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Subdued demand haunts gold sales
With the start of the Trump-tornado sweeping not only the American economy but also other economies of the world, the global markets are breathing restlessly.
Hyderabad(NVS): With the start of the Trump-tornado sweeping not only the American economy but also other economies of the world, the global markets are breathing restlessly. As the immediate fall out of this situation, the yellow metal closed at $1,182 per ounce which is the lowest of the last two weeks. Further, around this period, most of the US corporations traditionally declare their financial results. Hence, the market has been waiting with the optimism. Add to this, the big-player China’s refrain too has been a factor for the prevailing weak sentiment.
At home, gold and jewellery market continued to be subdued. On the eve of the Union Budget, like other segments, gold and jewellery trade too has presented to the government a not so-long ‘wish-list’. The demands include, lowering of the import-duty from 10 per cent to 5 per cent and enhancement of limit for the purchase of gold without PAN from 2 lakh to 5 lakh in order to buoy up demand.
Consequent to the de-monetisation, there has been an appreciable decline in smuggling of gold. The total demand for gold in the country has also come down from 900 tonne a year to 650 tonne. In other words, there is a direct correlation ship between the black money and gold. As the black money volumes decline, the purchase of gold also automatically declines. Still a million dollar question remains unanswered, that is, how to put a full-stop to the generation of black money? Another question that arises is how to stop conversion of the black money into gold bars, bricks and jewellery? Equally important is to unearth the estimated 25,000 tonne of gold held by the corrupt and tax-evading people.
During the week, standard gold recorded a decline of Rs 260 per 10 gm and closed at Rs 29,310 (24 carats). Ornamental gold too ruled at the higher levels and was quoted in the range of Rs 28,620 - 28,720 per 10 gm. Silver (0.999), on the other hand, was divergent within a narrow range and moved up by Rs 100 per kg and closed at Rs 41,900 per kg.
H C UPADHYAY
