India's gold output could rise multifold if hurdles removed, says WGC
2 years, 9 months ago

India's gold output could rise multifold if hurdles removed, says WGC

The Hindu  

India's annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council said in a report published on Thursday. But change is needed for this to happen, legacy hurdles must be reduced considerably, and investments encouraged," said Somasundaram P.R., regional chief executive officer of WGC's Indian operations. In India, securing mining licence is a lengthy process with approvals needed from multiple agencies, which dissuades investment, particularly from multi-national companies, the council said. Gold mining could provide employment to another 3,000-4,000 people, but it needs to attract investment of more than $1billion to convert resources into reserves and ultimately construct mines, the WGC said.

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History of this topic

India’s record gold import said to be due to calculation error
5 days, 15 hours ago

India’s record gold import said to be due to calculation error

Deccan Chronicle  

A surge in gold imports that widened India’s trade deficit to a record last month and pushed the rupee to an all-time low was due to an error in calculation, according to people with knowledge of the matter.Officials double-counted gold shipments in warehouses following a change in methodology in July, the people said, asking not to be identified ahead of …

India's Gold Imports Surge 132% in November
Trending News
1 week ago

India's Gold Imports Surge 132% in November

Deccan Chronicle  

Chennai: Gold imports went up 132 per cent in volume terms to 130 tonnes in the month of November. Gold imports in volume terms went up 132 per cent to 130 tonnes in November against 56 tonnes in the same month last year. Silver imports between January and November stood at 7500 tonnes, which was 121 per cent higher than …

Gold glitter makes Indian households $400 billion richer in one year
4 weeks ago

Gold glitter makes Indian households $400 billion richer in one year

Deccan Chronicle  

Chennai: With gold glittering as the best asset class in a world fraught with uncertainties, India emerged as one of the foremost beneficiaries to a stupendous rise in the yellow metal’s price in the last nine months. We have around 700 temples which own gold, including ones like Sri Padmanabhaswamy temple in Thiruvananthapuram, Tirupati Tirumala temple, Vaishno Devi temple and …

India's Gold Rush: 51% More Than China in 3 Months
Trending News
1 month, 3 weeks ago

India's Gold Rush: 51% More Than China in 3 Months

Firstpost  

India's gold buying surge has been driven by a combination of factors, including the easing of import duties, revenge buying, and wedding and festive demand. The country's demand for gold has surged by 51% in the past three months, with Indians purchasing 248.3 tonnes of gold during July-September 2024. This surge has placed India as the largest gold importer in …

Gold Demand Soars in India, With a Strong Q3 Surge
Trending News
1 month, 3 weeks ago

Gold Demand Soars in India, With a Strong Q3 Surge

Deccan Chronicle  

Gold demand in India saw a significant surge in the September quarter, with both volume and value increasing. Jewellery demand saw a notable rise, while investment demand saw a substantial increase. Gold imports and recycling demand also saw significant growth. The RBI's gold reserves have also been boosted to 854 tonnes, indicating a continued bullish stance on the gold market.

Global Gold Demand Soars 5% in Q3, Hitting 1,313 Tonnes
Trending News
1 month, 3 weeks ago

Global Gold Demand Soars 5% in Q3, Hitting 1,313 Tonnes

ABP News  

Global gold demand surged by 5% in the third quarter of 2024, reaching 1,313 tonnes. This growth was driven by strong investment activity amid record-high gold prices. Central bank gold purchases fell by nearly half, declining 49 per cent to 186.2 tonnes compared to 363.9 tonnes during the same period in 2023.

Gold Rate Falls In India: Check 22 Carat Price In Your City On September 10
3 months, 2 weeks ago

Gold Rate Falls In India: Check 22 Carat Price In Your City On September 10

News 18  

Gold Rate Today In India: On September 10, gold prices in India were around Rs 73,000 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 72,840 per 10 grams. Gold rate today in India: Retail gold price on September 10 Check gold rates today in different cities on September 10, 2024; City 22 …

Gold Rate Rises In India: Check 22 Carat Price In Your City On August 17
4 months, 1 week ago

Gold Rate Rises In India: Check 22 Carat Price In Your City On August 17

News 18  

Gold Rate Today In India: On August 17, gold prices in India remained close to Rs 70,000 per 10 grams. The rate for the highest purity, 24-carat gold, was Rs 71,630 per 10 grams. For those considering jewellery, 22-carat gold, known for its added durability due to a slight alloy mix, was priced at Rs 65,660 per 10 grams. Gold …

Gold Rate Falls In India: Check 22 Carat Price In Your City On August 15
4 months, 1 week ago

Gold Rate Falls In India: Check 22 Carat Price In Your City On August 15

News 18  

Gold Rate Today In India: On August 15, gold prices in India remained close to Rs 70,000 per 10 grams. The rate for the highest purity, 24-carat gold, was Rs 71,500 per 10 grams. For those considering jewellery, 22-carat gold, known for its added durability due to a slight alloy mix, was priced at Rs 65,540 per 10 grams. Gold …

Gold Rate Today Rises In India: Check 22 Carat Price In Your City On August 14
4 months, 1 week ago

Gold Rate Today Rises In India: Check 22 Carat Price In Your City On August 14

News 18  

Gold Rate Today In India: On August 14, gold prices in India remained close to Rs 70,000 per 10 grams. The rate for the highest purity, 24-carat gold, was Rs 71,510 per 10 grams. For those considering jewellery, 22-carat gold, known for its added durability due to a slight alloy mix, was priced at Rs 65,550 per 10 grams. Gold …

High Prices Lead To 5% Decline In India's Gold Demand For June Quarter: Report
4 months, 3 weeks ago

High Prices Lead To 5% Decline In India's Gold Demand For June Quarter: Report

News 18  

India’s gold demand declined 5 per cent to 149.7 tonnes during the June quarter, due to record high prices, the World Gold Council said in a report on Tuesday. Sachin Jain, CEO, WGC Regional, India, said, “India’s gold demand softened slightly in the second quarter of 2024, reaching 149.7 tonnes, down 5 per cent year-on-year. Further, the report said the …

Gold, Silver Prices Today: Check Latest Bullion Rates In Your City on July 27
4 months, 3 weeks ago

Gold, Silver Prices Today: Check Latest Bullion Rates In Your City on July 27

News 18  

Gold Rate Today In India: On July 27, gold prices in India fell and continued to trade below Rs 70,000 per 10 grams. The basic customs duty on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6 per cent from 15 per cent. Gold rate today in India: Retail gold price on July 28 …

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry
5 months ago

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry

The Hindu  

Union Finance Minister Nirmala Sitharaman has proposed to reduce Customs Duties on gold and silver to 6% and on platinum to 6.4% providing big relief to buyers of these precious metals. As per the proposal, duty on gold bars has been cut from 15% to 6%, gold dore from 14.355 to 5.35%, for platinum from 15.4% to 6.4%, for silver …

Gold demand in India expected to be 700-800 tonnes in 2024: WGC India CEO Jain
6 months, 3 weeks ago

Gold demand in India expected to be 700-800 tonnes in 2024: WGC India CEO Jain

Live Mint  

NEW DELHI : Gold remains a favoured hedge, with demand not shrinking despite prices shooting up. The demand for gold in India in 2024 is likely to be similar to last year, Sachin Jain, the chief executive, World Gold Council, said in an interview. If there is more consistency in prices, we foresee the demand to touch around 800 tonnes," …

Gold rush in India despite price hike
7 months, 2 weeks ago

Gold rush in India despite price hike

Deccan Chronicle  

Hyderabad: Notwithstanding skyrocketing prices of gold, consumers in India continue to invest in the precious metal, with overall demand rising 8% taking it to 136.6 tonne in the first quarter of 2024, against 126.3 tonne in the corresponding quarter of 2023, according to the World Gold Council. In India, the total jewellery demand went up a modest 4% to 95.5 …

Gold demand in India may hit 900 tonnes this year
10 months, 1 week ago

Gold demand in India may hit 900 tonnes this year

Live Mint  

The demand for gold in India, which has been in the range of 700-800 tonnes annually since 2019, is expected to increase to 800-900 tonnes in the calendar year 2024 on the back of robust economic growth and higher income, Somasundaram P.R., managing director at the World Gold Council, told Mint. However, a pick up in the purchase of gold …

The hike in import duties for gold, silver findings | Explained
10 months, 2 weeks ago

The hike in import duties for gold, silver findings | Explained

The Hindu  

The story so far: In a move towards standardisation and preventing the circumvention of duty, the Finance Ministry on Tuesday hiked import duties on gold and silver findings and coins of precious metal to 15%. As observed in the Ministry of Commerce’s Trade Stat database, import of unwrought gold and/or gold in semi-manufactured form in October 2023 rose 95.41% on …

India has more gold reserves than Saudi Arabia, UK; check full list
11 months ago

India has more gold reserves than Saudi Arabia, UK; check full list

Hindustan Times  

The United States has emerged as the country with largest gold reserves in the world, as estimated by the World Gold Council. India has gold reserves measuring 2,191.53 tonnes, valued at $ 131,795 million as per the WGC list The US has gold reserves measuring 8,133.46 tonnes as per the WGC list, valued at $489,133 million. India has gold reserves …

GSI Discovers Additional Gold Mine in Aspari Mandal; Mining Continuing in Tuggali
1 year ago

GSI Discovers Additional Gold Mine in Aspari Mandal; Mining Continuing in Tuggali

Deccan Chronicle  

Kurnool: Andhra Pradesh now faces the prospect of having a new gold mine – in Aspari mandal of this district. The Geological Survey of India conveyed to mining officials in Nandyal that a preliminary survey has confirmed prospects for gold mining in the region, supplementing continuing efforts in nearby areas. In a parallel development, the Jonnagiri project, spanning Jonnagiri, Yerragudi, …

Will gold continue to shine? Depends on what India does this festive season
1 year, 1 month ago

Will gold continue to shine? Depends on what India does this festive season

Firstpost  

Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold Council said on Tuesday Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold …

India's Q3 gold demand up 10% at 210.2 tons; price to play key role in Dhanteras buying
1 year, 1 month ago

India's Q3 gold demand up 10% at 210.2 tons; price to play key role in Dhanteras buying

The Hindu  

Gold demand in India, the world's second-largest consumer of the yellow metal, rose 10% to 210.2 tonnes during the third quarter of this calendar year, aided by the softening of gold prices and festive demand, according to the World Gold Council. Releasing the quarterly gold demand report, the WGC said India's gold demand increased to 210.2 tonnes during the third …

India's Middle-Class a Gold Mine' for Multinational Subsidiaries
1 year, 5 months ago

India's Middle-Class a Gold Mine' for Multinational Subsidiaries

Deccan Chronicle  

The article “Does Your Company Have an India Strategy?” in the Harvard Business Review threw the spotlight on Indian subsidiary firms being valued higher than their parent companies. The key drivers cited for the higher revenues and profits of the Indian subsidiaries were their ability to tap into India’s rapidly expanding population, robust economic growth and increasing middle-class purchasing power. …

Want mineral-intensive growth for new-age economy? Ease mining
1 year, 11 months ago

Want mineral-intensive growth for new-age economy? Ease mining

Live Mint  

2022 has been remarkable for India. As India’s EV sales are set to rapidly for the rest of this decade, demand for lithium, cobalt, nickel and graphite will be enormous, along with that for iron ore in the form of steel, bauxite as a source of aluminium and copper, which are metals used across all types of vehicles. However, India’s …

India gold seizures hit three-year high after import duty increase
2 years ago

India gold seizures hit three-year high after import duty increase

Hindustan Times  

Seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following Covid-19 curbs. So-called grey market operators try to avoid the import duties by selling gold at discounts to market prices, which in turn forces competing dealers to lower prices. Customs and other …

How much gold can one keep at home? Know all details here
2 years ago

How much gold can one keep at home? Know all details here

Firstpost  

If you keep gold beyond the specified limit, then it will require income proof, and will be subject to investigation and potential seizure. In India, married women are allowed to keep up to 500 grams of gold jewellery and ornaments, without ant proof, as per the Income Tax notification on 11 May 1994. If you keep gold beyond the specified …

For Indians, historical returns, currency hedge argument make compelling case to keep their faith in gold
2 years ago

For Indians, historical returns, currency hedge argument make compelling case to keep their faith in gold

Firstpost  

In fact, gold in rupee terms has had a healthy return track record, given the consistent decline of the rupee against the dollar. And the Indian chart for 24-carat gold shows a very secular uptrend over the years, primarily for this reason In 2019, World Gold Council estimated that Indian households hold about 25,000 tonnes of gold in various forms. …

India's demand hits pre-pandemic levels; Q3 up 14% to 191.7 tonnes: World Gold Council
2 years, 1 month ago

India's demand hits pre-pandemic levels; Q3 up 14% to 191.7 tonnes: World Gold Council

The Hindu  

India's gold demand has reached pre-pandemic levels and has witnessed an annual growth of 14% during the July-September quarter at 191.7 tonnes mainly driven by strong consumer interest, according to a World Gold Council report. India's total gold demand in the third quarter of 2022 at 191.7 tonnes is a 14% increase over last year, which reflects better-than-expected performance and …

India’s gold demand dips as inflation hits rural buyers
2 years, 1 month ago

India’s gold demand dips as inflation hits rural buyers

Live Mint  

India's gold consumption in the months of October to December could fall by around a quarter from a year ago as inflation depresses rural demand, the World Gold Council said on Tuesday. In the December quarter, India's gold demand could fall to around 250 tonnes from 343.9 tonnes a year ago, Somasundaram said. The drop could bring down India's total …

Gold imports up 6.4% to $12.9 billion in April-July this fiscal
2 years, 4 months ago

Gold imports up 6.4% to $12.9 billion in April-July this fiscal

The Hindu  

India's gold imports, which have a bearing on the country's Current Account Deficit, rose 6.4% to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. In July 2022, however, imports of the precious metal fell sharply by 43.6% to $2.4 billion, as per the latest data released by the Commerce Ministry. Increase in gold and …

Inflation, price rise could dent India's gold demand in July-December: World Gold Council
2 years, 4 months ago

Inflation, price rise could dent India's gold demand in July-December: World Gold Council

The Hindu  

India's gold demand in the first half of 2022 jumped 42% from a year ago but consumption in the second half could be lower than last year as higher inflation erodes disposable income, the World Gold Council said on July 28. India's demand for gold jumped 43% from a year ago to 170.7 tonnes in the quarter through June as …

With rupee nearing 80 to a dollar, govt. raises gold import duties to 15%
2 years, 5 months ago

With rupee nearing 80 to a dollar, govt. raises gold import duties to 15%

The Hindu  

In a bid to curb a surge in gold imports and check windfall profits being made by crude petroleum producers, the Government has raised the import duty on the yellow metal from 10.75% to 15% and levied fresh taxes on the export of petrol, fuel and ATF as well as the domestic sale of crude oil. As much as 107 …

Gold Import Duty Hiked by 5%: Will Gold Prices Increase? Know How it Will Impact Investors
2 years, 5 months ago

Gold Import Duty Hiked by 5%: Will Gold Prices Increase? Know How it Will Impact Investors

News 18  

India has hiked the basic import duty on gold to 12.5 per cent from 7.5 per cent, the Union government said in a gazetted notification on June 30. Why Govt Hikes Import Duty on Gold India’s trade deficit ballooned to $24.29 billion from $6.53 billion in a year, according to the data released by the government. The total effective import …

Explained | What is gold recycling?
2 years, 5 months ago

Explained | What is gold recycling?

The Hindu  

The story so far: The World Gold Council accorded India as the fourth largest recycler of gold, having recycled 75 tonnes of the valuable yellow metal in the previous year. As per the report titled ‘Gold refining and recycling’, India’s gold refining landscape has changed ‘notably’ in the past decade with formal operations increasing from less than 5 in 2013 …

India ranks fourth in global gold recycling; recycled 75 tonnes in 2021: WGC
2 years, 6 months ago

India ranks fourth in global gold recycling; recycled 75 tonnes in 2021: WGC

The Hindu  

India has emerged as the fourth largest recycler in the world and the country has recycled 75 tonnes in 2021, according to a World Gold Council report. According to the WGC report titled ‘Gold refining and recycling’, China topped the global gold recycling chart as it recycled 168 tonnes of the yellow metal, followed by Italy in the second position …

Bihar government to allow exploration of India\'s \'largest\' gold reserve
2 years, 6 months ago

Bihar government to allow exploration of India\'s \'largest\' gold reserve

Deccan Chronicle  

Patna: The Bihar government has decided to accord permission for exploration of the "country's largest" gold reserve in Jamui district, a senior official said on Saturday. As per a Geological Survey of India survey, around 222.88 million tonnes of gold reserve, including 37.6 tonnes of mineral-rich ore, are present in Jamui district. In a written reply, he had said that …

Top news of the day: May 28, 2022
2 years, 6 months ago

Top news of the day: May 28, 2022

The Hindu  

Fresh plea in Supreme Court challenges validity of sections of Places of Worship Act The plea said that by the 1991 Act, the Centre has declared that religious character of a place of worship and pilgrimage as it existed on August 15, 1947 shall continue and barred the remedy by way of suit with respect to such matter in any …

What is behind India's renewed love for gold?
2 years, 11 months ago

What is behind India's renewed love for gold?

Business Standard  

Indians will build on their love for gold this year, as pent-up demand heralds a period of robust sales. Gold’s price drop favoured retail buyers and there was strong pent-up demand for weddings in October last year.“Rising incomes are one of the biggest single drivers of long-term gold demand. This suggests that as India’s economy grows, demand for gold should …

India’s Gold Imports On Six-year High As Weddings Gain Back Pomp
3 years ago

India’s Gold Imports On Six-year High As Weddings Gain Back Pomp

News 18  

While the pandemic seems to be readying up for a possible third wave, driven by the newly-emerged Omicron variant of the malevolent coronavirus, Indians are getting done with all the functions in what they consider a window before stringent COVID-19 restrictions kick in again. The curb on the control over the number of attendees of a function by the government …

Believe it or not! Bihar has country's largest deposit of Gold ore
3 years, 4 months ago

Believe it or not! Bihar has country's largest deposit of Gold ore

India TV News  

Believe it or not, but one of the country's poorest state, Bihar, is the goldmine of the nation, literally, holding country's largest resource gold ore, more than traditional leaders. The National Mineral Inventory data on gold resource in the country, presented in Parliament shows that Bihar has gold ore resource of a staggering 222.8 million tonne, or 42.21 per cent …

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report
3 years, 8 months ago

India's Gold Imports Surged 471% to a Record 160 Tonnes in March: Report

News 18  

India’s gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told Reuters on Thursday, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers. Higher imports by the world’s second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% …

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
3 years, 10 months ago

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver

India TV News  

The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to …

Gold sales down even as the yellow metal\'s price skyrockets
4 years, 4 months ago

Gold sales down even as the yellow metal\'s price skyrockets

Deccan Chronicle  

MUMBAI: Jewellers in the traditionally lucrative Indian gold market are struggling even while the metal's value skyrockets as coronavirus fears keep sales down, craftsmen at home and shops shuttered. The Mumbai market was hit hard by the March lockdown, which saw millions of migrant workers including many gold craftsmen flee India's cities as their income dried up. "Initially, I was …

What makes India a gold smuggling destination?
4 years, 5 months ago

What makes India a gold smuggling destination?

India Today  

The extreme love for gold in India is centuries old. Two thousand years after Pliny, India still sees one-third of all gold movements happening through its borders, says Canada-based group IMPACT in its assessment. The Kerala gold smuggling case has brought the focus on India being a safe haven for illicit trade in the yellow metal. Reforms led to a …

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