Gold imports at 8-year high in FY 2024, up 88.5%
Tue April 02 2024
Driven by demand from investors and retailers, gold procurement touched an eight-year-high in the 2023-24 fiscal year. According to data from the Ahmedabad Air Cargo Complex (AACC), 78.95 metric tonnes (MT) of gold was imported in FY 2024, up 88.5% from 41.88 MT in the previous fiscal year. The price of gold settled at Rs 71,000 per 10g in the Ahmedabad market on Monday.
Though imports dropped in March, the fiscal year was good for the gems and jewellery sector. Haresh Acharya, director of India Bullion and Jewellers’ Association (IBJA), said, “Except for the last three months, gold prices in the 2023-24 fiscal year remained stable. Overall demand for the yellow metal remained good. In the initial part of the year, the price of the yellow metal hovered around Rs 58,000, which was a key factor that propelled demand. The market was highly price oriented.”
Bullion traders also attribute the rise in gold to the India International Bullion Exchange (IIBX), which is seen as a more transparent and reliable channel for gold procurement. The wedding season, when gold purchases usually go up, had a high number of auspicious dates. Gold, a symbol of prosperity, is an important part of Indian weddings.
“Auspicious muhurats for wedding ceremonies and festivals kept the demand afloat. The wedding season, from October to February, accounted for about 60% of the total gold purchases during the fiscal year, indicating a healthy demand for jewellery,” said Acharya.
A good monsoon and harvest fuelled rural demand for gold and silver. “About 40% of the demand came from investors and the remaining 60% came from jewellers,” said an Ahmedabad-based jeweller. Silver imports also hit yet another high with a 33% increase — they stood at 1,561.8 MT in FY 2024 from 1,173.89 MT in FY 2023. Rising industrial procurement and stable prices led to an increase in demand for silver. The price of silver settled at Rs 75,500 per kg in the domestic market on Monday.
Why gold prices are rising to a record high
Gold reaches record high at $2,265.73 fueled by Fed rate cut hints, Chinese demand, and geopolitical tensions. Swaps predict 61% chance of June reduction. Inflation data supports. Silver, platinum, palladium prices rise. JPMorgan, Goldman bullish despite ETF decline.
April 2024 Gold Purchase Muhurat
In April 2024, purchase gold on auspicious days like April 8, 9, and 20 to attract positive attributes. Vikram Samvat new year starts this month. Optimal timing aligns with cosmic energies promoting wealth and luck.
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Sour ce: https://timesofindia.indiatimes.com/