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Gold July 21, 2022 03:25:50 PM

WGC: India's Official Gold Imports Witnessed Notable Decline

Paul Ploumis
ScrapMonster Author
The muted retail demand led to local gold market trading at an average discount of $5 per Oz during the month, he said.

WGC: India's Official Gold Imports Witnessed Notable Decline

SEATTLE (Scrap Monster): The World Gold Council (WGC) released new report on India’s gold market during the month of June this year.

According to Mukesh Kumar, Senior Analyst, India World Gold Council, the retail gold demand in the country remained muted during the previous month, as wedding season came to an end and sowing activity picked up following the onset of monsoon. The muted retail demand led to local gold market trading at an average discount of $5 per Oz during the month, he said.

The official gold imports by the country recorded 55% month-on-month decline to 44.3 tonnes. The higher inflation and a falling currency drove investments into gold ETFs, which recorded marginal inflows of 0.2 tonnes in June this year. The total holdings in gold ETFs as at the end of June stands at 39.1 tonnes, WGC noted. Also, the country’s central bank lifted its total gold reserves to 768.8 tonnes, adding 3.7 tonnes during the month.

The WGC report noted that retail demand has continued to remain tepid so far in July this year. The gold ETFs witnessed net outflow of 0.6 tonnes during the initial two weeks of the current month. The trade body expects official gold imports to remain subdued during the rest of the month, due to waning demand.

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