
High prices slash domestic gold demand 7% in Q2FY23
However, value wise demand rose by 4% to ₹82,530 crore, compared to the ₹79,270 crore sales in Q2 of 2022.
However, value wise demand rose by 4% to ₹82,530 crore, compared to the ₹79,270 crore sales in Q2 of 2022.
Global factors, primarily US interest rate hikes, pushing up dollar prices, coupled with rupee depreciation, kept gold prices above ₹60,000/10g, nearly a 19% jump over last year
While gold prices will benefit from moderation in rate hikes as inflationary pressures subside, experts still see downward risks.
Overall taxes on gold now rise sharply from 14% to around 18.45%.
Gold price has rallied to its one-year high, breaching the ₹51,000 per 10 grams mark in February.
Gloomy Quadrilateral is a depressing concoction of spiking crude, rising gold prices, pessimistic foreign investors and weakening rupee that dampens the zeal of equity investors.
RBI mopped up 77.5 metric tonnes of gold in 2021, its second highest ever after 2009 when it bought 200 metric tonnes from the International Monetary Fund.
After a spike of 40% in last one week, Volatility Index (VIX) has stabilised hinting confidence is returning back.
Gold prices have fallen by around 15% from the record-high levels of ₹56,000 seen in August 2020.
After a steady fall since June 16 following the U.S. Fed meet, gold prices have begun another trek. This time, thanks to the Basel-lll rules that reclassified gold to a tier 1 zero-risk weight.