10-15 years has been the advent of chain stores and the market share they have gained at the expense of stand-alone retailers,” the report stated. Driving this structural change in the industry are regulations and shifts in consumer behaviour – the report adds that regulatory changes like GST, demonetisation and hallmarking; consumer behavioural shifts like demand for better designs and pricing structures; and after-sales policies have led to the gradual yet important shift towards larger, branded jewellery chains. The outlook is not very rosy for smaller players. “National and regional chain stores are nevertheless set to gain market share in the current trend because of their access to credit and the large inventory they carry,” said Somasundaram PR, regional CEO, India, World Gold Council. According to the report, over the next five years, chain stores – like Tanishq, Kalyan Jewellers, PC Jewellers, to name a few – will expand their market share to 40%, further eating into the share of small and medium-sized retailers. “Small players need to become more transparent and adopt technology faster if they have to gain similar access to credit and protect market share,” Somasundaram added. <cmsannotation type="cmsannotation" annotationid="Millennials drive the shift to online sales – aided by Covid lockdowns" comment="subhead" text="Millennials drive the shift to online sales – aided by Covid lockdowns">Millennials drive the shift to online sales – aided by <keyword id="8764262" type="General" weightage="80" keywordseo="covid" source="Orion">Covid</keyword> lockdowns</cmsannotation> Many people consider it risky to buy jewellery online – this industry is one of those few where the share of in-store purchases is likely amongst the highest across categories. However, that is changing gradually, too. Apart from millennials, the report also credits internet penetration and an increase in smartphone usage for this change – and the Covid lockdowns acted as catalysts for this change. “The lockdown restrictions and an aversion to going out in public saw many consumers switch to buying jewellery online, and this accelerated the pace of growth in the jewellery e-commerce market,” states the report. Still, online sales account for only 3-5% of the total jewellery sales value – this could double to 7-10% in the next five years, according to the report. “Online buyers tend to purchase lightweight daily wear/fashion jewellery in 18-carat gold,” the report says, noting that the average ticket size of purchases has not increased. 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Jewellery chains are growing at the cost of standalone jewellers – and it’s only going to get worse, says World Gold Council report

<ul><li>Gold may have lost its sheen over the last six months, but it has still outperformed most other asset classes in 2022.</li><li>The yellow metal rose sharply in March but soon cooled off as the US dollar continued its upward trajectory.</li><li>According to commodity experts, investors with a long-term view on gold can start accumulating gold. If the dollar weakens, <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> could rally from current levels.</li></ul>Gold has historically been seen as a hedge against inflation, but this theory has been truly tested in 2022. While inflation raged through the year, gold prices have declined for six consecutive months up until September, as the greenback continued to gain strength along with bond yields. The yellow metal rose sharply in March, but soon cooled off as the US dollar continued its upward trajectory. While the long-term triggers for gold are intact, the outlook for the precious metal remains uncertain thanks to the unprecedented rise in the US dollar. According to the World Gold Council’s market commentary report for September: “The surge of the US dollar has been a major headwind for many assets in 2022 and we believe its trajectory for the rest of the year will be a key determinant of gold’s fortunes. But the dollar is facing its own challenges. Rising interest rates, typically another obstacle for gold, appear to be less important to investors now than they were in the first half of the year.” Gold may have lost its sheen over the last six months, but it has still outperformed most other asset classes, claim experts. According to Chirag Mehta and Ghazal Jain of Quantum Asset Management Company, “Gold has given returns of around 7% since the start of Samvat 2078 (Nov 5 2021). This is an excellent performance compared to equities and bonds. The Nifty50 Index returned about -4%, while returns from bonds were nearly flat according to the Crisil Composite Bond fund index. Gold, therefore, once again proved its worth in the portfolio by protecting capital and being an effective diversifier.” So should you buy gold this Dhanteras? The gold bulls say yes, as the world is headed towards more uncertainty. With interest rates rising and growth slowing across major world economies, commodity experts believe that it is a good time to buy gold as the asset class tends to perform well in a stagflationary environment. While gold may still make sense from an investment point of view, the demand for gold jewellery may remain muted this year as inflation may curb discretionary spending. Explains Somasundaram PR, Regional CEO, India, World Gold Council: “With the recent correction in local gold prices and a favourable monsoon, festive sentiment among retail consumers appears to be positive. However, the impact of inflation on household finances may lead to an immediate impact on gold jewellery demand.” Indians continue to remain bullish on gold India is among the world’s biggest consumers of gold. And it has remained a favourite investment class too for many Indians. According to Anarock Research, gold remained a favourite investment for Indian households due to its liquidity and investment size flexibility. A report by Anarock says: “Equities are highly volatile and easily impacted by social, political and economic upheavals. Real estate, always considered a long-term investment, gives portfolio stability, and appreciates with time. The physical nature of the asset, unlike stocks, also ensures limited wealth erosion.” <div type="image" title="gold-etf.table" msid="94997443" hostid="261" sizebytes="65344"></div> What could drive gold prices in future? Gold could rally if the dollar weakens from its 20-year high. Typically, a 1% fall in the dollar, holding all else constant, is associated with a 0.88% rise in gold. Hypothetically, says the World Gold Council’s market commentary report, a full unwind in the DXY, or the dollar index, performance year-to-date return would imply a 13% rise in gold. Any weakness in the dollar would also trigger a rally in risk assets, which would be positive for gold. In India, demand for the yellow metal rose briefly in September and is expected to sustain in October too. If prices continue to correct globally, buyers may increase allocation to gold. According to commodity experts, investors with a long-term view on gold can start accumulating gold, but those with a short-term view can wait for further corrections. Explains Rahul Kalantri, VP Commodities at Mehta Equities, “Gold is looking volatile in coming days and could be under pressure due to the Fed hangover. In the domestic market, gold will get good support due to festival demand.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-consumer-products-profit-grows-36-to-355-crore-in-q2-fy23/articleshow/94992535.cms">Tata Consumer Products profit grows 36% to ₹355 crore in Q2 FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/zerodhas-co-founders-nithin-and-nikhil-kamath-donate-100-crore-in-fy22/slidelist/94991823.cms">Zerodha’s co-founders Nithin and Nikhil Kamath donate ₹100 crore in FY22</a>

Should you buy gold this Dhanteras?

New Delhi, Jan 16 () The government has notified the mandatory hallmarking of gold jewellery and artefacts, which will come into force from January 15, 2021.
 Till then, jewellers have been given time for implementation of this notification, violation of which would be punishable under the provisions of the Bureau of Indian Standards Act, 2016.
 As per the notification, only a registered jewellers will be allowed to sell the hallmarked gold articles through certified sales outlets.
 Instead of ten grades earlier, registered jewellers will be allowed to sell jewellery and artefacts only in three grades of gold -- 14, 18 and 22 carat.
 Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present. The BIS is already running a hallmarking scheme for gold jewellery since April 2000 and around 40 per cent of gold jewellery is being hallmarked currently.
 The mandatory hallmarking is not required for gold meant for exports, if an article weighs less than two grams and which is in course of consignment from outside India to an assaying and hallmarking centre in India.
 It will not apply on any article which is intended to be used for medical, dental, veterinary, scientific or industrial purposes, any article of gold thread and any manufactured article which is not substantially complete, and which is intended for further manufacture, the notification said.
 Hallmarked gold jewellery will have four components -- BIS mark; purity in carat and fineness; assaying and hallmarking centre's identification mark/number besides jeweller's identification mark/number.
 Welcoming the move, trade body World Gold Council India Managing Director Somasundaram PR said: "The transition time of one year will allow the industry enough time to sell the existing inventory while simultaneously, working on plugging any gap in infrastructure or making suitable changes in logistics."
 Making hallmarking mandatory is a much-awaited progressive step to safeguard the interests of the consumers, particularly women, who put their hard-earned savings into this asset class, he said.
 This reform, backed by a tight enforcement mechanism, will underpin trust and a change of perception about Indian gold jewellery, creating a favourable environment to market the famed handcrafting skills appropriately, he added.
 According to Somasundaram, employment potential in assaying and hallmarking will increase. Hallmarking will also create a level playing field, benefitting small players.
 At present, there are 892 assaying and hallmarking centres in 234 district locations, and 28,849 jewellers have taken BIS registration. The government plans to set up hallmarking centres in each district in the country. LUX MKJ

Govt notifies mandatory gold hallmarking; WGC welcomes move

A <keyword id="113718" type="ORGANIZATION" weightage="20" keywordseo="World-Gold-Council">World Gold Council</keyword> report on Thursday said that around 29% of the retail investors in India have never bought the yellow metal, but are open to the idea of buying it in future. Around 52 per cent of investors already owned some form of gold, with 48 per cent having invested in the 12 months preceding the survey, it said. "Gold jewellery and gold coins remained two of the top five investments held by Indian investors across the board - a position that has been a permanent fixture for some years," said the report. The World <keyword id="727068" type="COMPANY" weightage="20" keywordseo="Gold-Council">Gold Council</keyword> (WGC) noted that India's gold market is one of the largest and most well-established in the world, augmented by the nation's traditional affinity and age-old cultural associations with gold. This is further substantiated as gold also occupies a prominent role in <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> portfolios, the investment case for gold is ingrained in India, protecting wealth and generating long-term returns for rural and urban investors alike, it said. Gold currently has a deeper penetration among urban investors as 76 per cent them have invested in gold in the past and 21 per cent are open to buying gold in the future, having never previously invested. "On the contrary, 37 per cent of rural investors would consider buying gold in the future despite never having done so before. And while these rural gold considerers offer a lower value opportunity than their urban counterparts, they offer significant growth <keyword id="6384925" type="UNKNOWN" weightage="20" keywordseo="potential">potential</keyword>," it said. Noting that the gold industry has the potential to appeal to a sizable new audience, the report said that technology can play a key role in opening up new avenues for gold investment. Easy online accessibility is a must in this era of increasing global digitisation, it said. Somasundaram PR, Managing Director, India, World Gold Council, commented: "India's retail investment landscape is evolving, underpinned by government-led financial inclusion programmes, the <keyword id="6426108" type="UNKNOWN" weightage="20" keywordseo="Surge">surge</keyword> of fintech, and increasing investor knowledge. And this clearly affects the gold industry. Businesses are constantly striving to leverage technology to make gold more accessible to retail investors." <div type="Article" hostid="261" msid="75296172" title="WhatsApp is the secret sauce in the deal between Facebook and Reliance Jio" mstype="2" mssubtype="0"></div>

29% Indian retail investors never bought gold, but are open to it, says a World Gold Council report

Mumbai, Mar 24 () At a time when investors are spooked by the spread of Covid-19 and the markets remain volatile, the World Gold Council (WGC) said gold can provide liquidity with no credit risk and improve overall portfolio performance. Gold is a clear complement to stocks, bonds and broad-based portfolios, as it is a hedge against systemic risk, currency depreciation and inflation, WGC said in a report 'The relevance of gold as a strategic asset: Indian edition'. It has historically improved portfolios' risk-adjusted returns, delivered positive returns and provided liquidity to meet liabilities in times of market stress, it noted. "Today, gold is more relevant than ever before for the Indian investors. In such times of uncertainties and global market turmoil, gold possesses the ability to significantly improve risk-adjusted returns of portfolios across various levels of risk and act as a hedge against inflation and our data confirms this," WGC Managing Director, India, Somasundaram PR said. A well-diversified portfolio with gold will also tend to avoid panic reaction to market movements, and in a way, act against exacerbating the volatility, he opined. "The average annual return of gold of 10 per cent since 1981, has outpaced the Indian consumer price index (CPI) that averaged over the period at 7.35 per cent. "Gold also protects investors against extreme inflation. Gold's unique attributes as a scarce, highly liquid and un-correlated asset highlight that it can act as a genuine diversifier over the long term," he said. In India, gold's dual position as an investment and for adornment has allowed it to deliver average returns of approximately 9 per cent over the past 10 years, comparable to stocks and bonds and commodities, he said. "Over the long term, therefore, gold has not just preserved capital, but helped it grow," he added. Perceptions of gold have changed substantially over the past two decades, reflecting increased wealth in the east and a growing appreciation of gold's role within an institutional investment portfolio worldwide, the report said. Gold's traditional role as a safe-haven asset means it can demonstrate its qualities during times of high risk, however, its dual appeal as an investment and a consumer good means it can generate positive returns in good times too, it added. SM ANSANS

Gold more liquid, no credit risk amid pandemic: WGC

Mumbai, Feb 1 () The gems &amp; jewellery industry has welcomed the budget proposals that offer lots of sops to boost farmers' income which in turn will boost gold demand.
But the industry is a bit disappointed with the status quo on customs duty on the yellow metal. It has lobbied hard for getting customs duty halved from the present 12.5 per cent.
"We welcome the move to boost agriculture that will increase farmers income and bring in liquidity and purchasing power to the retail industry, including the gems &amp; jewellery sector," All-India Gem &amp; Jewellery Domestic Council chairman Anantha Padmanaban told .
Disappointed with no changes on the duty front, he said, "we have been pursuing the government to reduce customs duty on gold to 6 per cent from the current 12.5 per cent to kill the gray market and boost the organized trade".
On the proposed bullion exchange, he said, the industry welcomes the move, but needs to study the details.
Commenting on the budget, the World Gold Council India managing director Somasundaram PR said measures to boost farmers income and reduce taxes for the middle class will boost purchasing power and consumer confidence, which will benefit the jewellery industry.
"Focus on the next wave of digital revolution will add impetus to digital gold products. The unmistakable thrust towards transparency sets long-term direction for the trade which will see many policy and market-led changes," he added.
Further, the plan to establish an international bullion exchange in Gift City is a positive step towards making gold a mainstream asset class.
"With its unique locational, infrastructural and regulatory advantages, the IFSC is well placed to build a fair, efficient and transparent bullion trading ecosystem. An organised bullion trading system will benefit the entire supply chain particularly, small players and exporters," he opined.
PNG Jewellers chairman Saurabh Gadgil said the announcement of the bullion exchange is interesting.
"The budget seems to be a very strategic and long term but no cognisance has been taken of problems on the ground. The only silver lining is the sops announced for the farming sector," he added.
Overall, the industry's request for reduction of import duty and other sops to increase consumption have gone unheard and that is disappointing, he said.
Manufacturers and exporters, however, are disappointed with the budget as there is increase in basic customs duty on diamonds, coloured gems, stones and semi-precious stones.
According to Gem Jewellery Export Promotion Council vice-chairman Colin Shah, these measures will increase the cost and ease of doing business and impact exports by minimum 5 per cent.
Basic customs duty on rubies, emeralds and sapphires, unset and imported uncut increased from nil to 0.5 per cent, duty on rough coloured gemstones increased from nil to 0.5 per cent.
Customs duty on pre-forms of precious and semi- precious stones and on rough synthetic gemstones increased from nil to 0.5 per cent as well. However, customs duty on platinum and palladium is reduced from 12.5 per cent to 7.5 per cent. SM BEN BAL

Industry expects focus on farmers to spur gold demand

New Delhi, Feb 1 () Agri experts and industry players on Saturday gave a mixed reaction to the budget proposals, saying the government did not announce any major structural reforms to increase farmers' income.
 Farmers' body India Kisan Sangharsh Coordination Committee (AIKSCC) called a nation-wide protest on February 13 to protest against the "pro-corporate" budget.
 Industry players observed that the government failed to bring reforms in the Essential Commodities Act. There were few schemes to spur private investment and capital formation in the agriculture space.
 However, fertiliser cooperative major IFFCO welcomed proposal of exempting cooperative societies from minimum alternate tax and also bringing tax rate for cooperative societies to 22 per cent from 30 per cent.
 "These steps will indeed help the cooperatives to work in a dynamic manner and can bring more innovations for the farmers of country," IFFCO Managing Director U S Awasthi said in a statement.
 Hailing the Budget, National Dairy Development Board (NDDB) Chairman Dilip Rath said: "18 per cent increase in allocation of funds to Animal Husbandry and Dairying sector to Rs 3,289 crore for the 2020-21 fiscal as against the revised budget estimate for 2019-20 is remarkable which recognizes that dairy sector is increasingly becoming an important sector for the economy, especially for the rural areas."
 The measures announced will help sustain growth of milk production by more than 6 per cent and also reinforces the intent of the government that the dairy sector continues to play a stellar role in realising the goal of doubling farmers' income, he added.
 Stating that the budget was a "mixed bag" for agriculture, the Federation of Seed Industry of India (FSII) Director General Ram Kaundinya said it is "disappointing" to note the continued emphasis on Zero Budget Natural Farming (ZBNF) as a panacea for farmers.
 "While the FM said that they wanted to make the Indian farmer competitive, she did not talk anything about using modern science and technology in seeds, increasing farm mechanization and other inputs which are essential for this," he added.
 Edible oil industry body SEA said it was expecting at least this year the government will come out with a package of incentives for higher production and productivity of oilseeds to reduce our dependence on import of edible oils.
 NCDEX MD &amp; CEO Vijay Kumar said allocation of Rs 2.83 lakh crore to agriculture, irrigation and rural development will provide impetus in re-energizing the sector.
 For DCM Shriram Chairman and Senior Managing Director Ajay Shriram, it was a "balanced budget" which has tried to move the needle in different areas while maintaining the fiscal prudence.
 NCML Chairman Sanjay Kaul said this is a refreshing change from the previous budget which had limited new schemes for agriculture.
 However, the agri-industry would be disappointed with no reforms announced in the Essential Commodities Act and minimal schemes to spur private investment and capital formation in the agri space, he said.
 Ajay Kakra of PwC India said, "Systematic coverage of agriculture sector through the 16-point agenda reflects an definite intention to bring fundamental development in agriculture and allied sector. Covering allied sector and important thematic areas can surely work towards aspirational agenda of the government."
 Cargill India President Simon George said, "Agriculture being the backbone of the nation it would be significant to see how the government would push the Krishi Udaan on not just national but international routes and enabling agri and farmers to be part of the global value chains, providing enormous value addition for farmers and the economy."
 LT Foods Ltd Managing Director and CEO Ashwani Arora said the government's efforts to provide impetus to the agri sector are "laudable" but one key area which remained untouched was the direct benefit to companies working in the area of agri-extension and directly engaging with farmers to educate and enhance their knowledge on advancing technologies.
 "We were also hoping for subventions and incentivisation to agri-export companies. Both these were seemingly left out," he added.
 Farm machinery maker CLAAS Managing Director Mrityunjaya Singh said: "Adoption of Model agricultural laws, agricultural credit availability of 15 lakh crore and allocation of 2.83 lakh crore will encourage farmers to adopt latest farming machinery and technology. This will upskill the farming sector in India."
 SLCM Group CEO Sandeep Sabharwal said it's a "Kisan friendly, while KisanKraft Ltd MD and founder Ravindra Agrawal said it was "mixed bag".
 "For achieving the goal of doubling the farmer's income, training farmers on best package of practice, MSP revision is necessary," he said.
 Netafim Agricultural Financing Agency Pvt CEO Prabhat Chaturvedi said, "NABARD initiative to create an e-portal of geo-tagged, WDRA-compliant warehouses, integrated with eNAM, is a welcome step, which will help in better prices as well as warehouse-receipt financing for farmers."
 SourceTrace Vice President Marketing Om Routray said: "The budget has been favourable thus far towards agriculture and allied sectors. There is a good focus on using technology to develop agriculture in India."
 Aadvik Foods Co-founder Shrey Kumar said: "Overall the budget looks positive towards start-ups and improving the logistics and infrastructure of the agriculture segment."
 The setting up of cold chain infrastructure in the country is much needed and it is good to hear that government is planning to improve the same, Kumar added.
 Garware Technical Fibres CEO Shujaul Rehman said, "Sagar Mitras is an appreciative initiative for rural youth in fisheries. Thus fish farming is now a thriving sector and we see the sector GDP and turnover graph ascending with time."
 World Gold Council India Managing Director Somasundaram PR said: "Measures to boost farmers' income and reduce taxes for the middle class will boost purchasing power and consumer confidence, which will benefit jewellery industry as well." LUX MR

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Should you buy gold this Dhanteras?

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Govt notifies mandatory gold hallmarking; WGC welcomes move

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