India’s gold market in April: retail demand improved but imports remained muted

India’s gold market in April: retail demand improved but imports remained muted

From gold.org

The international gold price declined in April, led by interest rate volatility and dollar strength. The LBMA Gold Price AM in USD fell by 0.4% and the MCX Gold Spot in rupees (INR) rose by 1% over the month.3 On the back of a pullback in the gold price and festival-related buying last month, retail demand improved. As a result, the discount in the local market narrowed to US$7-10/oz by month-end, compared to a discount of US $17-18/oz at the end of March (Chart 1).4 The Indian gold market flipped back to a premium of US$2-3/oz in the first week of May as lower prices drove demand ahead of the Akshaya Tritiya ... (full story)

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