Page 34 - Bullion World Volume 5 Issue 1 January 2025

Bullion World | Volume 5 | Issue 01 | January 2025

NEWS

HDFC Bank executes first gold
forward deal from

Gujarat GIFT City

HDFC Bank said it has become the first domestic bank
to execute a gold forward deal from GIFT City, Gujarat.
The deal was executed by HDFC Bank GIFT City IBU in
collaboration with Hindustan Platinum Private Limited,
a refiner and manufacturer of precious metal products
and industrial services.

“Regulators have enabled onshore entities with gold price exposure to hedge their risk through GIFT City. HDFC
Bank is committed to be a part of the development of the GIFT City bullion ecosystem. The Bank’s IBU in GIFT City
serves as a trading and clearing member on the Indian International Bullion Exchange (IIBX),” the bank said in a
statement.

Mr Arup Rakshit, Group Head, Treasury, HDFC Bank said, “This achievement underscores our commitment to
leveraging the opportunities offered by GIFT City to deliver innovative and efficient financial solutions.”
“We will endeavour to provide tailored hedging solutions to the gems and jewellery sector, as well as various industrial
sectors, to effectively manage their risks,” he said. “HDFC Bank, a nominated agency, is in the process of becoming
a special category client on IIBX and is now offering gold and silver forwards from GIFT City,” the bank said.

Swiss gold exports rise in November
on jump in supplies to India

Gold exports from Switzerland rose in November due to a jump in supplies to India and some revival of deliveries to
China and Hong Kong compared with October, Swiss customs data showed.

India, the world's second-largest gold consumer
and a major importer, is re-examining a surge
in gold imports that widened the country's trade
deficit to a record in November and pushed the
rupee to an all-time low, government sources
told Reuters earlier this week.
Bloomberg News reported that officials probably
double-counted gold shipments in warehouses
following a change in methodology, leading to a
calculation error, where gold imports could have
been overestimated by as much as 50 metric
tons, or almost 30% of India's November total
gold imports.

Even if India's total gold imports were
miscalculated, exports from Switzerland to India surged to 52.7 tons in November from 11.7 tons in October,
indicating very strong demand from buyers ramping up inventories amid November's 3.3%-fall in spot gold prices.

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