India’s gold market shows strength through festive season
Gold priced in rupees gained 5.5% in October despite a slight depreciation of currency
International and Indian domestic gold prices have fallen by 8% since the end of October, but the precious metal remains one of the country’s best-performing assets to date, according to a recent report by the World Gold Council.
Kavita Chacko, head of research in India for World Gold Council, wrote in a report that Indian gold prices have traded at a marginal discount to international prices and demand stayed strong throughout Diwali, the Hindu festival of lights.
She attributed the solid demand for an improved consumer sentiment driven by higher prices in the gold market.
“The price increase since Diwali 2023 has enhanced consumer sentiment, positioning it as a long-term investment,” she wrote. “Despite a year-over-year drop in the volume of gold sold, the value of sales increased.”
Paper gold performing well
Chacko said Indian gold ETFs attracted strong inflows in October.
“From July to October, monthly average net inflows into Indian gold ETFs reached $183 million, a significant increase from the average of $63 million in the first half of the year,” she said. “According to the Association of Mutual Funds in India, October saw record net inflows of $233 million, pushing the total assets under management for Indian gold ETFs to a new high of $5.3 billion.”
Chacko said this move represented a 12% month-over-month and 70% year-over-year increase.
Imports trending higher
Gold imports also moved higher in October, with imports into India totaling $7.13 billion, up from $4.39 billion in the previous month.
“(This is) reflecting the seasonal uptick in demand for festivals and weddings,” Chacko said. “Our estimates indicate that the volume of imports was approximately 90 to 92 tonnes, higher than the 59 tonnes imported in September.”
Year-to-date imports have grown by 21%, totaling $44 billion, with volumes remaining steady at about 635 tonnes.
Augusta Precious Metals(Full Review) $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco (Full Review) Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold (Full Review) Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
Jerusalem Post Store
`; document.getElementById("linkPremium").innerHTML = cont; var divWithLink = document.getElementById("premium-link"); if (divWithLink !== null && divWithLink !== 'undefined') { divWithLink.style.border = "solid 1px #cb0f3e"; divWithLink.style.textAlign = "center"; divWithLink.style.marginBottom = "15px"; divWithLink.style.marginTop = "15px"; divWithLink.style.width = "100%"; divWithLink.style.backgroundColor = "#122952"; divWithLink.style.color = "#ffffff"; divWithLink.style.lineHeight = "1.5"; } } (function (v, i) { });