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)