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India’s gold market update: demand takes a breather following festival rush
Gold rose to a new all-time high in mid-May before pulling back, likely on profit taking, to close the month at US$2,343/oz.3 This delivered a 1% monthly increase, adding to gains in March (9%) and April (5%). The international price pulled back further in the first half of June (by 1% to US$2,317/oz) following a stronger-than-expected jobs market report in the US and a pause in reported gold purchases by the People’s Bank of China (PBoC). Despite this, gold remains one of the best performing asset classes with a 12% return y-t-d. Indian domestic landed gold prices continue to closely shadow the movement of ... (full story)