Commodities
India's Gold Market Sees Sharp Rebound Ahead of Festive Season
India's gold market is experiencing a significant rebound ahead of the festive season. Gold imports surged in July, more than doubling to $4.16 billion compared to $1.97 billion in June.
The increase in import value, estimated at between 40 and 45 tonnes from approximately 20 tonnes in June, indicates that retailers are anticipating a return of robust consumer interest.
Domestic gold prices rose to ₹1,51,744 per 10 grams by mid-August, while international prices increased by nearly 9% during the first two weeks of August, reaching $4,391 per ounce.
Investment demand remains a supportive factor for the broader gold ecosystem, with gold exchange-traded funds (ETFs) recording net inflows of ₹1,560 crore in July.