Gold Imports Surge 677% in May to Highest in a Year Amid Price Corrections
However, local gold futures fell to INR 49,572 per 10 grams in May, the lowest in nearly three months
Hallmarking of gold could significantly alter market dynamics
The BIS has formulated standards for gold jewellery of three grades — 14, 18 and 22 carat
1,197.7 kg of smuggled gold seized in the April-June quarter
The illegal trade could rise further in coming months as India, raised an import tax on gold by 2.5 per cent to 12.5 per cent in July’s federal budget, effectively increasing smugglers’ margins
Indian gold demand remains sluggish as prices soar
Gold buying stagnated in India as local rates soared, though some investors used temporary price dips to buy, hoping to cash in on a further leg up
India gold smuggling slowed by election seizures of cash, bullion
The slowdown in smuggling has boosted gold imports at banks in the world’s second-biggest buyer of the precious metal, allowing them to charge a premium over global prices
Making a Mark
Mandatory Hallmarking for a Better Industry
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