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Record imports by India help drive gold rally
The Indian government's jettisoning its longstanding hostility to gold is a major indicator of dramatically changing times for the monetary metals.
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By Leslie Hook and Chris Kay
Financial Times, London
Thursday, September 19, 2024
A surge in demand among Indian consumers for gold jewellery and bars after a recent cut to tariffs is helping to drive global bullion prices to a series of fresh highs.
India's gold imports hit their highest level on record by dollar value in August at $10.06 billion, according to government data released Tuesday. That implies roughly 131 tonnes of bullion imports, the sixth-highest total on record by volume, according to a preliminary estimate from consultancy Metals Focus.
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The high gold price -- which is up by one-quarter since the start of the year -- has traditionally deterred price-sensitive Asian buyers, with Indians reducing demand for gold jewellery in response.
But the Indian government cut import duties on gold by 9% at the end of July, triggering a renewed surge in demand in the world's second-largest buyer of gold.
"The impact of the duty cut was unprecedented. It was incredible," said Philip Newman, managing director of Metals Focus in London. "It really brought consumers in." ...
... For the remainder of the report:
https://www.ft.com/content/d32253c9-b455-4452-b046-937f669299d7
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