Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Q1 gold demand falls 12% to 115.6 tonne; imports plunge 50%: WGC.


Date: 04-05-2018
Subject: Q1 gold demand falls 12% to 115.6 tonne; imports plunge 50%: WGC
Gold demand declined by a steep 12 per cent in the first quarter of 2018 to 115.6 tonne due to high prices and poor investment demand, the World Gold Council (WGC) said today. In the March 2017 quarter, demand had stood at 131.2 tonne, WGC said in a report. As demand fell by 12 per cent, imports plunged by a whopping 50 per cent in the first quarter to 153 tonne from 260 tonne a year ago, according to the report. Demand fall was led poor jewellery demand which during the reporting quarter dipped 12 per cent to 87.7 tonne from 99.2 tonne a year ago. In terms of value, demand fell 8 per cent to Rs 31,800 crore from Rs 34,440 crore. “Decline in demand can be attributed to a number of factors, including the rising local gold prices, a substantial drop in the number of auspicious wedding days this year compared to the previous year, and an anticipation of an import duty cut in the Budget,” WGC India managing director PR Somasundaram told PTI.

“The transition to GST, especially by the unorganised sector, also affected demand to some extent,” he added. He also said the PNB scam impacted the trade sentiment, which somehow got revived by the time of Akshaya Tritiya. In value terms, jewellery demand dropped 7 per cent to Rs 24,130 crore from Rs 26,050 crore a year ago. Investment demand plunged 13 per cent to 27.9 tonne from 32 tonne in the previous 12 months period. In value terms, gold investment demand stood at Rs 7,660 crore, down 9 per cent from Rs 8,390 crore. Total gold recycled also declined 3 per cent to 14.1 tonne from 14.5 tonne, the report said. “The first quarter is not naturally a dynamic period for gold in the country as people usually settle their other financial commitments for tax purposes. Moreover, there was also no catalyst like duty cuts to trigger demand,” Somasundaram said.

The 50 per cent decline in imports to 153 tonne from 260 tonne was “mainly on account of subdued consumer demand, down-stocking following the GST transitional period and also on expectations of duty cut in the Budget,” he added. Asked about import this year, Somasundaram said inward shipment is likely to be on similar lines with demand. For the full year of 2018, he said, gold demand is expected to be in the range of 700-800 tonne. “We are positive about demand going forward due to expectation of better monsoons and the resultant higher rural income and an overall better GDP growth. The compliance standard is growing and in the long-run it’s going to be positive and transform the industry,” he said.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 30-10-2021
Notification No. 78/2021-Customs (N.T.)
Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.

Date: 13-10-2021
Notification No. 48/2021-Customs
Seeks to reduce BCD on crude and refined soya, sunflower and palm oils till 31.03.2022

Date: 13-10-2021
Notification No. 49/2021-Customs
Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022

Date: 07-10-2021
Notification No.80/2021 - Customs (N.T.)
Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021.

Date: 07-10-2021
Notification No. 35/2015-2020
Relaxation in Export Policy of Red Sanders Wood - regarding

Date: 06-10-2021
Public Notice No. 21/2015-20
Implementation of MoU between Government of Republic of India and Government of Republic of Malawi for import of pigeon peas from Malawi - reg.

Date: 05-10-2021
Instruction No. 21/2021-Customs
Submission of Intimation of Arrest Report & Incident Report.

Date: 04-10-2021
Notification No. 34/2015-2020 – DGFT
Amendment in Export Policy of Syringes and incorporation of Policy Condition.

Date: 04-10-2021
Public Notice No. 27/2015-2020-DGFT
Allocation of quantity of 5841 MT (raw/refined) Sugar to EU under TRQ scheme for the year 2021-22

Date: 04-10-2021
Notification No. 59/2021-Customs (ADD)
seeks to extend anti dumping duty on 'ceramic tableware and glassware' originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subejct goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018.



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001