Sharp rise in demand for Gold in India after tax cut – Commerzbank

Source Fxstreet

A significant increase in demand for Gold in India can be observed right now, Commerzbank’s commodity analyst Carsten Fritsch notes.

India’s hunger for Gold becomes stronger

“The reduction in the Gold import tax and the resulting fall in local Gold prices to a 4-month low has led to a significant increase in demand for Gold in India. As a result, the price premiums demanded by dealers in India over official domestic prices, including the import and sales taxes payable, have risen to up to USD 20 per troy ounce.”

“According to Reuters, this is the highest level in ten years. Last week, before the tax cut, they were still offering discounts of up to $65, which were the highest for 28 months. By contrast, local Gold prices in other Asian countries are less volatile.”

“In China, the discounts offered by dealers compared to the global market level are still close to a 2-year low, with the range varying between a discount of $10 and a premium of $2. This indicates that demand remains subdued. In Japan, Gold was sold at discounts of $3, while in Singapore and Hong Kong Gold was offered at either slight premiums or discounts.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Gold price snaps selling off after fresh Trump comments on tariffsGold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.
Author  FXStreet
Apr 24, Thu
Gold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.
placeholder
Gold price surges past $3,300 on trade jitters, yield slump reviving haven demandGold price snapped two days of losses on Thursday and rose $50, or more than 1.50%, amid renewed concerns about the US-China trade war.
Author  FXStreet
Yesterday 03: 51
Gold price snapped two days of losses on Thursday and rose $50, or more than 1.50%, amid renewed concerns about the US-China trade war.
placeholder
Gold price consolidates in a range; bulls have the upper hand while above $3,300Gold price (XAU/USD) struggles to capitalize on the previous day's move higher and oscillates in a narrow trading band during the Asian session on Friday amid mixed fundamental cues.
Author  FXStreet
Yesterday 03: 53
Gold price (XAU/USD) struggles to capitalize on the previous day's move higher and oscillates in a narrow trading band during the Asian session on Friday amid mixed fundamental cues.
placeholder
Gold edges down amid clash over status of US-China trade talksGold price is on the back foot on Friday, almost erasing all of Thursday’s gains, and looks set to close off this week in the red.
Author  FXStreet
19 hours ago
Gold price is on the back foot on Friday, almost erasing all of Thursday’s gains, and looks set to close off this week in the red.
Related Instrument
goTop
quote