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The gold market remains firm in India

Kitco Media
By Rajan Dhall
Published
Updated
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(Kitco News) - India is one of the biggest gold consumers in the world and some of the latest statistics have been released by the World Gold Council. Today gold is trading at $1826/oz around 0.22% higher after a tough session on Thursday. 

Retail demand in India remained strong during the first three weeks of May due to wedding- and festival-related purchases before slowing towards the end of the month. The local market surged to a premium of US$4-5/oz by the third week of May but flipped back to a discount of US$3-4/oz by the end of the month as retail demand softened

Official imports remained firm at 98t in May, significantly higher than official imports in April this year (27.1t) and May 2021 (11.4t)

Looking at investment ETFs witnessed a modest net inflow of 0.4t in May. This was said to be driven by higher inflation and a depreciating rupee. Total holdings increased to 38.9t
The Reserve Bank of India (RBI) added 3.7t of gold in May, increasing its total gold reserves to 765.1t.

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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