The gold market remains firm in India

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(Kitco News) – India is one of the biggest gold consumers in the world and some of the latest statistics have been released by the World Gold Council. Today gold is trading at $1826/oz around 0.22% higher after a tough session on Thursday. 

Retail demand in India remained strong during the first three weeks of May due to wedding- and festival-related purchases before slowing towards the end of the month. The local market surged to a premium of US$4-5/oz by the third week of May but flipped back to a discount of US$3-4/oz by the end of the month as retail demand softened

Official imports remained firm at 98t in May, significantly higher than official imports in April this year (27.1t) and May 2021 (11.4t)

Looking at investment ETFs witnessed a modest net inflow of 0.4t in May. This was said to be driven by higher inflation and a depreciating rupee. Total holdings increased to 38.9t
The Reserve Bank of India (RBI) added 3.7t of gold in May, increasing its total gold reserves to 765.1t.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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