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Since the beginning of this year, India, the world’s second largest gold consumer, has been hit by successive attacks. Attack: First there was the surge in gold prices, then there was the strike by jewelers, and then there was the government’s crackdown on black money. As a result, jewelers expect gold demand in India to fall to its lowest level in seven years.
According to a report by Bloomberg on Tuesday (July 2), as the world's second largest gold consumer after China, India's gold demand has plummeted this year.
R, a sixth-generation jeweler in his family, said that this year is the bleakest year he has experienced since he took over the family business in 2001. As the manager of gold jewelry trading company R, he had to attract customers through discounts and gifts. The company has branches in India, Dubai and the United States. r means
The entire industry is in recession, and there is nothing you can do at this time.
India will usher in D-Day (the first day of Diwali) this Friday, which is considered the most suitable day to buy gold in a year. A sharp fall in gold prices ahead of the holiday has given jewelers a glimmer of hope. However, India's gold consumption will still shrink to 1,000 tons in 2020, the lowest level in seven years, according to a Bloomberg survey of five jewelers and traders.
Data from the World Gold Council shows that India bought tons of gold last year, accounting for a quarter of total global gold demand and reaching a record high of tons. Rh, chairman of Swiss Gold Dealers (zrd), said
I have been in the industry for many years and have never seen the demand for physical gold be so stagnant, which shows that the government is very determined to combat black money.
Although international gold prices have plummeted by 10% from the high of more than two years this month and were trading around the U.S. dollar per ounce on Tuesday, they have still risen by nearly 10% this year. This is due to the expansion of bond purchase programs by global central banks and the Keep interest rates at record low or negative levels in an effort to stimulate economic growth. Gold holdings have increased by 1% this year, reaching the highest level in three years.
In India, the situation is completely different. A series of events have hammered the country's gold demand, from the surge in gold prices in the first half of the year, to jewelers' strikes in May and May, to the lack of rainfall during the monsoon that reduced the purchasing power of farmers, and finally the government's restrictions on undisclosed income. Press down to last up the damage. Not only that, the goods and services tax scheduled to be levied on January 1 next year may further damage gold consumption in India.
A hot political topic in India at present is the crackdown on black money, which has greatly weakened the country's gold demand. In addition, according to the World Gold Council, gold demand in India fell by about 10 tons in the first half of this year, partly due to collective strikes by jewelers to protest the government's consumption tax on jewelry manufactured and sold in the country. Mumbai jewelery retailer r said
This consumption tax is a big problem for us. After the protests began, about 10% of the workers left their hometowns, and a large number of stores across the country were closed for several months. Many workers have not returned yet.
The general manager of Hong Kong Heraeus Metals Co., Ltd. (H) believes that although seasonal gold demand in India has picked up, the overall situation will still be worse than last year. He added that although the gold discount in India narrowed from the previous US dollar to the US dollar before the festival, the overall demand in India is not optimistic.
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