India Gold Imports Rebound Above $4.16 Billion as July Jewelry Demand and Trading Strengthen
Updated
Updated · Kitco NEWS · Aug 19
India Gold Imports Rebound Above $4.16 Billion as July Jewelry Demand and Trading Strengthen
3 articles · Updated · Kitco NEWS · Aug 19
Summary
July imports jumped to US$4.16 billion from US$1.97 billion in June, with volumes estimated at 40-45 tonnes versus 20 tonnes, signaling stronger physical demand and festive-season restocking.
Lower, steadier prices drew buyers back into jewelry stores, with deferred purchases returning, manufacturers reporting higher orders, and jewellers rebuilding inventories ahead of seasonal demand.
ETF inflows stayed positive at INR15.6 billion in July despite slowing 55% month on month; holdings rose 1 tonne to 120 tonnes, and early-August inflows were estimated at INR11.79 billion.
MCX gold futures activity also recovered, with average daily volumes rising to 14.9 tonnes and turnover up 9% month on month to INR214 billion as hedging increased during price stabilization.
The World Gold Council said domestic prices remained below import parity because old-gold exchanges boosted local supply, but it expects improving demand conditions to support a stronger festive season.