Fed Chair Jerome Powell’s comments at Jackson Hole hints at upcoming interest rate cuts, which could impact gold prices
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According to industry reports, India's gold demand is expected to rise by 15-20 per cent during the festive and wedding season, especially after the government reduced the gold import duty earlier this year
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Spot gold rose 1.3 per cent to USD2,489.12 per ounce, after reaching an unprecedented high of USD2,500.99 earlier in the day
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According to the latest data released by the Reserve Bank of India (RBI), India's foreign currency assets (FCA), the biggest component of the forex reserves, rose from USD 5.162 billion to USD 592.039 billion
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Festive season buying, a weak dollar, uncertainty surrounding the US elections and possible Fed rate cuts in September could raise prices, the report notes
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With the recent fall in gold prices, significantly influenced by custom duty cuts in the Union Budget, this is an opportune moment for investors to consider adding gold to their portfolios
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The reduction in customs duty has made gold more affordable, driving increased footfall in jewellery stores
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Bullion market participants were expecting a five per cent cut in duties, but the FM has announced a nine per cent cut, so it beats expectations
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Report recommends maintaining custom duties on gold ore and concentrates, improving ease of doing business
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Asia extends its inflow streak to 16 months, attracting USD 560 million in June. Similar to previous months, Asian inflows are mainly driven by China, which adds USD 429 million in the month
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