Indian gold futures soared to unprecedented heights on Monday, mirroring the upward trajectory observed in international markets, effectively putting pressure on demand within the world’s second-largest consumer market for the precious metal, as confirmed by industry dealers.
The surge propelled domestic gold futures to a staggering 69,487 Indian rupees ($834.07) per 10 grams, marking an impressive climb of nearly 10% since the onset of 2024. This notable increase underscores the significant volatility and bullish sentiment prevailing in the gold market.
In parallel, reports from reputable sources suggest a sharp decline of over 90% in India’s gold imports for the month of March compared to the previous month, hitting their lowest levels since the onset of the COVID-19 pandemic. Citing insights from a government official and two bank dealers, Reuters revealed this anticipated plummet, indicative of the market’s response to the prevailing economic conditions and pricing dynamics.
These developments highlight the intricate interplay between global market trends, domestic demand, and economic factors influencing India’s gold landscape, underscoring the challenges and opportunities faced by stakeholders in navigating the evolving market dynamics.
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