India emerged as the frontrunner in these inflows, after the reduction in gold import duty to 6 per cent from 15 per cent following the announcement in the Union Budget.
As of July 23, India’s import duty on gold was reduced to 6 per cent from 15 per cent. This change has impacted the gold market, contributing to a strong year-to-date (y-t-d) performance.
In July, gold prices reached Rs 65,314 per 10 grams, marking a 4.5 per cent return for the month and a 17.5 per cent y-t-d return. This robust performance has been a major factor driving inflows into Indian gold ETFs, as investors capitalized on the favorable market conditions.
These measures have made the investment landscape for gold Exchange Traded Funds (ETFs) more equitable and attractive, further enhancing the allure of gold as an investment. Additionally, the strong performance of gold in the local currency added to the momentum, making it a preferred asset class for Indian investors.
Following a slight dip in June, gold staged a recovery in July, closing the month 4 per cent higher at USD 2,426 per ounce. The precious metal even hit an all-time high of USD 2,480 per ounce mid-month before experiencing a modest decline towards the end.
This story is from the August 12, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 12, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Police detain AAP minister Saurabh Bharadwaj
NEW DELHI AR AL Delhi police on Saturday detained Aam Aadmi Party leader Saurabh Bharadwaj and other party leaders who were protesting outside LG VK Saxena's residence on the issue of regularising bus marshals and civil defence volunteers.
'TOOK AWAY JOBS OF 10,000 BUS MARSHALS...': ATISHI SLAMS BJP
The bus marshals have been protesting to get reinstated after Delhi Lieutenant Governor VK Saxena terminated their services in October last year.
Court orders FIR against former employees of fashion designer
A Delhi court has directed the Delhi Police to file an FIR against former employees of eminent and renowned fashion designer Pallavi Mohan for criminal breach of trust.
Girl injured after jumping off college building
NEW DELHI A 19-year-old girl sustained injuries after she allegedly jumped off the second floor of a college building in the Vivek Vihar area on Sunday, police said.
Police arrest supplier and owner of illegal weapons factory in Meerut
MEERUT Delhi Police on Sunday arrested two persons for running an interstate illegal arms supply cartel in Uttar Pradesh's Meerut.
SUPREME COURT ORDERS SURPRISE INSPECTIONS OF ASSAM'S MATIA TRANSIT CAMP TO ASSESS HYGIENE AND LIVING CONDITIONS
The court directed the Union Ministry of Home Affairs, MHA and the Assam Government to respond on how they planned to deport these foreign nationals. The court while considering the facts and circumstances of the case noted that while Assam has filed an affidavit in this regard, the Union of India hasn't.
High Court's New Division Bench Headed By Justice Navin Chawla To Hear Umar Khalid, Sharjeel Imam Bails Tomorrow: Delhi Riots
The new bench along with Umar Khalid and Sharjeel Imam will also hear the bail petitions of co accused persons Mohd. Saleem Khan, Shifa ur Rehman, Shadab Ahmed, Athar Khan, Khalid Saifi and Gulfisha Fatima.
SC Dismissed Petition Seeking Review Of Judgement Which Struck Down Electoral Bonds Scheme
The Supreme Court in the case Mathews J Nedumpara and Another vs. Association for Democratic Reforms and Others observed and has dismissed the petition filed seeking a review of the Constitution Bench judgment which struck down the Electoral Bonds scheme as unconstitutional.
High Court: Illegal Sale Of Liquor Contrary To Delhi Excise Act Big Menace, Needs To Be Curbed With Heavy Hand
NEW DELHI The Delhi High Court in the case Ms. Monika v. State NCT of Delhi And Ors observed that 'bootlegging and illegal' sale of liquor, which being contrary to the provisions of Delhi Excise Act, is a big menace to the society and needs to be curbed with a heavy hand.
SC: Suspension Of Sentence Can't Be Denied Merely Because Another Trial Is Pending Against Accused | Section 389 CrPC
The Supreme Court in the case Jitendra And Ors. Versus State Of Uttar Pradesh observed that a pendency of trial against the accused in one case cannot be a ground to deny him the benefit of a suspension of sentence.
