Precious Metals News

Several other countries, including major gold markets such as Turkey and China, have such a system already in place.

The net gold imports had recorded drastic decline by almost 50% in May, from the peak recorded in April, the data suggested.

The press release by the Council said that the campaign will be rolled out in two phases through 2021.

It must be noted that Venezuela’s gold held with the BOE has been retained by it following British and U.S. sanctions on Maduro’s government.

The inflows have slowed down when matched with those of INR 1,779 crore during Q1 this year.

The joint partnership will work on innovative ideas to make gold jewellery more relevant and contemporary, so that it becomes more appealing to the targeted customer group.

Combined, the North American and European funds added 43.8 tonnes during the second quarter of the current year.

On the other hand, it melted, recast and diverted the duty-free gold to the local market.