{"id":519676,"date":"2017-07-09T23:40:47","date_gmt":"2017-07-09T23:40:47","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=519676"},"modified":"2017-07-09T23:40:47","modified_gmt":"2017-07-09T23:40:47","slug":"india-imports-more-gold-in-h1-than-all-of-2016-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=519676","title":{"rendered":"India imports more gold in H1 than all of 2016"},"content":{"rendered":"

By analyst<\/a><\/span> <\/p>\n

By Andrew Topf<\/a><\/span> <\/p>\n

Gold is once again pouring into India following the cratering of physical demand<\/a> for the precious metal last year to a seven-year low.<\/p>\n

A collapse in demand from India, the backbone of the global physical trade for decades, was behind the weakness, but Chinese appetite for gold also waned significantly in 2016; strength in the US dollar also crimped demand.<\/p>\n

Quoting data from GFMS Thomson Reuters, Business Standard reports that India imported 521 tonnes of gold between January and June, versus 510 tonnes in all of 2016. <\/p>\n

However, physical demand for gold has been surging in India since January, following a plan by the Indian government last November to \u201cdemonetize\u201d the equivalent of US$220 billion in large Indian bank notes \u2013 an astounding 86% of the circulating currency \u2013 which had a disastrous effect on the gold trade, and other sectors of the Indian economy that are reliant on cash transactions.<\/p>\n

Quoting data from GFMS Thomson Reuters, Business Standard reports<\/a> that India imported 521 tonnes of gold between January and June, versus 510 tonnes in all of 2016.<\/p>\n

Value-wise, the H1 figure for gold imports was $22.2 billion versus $23 billion for 2016. If those numbers hold up, the annual total could surpass 900 tonnes, or $40 billion, which would be the strongest year since 2012, according to Business Standard. Over the past five years, the average amount of gold imported to India was 709 tonnes.<\/p>\n

Business Standard cites lower gold prices and retailers stocking gold in preparation of a new good and services tax (GST), as the main reasons behind the pickup in gold demand. The long-awaited GST is India’s biggest tax overhaul since independence in 1947, and will replace a slew of federal and state levies when it’s rolled out in July. But the tax could be tough for small gold retailers to handle.<\/p>\n

Gold imports in April, during the annual Hindu and Jain holy festival of Akshaya Tritiya, more than doubled from a year ago to 75 tonnes during a festival that prompts gold jewellery purchases, Reuters reported<\/a> in May.<\/p>\n

In 2015 Economic Times reported that the Indian public hold 20,000 tonnes of the yellow metal<\/a> in jewellery, coins and gold bars.<\/p>\n

The post India imports more gold in H1 than all of 2016<\/a> appeared first on MINING.com<\/a>.<\/p>\n

\u2026read more<\/a> <\/p>\n

Source:: Infomine<\/a><\/p>\n

The post <\/a>India imports more gold in H1 than all of 2016<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By analyst By Andrew Topf Gold is once again pouring into India following the cratering of physical demand for the precious metal last year to a seven-year low. A collapse in demand from India, the backbone of the global physical trade for decades, was behind the weakness, but Chinese appetite for gold also waned significantly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/519676"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=519676"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/519676\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=519676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=519676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=519676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}