After India reduced the import tariffs on gold and silver, the demand for global gold bars was pulled and the global gold price was pushed up.
On the 19th (local time), according to the Financial Times report, India’s gold imports are subject to US $ 10.06 billion in August, setting the highest level of history.According to the preliminary estimate of Metal Focus, a consulting company in London, England, this means that it has imported about 131 tons of gold blocks, which is the sixth largest import volume since recorded.
The price of gold has risen by about a quarter since the beginning of this year, and the demand for gold may shrink.However, after the Indian government reduced the import tariffs of gold and silver from 15%to 6%from the original 15%to 6%, the demand for gold has surged again.
Metal Focus’s Feli Newman said: "The impact of tariff reduction is unprecedented, which is incredible." The Indian jewelry industry expects that during the celebration and wedding season from September to February next year, gold sales increased by up to 40%each year.The industry is endless to reduce golden tariffs.Kolkata Stocks
According to the World Gold Council statistics, India accounted for about one -third of the demand for gold jewelry last year and became the world’s second largest golden block and coin market.The Bank of India also added 42 tons of gold to the reserve in the first seven months of this year.This is more than twice the total purchase volume in 2023.
The demand of Western investors has also had a great impact on the rise in gold bars.In the past 4 months, the Gold Based on the listing index fund (ETF) net inflow of $ 7.6 billion.Bangalore Stock Exchange
However, the experts warned on the 18th that due to the significant reduction of the Fed (0.5 percentage points at the benchmark interest rate), the price of gold was close to $ 2,600 per ounce, and after a new record, a certain level of price adjustment may occur.Some analysts believe that although the Federal Reserve’s sharply lowered interest rate prediction has pushed the gold price, it is not satisfactory because of the forecast.If the interest rate reduction leads to a reduction in borrowing costs, the attractiveness of non -income assets such as gold bars will be relatively improved.Kolkata Investment
"If so long (for interest rate cuts) has a lot of expectations for such a long time, there is room for disappointment."" "Pune Stock
Udabur Investment