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India gold market update: Mixed demand signals
International and domestic gold prices recorded a sharp decline in June. The international price2 fell by more than 11% to around US$4,000/oz, its lowest level since October, while domestic price3 declined by around 10% to near INR141,000/10g, a six-month low. Although prices have recovered marginally since then, international gold price remains nearly 7% lower on a year-to-date basis. In contrast, domestic price is up around 6% y-t-d, supported by the 9% import duty hike in May and the INR depreciation against the US dollar. A stronger US dollar, intensifying expectations of US rate hikes, and a rotation towards ... (full story)
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