In 2023, gold demand decreased by 3 percent to 747 tons

-


MUMBAI: The country's gold demand is expected to remain subdued in the first quarter of the current calendar year 2024 due to weak jewelery sales, but the full year is likely to see an increase in demand as gold buyers adjust to higher prices, the World Gold Council (WGC) said. was In 2023, gold demand decreased by 3 percent year-on-year to 747.50 tons.

In the December quarter, the demand fell by four percent to 266.20 tonnes.

While gold prices are currently hovering around record highs, prices will be supported at higher levels in the new year with rising demand in the country. However, an increase in gold imports will lead to an increase in the country's trade deficit and may put pressure on the rupee.

India's gold demand has been between 700 and 800 tonnes for the last five years, but it is expected to rise to between 800 and 900 tonnes in 2024, said Somasundaram P, CEO of the Council for India. R. was told by

High gold prices have now been eclipsed and demand levels are expected to fall between 800 and 900 tonnes on the back of strong economic growth in the country.

Due to higher prices, India's gold demand in 2023 fell by 3 percent year-on-year to 747.50 tonnes. Which was the lowest since 2020. The demand for jewelery fell due to higher prices, which had an impact on gold imports. Last year saw record prices of gold. In 2023, the investment demand figure for gold was 185.20 tons.

India imports its gold mostly from Ghana, UAE, Switzerland and UAE.

In the March quarter of 2024, demand is low due to fewer days of festivals and weddings in the country. Most of the demand for gold in India is for weddings.

He also said that there has been an increase in smuggling of gold due to high prices. It is estimated that approximately 130 tons of gold was smuggled in the December quarter. Which was 110 tons in the December quarter of 2022.

The Reserve Bank of India purchased 16.20 tonnes of gold in 2023, which was 32 tonnes in 2022.

Last year, global demand for gold hit an all-time high with 4,899 tonnes

Compared to 2022, the global demand for gold in 2023 decreased by five percent to 4448 tons. However, if the OTC (over the counter) market and other sources are added, gold demand rose to 4,899 tonnes last year, a new annual record. The World Gold Council said that a new record was seen in gold purchases last year due to central banks and OTC purchases.

In 2023, outflows were seen in gold ETFs for the third year in a row. Outflows in ETFS in 2023 were 244.40 tonnes as compared to 109.50 tonnes in 2022. Last year, the global average price of gold was 8 percent higher year-on-year to $1,940.54 per ounce.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se
Read more