The headline fact is that Indian imports have hit a 21-month high amid strong retail demand during February. Overall, gold prices fell in February. The domestic gold price in fact closed 5.6% lower in February at Rs46,425/10g1 This lower domestic gold price plus the wedding season purchases contributed to a robust retail demand during February India’s reported imports hit a 21-month high and the local market premium further strengthened Overall, lower gold prices added to a high stock market volatility created ETF inflows. Total holdings for Indian gold ETFs added to 30.2t by the close of February; this amounted to a net inflow of 1.1t In addition, the Reserve Bank of India (RBI) put in 11.2t of gold to its reserves during the month, which took total gold reserves to 687.8t. via Tumblr Highlights of India’s Gold Market during February
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