Johan Palmberg

Senior Quantitative Analyst World Gold Council

Markets stifled on Freedom Day

Monday, July 19 marked an eagerly anticipated milestone for the UK. ‘Freedom Day’ as it was dubbed, officially closed the chapter on over a year of local COVID-19 restrictions. But it arrived amidst soaring cases of COVID-19 worldwide – the UK included. Concern over the new variant strains has not only put a dampener on the reopening in the UK, but perhaps the global economic recovery.
Blog Posted 3 years 9 months ago

Ray Jia

Research Head, China World Gold Council

China’s gold market in June: Chinese gold ETF holdings rose despite a fall in the gold price

International gold prices fell steeply in June. The weakness in the gold price can be largely attributed to the more-hawkish-than-expected monetary-tightening signals from the US Federal Reserve’s meeting on 18 June.  But the decline in the RMB gold price was narrower than that of the USD gold price, thanks to a 1.6% depreciation in the CNY against the dollar last month. 

 Blog Posted 3 years 9 months ago

Mukesh Kumar

Former Senior Analyst, India World Gold Council

India’s gold market in May: retail demand collapsed amid COVID-induced lockdowns

Summary

  • The domestic gold price ended 5.1% higher in May at Rs48,993/10g 
  • Retail demand collapsed amid COVID-induced lockdowns in the country 
  • Indian official imports slowed and the local market flipped to discount 
  • Monthly inflows into gold ETFs slowed as higher returns lured investors towards the equity market. Total holdings for Indian gold-backed ETFs (gold ETFs) reached 33.2t by the end of May; a net inflow of 0.1t (Rs2.9 bn; US$39mn)
  • The Reserve Bank of India (RBI) added 0.9t of gold to its reserves in the month increasing its total gold reserves to 696.2t.
     
 Blog Posted 3 years 10 months ago