India imported $3.13 billion worth of gold in July 2024, the country’s Ministry of Commerce and Industry said. This is 11% less than in July last year, but 2% more than in June this year.
Demand for gold in India both this year (the season of purchases – August-December), and in the long term can grow significantly due to the reduction of customs duties, says World Gold Council analyst Kavita Chako. Duties on gold have been reduced from 15% to 6%, on gold doré – from 14.35% to 5.35% – such a sharp decline has never been. Moreover, for almost 11 years the duties have never fallen below 10%. The changes came into force on July 24.
In total for 7 months of the year gold imports to India amounted to $22.234 billion, which is 12% more than the result of the corresponding period last year. India is one of the largest consumers of gold in the world, practically not producing it itself.
Ukraine’s women’s sabre fencing team has won gold at the 2024 Olympics in Paris.
In the final, the Ukrainians defeated the Republic of Korea 45:42.
The Olympic champions in team sabre are: Olga Harlan, Alina Komashchuk, Olena Kravatska and Yulia Bakastova.
This is Ukraine’s third medal and first gold medal at the 2024 Summer Olympics in Paris.
Gold prices are actively rising on Friday and have reached a new all-time high due to investor demand for safe-haven assets, MarketWatch reports.
Gold futures quotes on the Comex exchange are up 1% at $2506.2 per troy ounce.
“There is a tailwind for gold,” said Chris Weston, head of research at Pepperstone. – “Expectations of easing from the Federal Reserve have reached such a level that there is already talk of the need for a sharper rate cut in September.
In his opinion, rising tensions in the Middle East make gold the most popular asset for hedging risks. An additional factor that could boost demand for the precious metal is the reduction of duties on gold imports to India.
Yaroslava Maguchikh and Iryna Gerashchenko have won another set of awards for the Ukrainian national team at the 2024 European Athletics Championships, which are taking place in Rome, Italy.
In the high jump, Maguchikh won European gold for the second time in a row with a score of 2.01 meters, while Gerashchenko cleared 1.95 meters and won bronze.
“Angelina Topic from Serbia took the silver medal (1.97 meters).
India imported $6.15 billion worth of gold in February 2023, according to the country’s Ministry of Commerce and Industry.
This is 2.3 times more than in February last year, 3.2 times more than in January this year and in general about twice the traditional average monthly levels.
That said, India Bullion and Jewellers Association president Prithviraj Kothari predicts that imports may not be significant in March due to record high gold prices. “Consumers cannot digest the current price level. If prices remain this high, it will affect demand in the current wedding season,” he told Reuters. – It makes no sense for banks and refiners to import.”
In January-February, India’s gold imports totaled $8.06 billion, 2.4 times the result of the corresponding period last year.
By the end of 2023, India imported almost 744 tons of gold worth $42.58 billion. In physical terms, the volume increased by 4%, in value terms – by 16%.
India is one of the largest consumers of gold in the world, practically not producing it itself.
Earlier, the analytical center Experts Club presented an overview of world economies over the past decades. More video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=vsiB0zGYh0NI2tu0
The price of gold reached an all-time high in trading on Wednesday and continues to rise.
Quotes for April contracts on the New York Stock Exchange Comex on Thursday rose by 0.3% to $2163.9 per ounce. The previous trading session ended at a record high of $2158.2 per ounce.
The rally is supported by a weaker US dollar and lower government bond yields, Trading Economics notes. This, in turn, is due to hopes that the Federal Reserve will soon begin to cut interest rates amid the deteriorating situation in the country’s economy. On Wednesday, Federal Reserve Chairman Jerome Powell said that it would probably be advisable to ease monetary policy “at some point this year.”
Based on futures quotes on the rate, traders currently estimate a 70% probability of a Fed rate cut in June.
“Gold is likely to move higher as bullish sentiment remains dominant,” said Tai Wong, an independent metals trader based in New York. – “However, it may take some time for the market to digest Powell’s comments and also to see Friday’s employment report.
Experts expect that the number of jobs in the US economy in February increased by 200 thousand (after an increase of 353 thousand the previous month), and unemployment remained at 3.7%.
