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.
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
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
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
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.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of 10 gram of 22-carat gold in Delhi and Mumbai is at Rs 46,750 and Rs 46,510, respectively.
In Delhi, the price of 24-carat gold stands at Rs 51,400, while in Mumbai it is at Rs 48,830, according to the Goodreturns website.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
The price of gold varies across the country due to excise duty, state taxes, and making charges.
Imports made up 86 per cent of India's gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty, as per a report by the World Gold Council (WGC)
The price of gold jewellery varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges