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India’s gold market in May: retail demand improved and imports jumped
Retail demand remained strong y-o-y during the first three weeks of May due to robust Akshaya Tritiya sales, wedding demand and the lower base period of 2021.3 But demand softened during the last week of the month due to a higher gold price and fewer auspicious marriage dates. Indian official imports in May were 98t – significantly higher than official imports in April (27.1t) and those of May 2021 (11.4t) (Chart 1). This rise in imports was driven by: • wedding demand during the month • a lower custom tariff of US$592/10gm from 14 May until the end of the month compared to the previous tariff of US$608/10gm; ... (full story)