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in the indian market, the value of gold is directly affected by consumers. the demand for gold continues to grow, not only because gold is a safe asset, but also because of the indian government's policies and economic development. at the end of july this year, the indian government reduced the gold import tariff by 9 percentage points, which provided a strong impetus for the growth of gold demand.
the enthusiasm for gold is evident in indian jewelry stores. ram raimalani, the store manager of mk jewelers in bandra west, an upscale community in mumbai, said that "demand is very hot right now," and that sales are expected to increase by 40% year-on-year during the traditional festival and wedding season from september to february next year. raimalani praised the indian government and prime minister narendra modi for reducing gold tariffs. he believes that all the benefits of the tariff reduction are about to disappear, and now prices are still rising, and we have to see whether consumers will continue to buy as usual.
in recent years, the reserve bank of india has been actively and steadily strengthening its gold reserves. in the first seven months of this year, the reserve bank of india's gold reserves increased by 42 tons of gold, more than twice the amount purchased in the whole of 2023. a person familiar with the thinking of the reserve bank of india said that buying gold is a "routine" task for its foreign exchange reserves and currency stability management.
in china, the world’s largest gold consumer, more expensive gold prices this year have meant fewer gold jewelry sales, but gold bar and coin sales are still up. according to the world gold council, gold bar and coin sales surged 62% in the second quarter compared with the same period last year. “we observe a strong positive correlation between gold investment demand and gold prices,” the world gold council wrote of china.
the hot gold market in india has also contributed to the volatility of gold markets in other countries. as the demand for gold in india continues to grow, many investors have begun to pay attention to the country's gold market. in addition, gold, as a safe asset, has been seen as a safe haven tool during times of global economic uncertainty, which has further driven the growth of gold demand.
in short, the hot gold market in india is not accidental, but is the result of a series of policy and economic factors. in the future, the demand for gold in india will continue to rise, bringing new opportunities and challenges to the global gold market.
