GJ Town India

  Volumes at exchanges stayed elevated despite a 17% m/m fall    In a Gold ETF Commentary, that published by World Gold Council (WGC) said, Momentum eases in May! Global physically backed gold ETFs lost US$1.8bn in May, snapping their five-month inflow streak. The first monthly outflow since last November and a mild fall in the gold price saw global gold ETFs’ total assets under management (AUM) fall 1% to US$374bn.  And collective holdings fell 19t to 3,541t. Despite May’s loss, global gold ETF flows have remained positive so far in 2025, at US$30bn. Holdings have also seen a cumulative rise of 322t during the period. All regions saw outflows in May except Europe. North America took the largest hit, and Asia reversed the strong momentum it experienced in April. Europe registered mild inflows, while funds in other regions experienced a small loss for the first time in six months.    Focussing on gold market liquidity that elevated, WGC said, gold market...

  Indians will continue to purchase gold this Akshaya Tritiya   As gold is moving high with big ticket and Akshay Tritiya is at our doorstep! In the scenario Sachin Jain, Regional CEO, India, World Gold Council expressed on account of Akshay Tritiya, “Gold purchases have traditionally been an integral part of Akshaya Tritiya celebrations for millions of Indians, symbolising prosperity and good fortune.   We are currently witnessing, sky rocketing gold prices - gold’s era. This year marks a significant period for gold, with global prices increasing by 25% since January and reaching a record high of USD 3500 per ounce.    In India, gold prices have hit historic highs of Rs 1 lakh per 10 grams, reinforcing the belief in the yellow metal. Gold’s status as a safe haven is at an all-time high, and it is anticipated that Indians will continue to purchase gold this Akshaya Tritiya regardless of price fluctuations.    Industry feedback suggests...

  The big question now is whether gold can hold above $3,000    Uncertainty appears to be the undertone across markets. Concerns over tariffs, and the wide-ranging impact they could have on global growth, continue to cast a cloud and question US exceptionalism. This has added to already rising geopolitical risk. Recent events have highlighted the need for greater military spending, which will likely result in even higher deficits.   There are several factors that could reinstate the thorny problem of higher inflation, especially at a time when deteriorating economic conditions may necessitate interest rates staying low. The US economy is likely in ‘stagflation’ and consumers appear to see it that way.   Historically, each of these drivers has individually been positive for gold. A move up in the GPR (Geopolitical Risk Index) index of 100 points is typically linked to a 2.5% increase in the price of gold , all else equal. Similarly, a rise in 10-year ...

  US$3000 is knocking on the door for Gold: Augmont   Less than a month and a half into 2025, the breakneck pace continues. The price of gold broke through the US$2,800 mark on January 31, and pushed above US$2,900 during intraday trading on Monday, February 11. All India Gem and Jewellery Domestic Council (GJC) remained watchful over the swift trend of gold price.   Rajesh Rokde – Chairman-GJC said, " As we witness gold crossing the $2,930 per ounce mark and continuing to rise day by day, it is a clear testament to the prevailing economic uncertainties. The persistent upward trend in gold prices underscores the growing need for safe-haven assets in volatile times.    Additionally, with the current GST rate of 3% on bullion and precious ornaments, both consumers and jewellers are facing an increased tax burden. To align taxation with industry realities and encourage compliance, it is imperative to reduce the GST rate to 1.25%. This move will not on...

A bull flag pattern that’s developed on this commodity!   Recently, Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution said, “Since our last piece, gold has inched upwards overtaking the USD 2700 mark and hitting almost USD 2760. Even in domestic markets gold is now ruling at above 77k per 10 grams as Diwali gets closer. There is a bull flag pattern that’s developed on this commodity contrary to expectations and therefore further momentum is staying unabated.   Surprisingly gold has maintained its upward trajectory despite a cooling off in tensions in the Middle East as well as the USD rise – which should typically be negative for gold. One suspects that the two key pivotal data points – which may not have come to the fore for now for gold - may be the Initial Jobless Claims report on 24 October, Thursday – where a stronger economy would mean negative trigger for gold – and of course the US elections which are just around the...

Gold price support over Rs 61K per 10 grammes   Right now our auspicious festive Gudi Padva, is just at latch and gold price trend is on rock! At the occasion Somasundaram PR, Regional CEO, India at World Gold Council (WGC) said, “This year Gudi Padwa is being celebrated even as gold prices are headed for historic highs in the domestic market.    As economic growth influences demand significantly and this gets reflected in gold purchases on such auspicious days, demand is poised for good growth in 2023. Price pressures could keep rural demand subdued. Urban buying and digital gold accumulations which permit flexible low-ticket sizes could be emerging stories during this festive season.”  In general WGC is not focussing much on gold price trend and gold price outlook. In the perspective Colin Shah, MD, Kama Jewelry expressed as an expert on gold prices hitting Rs 60,000/10gm level.  He said, “Gold prices have risen almost 7-8% in the past month.    ...