| India’s Gold Imports Surge in March | |
| | |
|
Update on Gold Indicators for April: Who's Buying, Who's Selling? (Part 11 of 12) (Continued from Part 10) India’s gold imports
We’ve already looked at China’s gold import data. Data on India’s gold imports can also give you a sense of the direction gold demand is taking in the Asian market. Historically, India (EPI) has been the number-one gold consumer.
India’s demand for gold
The value data for India’s gold imports are reported every month by the Reserve Bank of India (or RBI). These data show India’s demand for gold. India imports ~90% of the gold it consumes. It’s the major component of India’s trade deficit.
Imports surge in March
In value terms, India’s gold imports came in at $4,983.6 million for March compared to $1,981.5 million in February. This is a jump of 94% year-over-year (or YoY) and 151.5% month-over-month. In volume terms, gold imports more than doubled YoY in March to 125 tons from 60 tons. The increase is probably due to the easing restrictions on gold imports by the RBI and declining gold prices. One other reason could be that a key Hindu festival, Akshaya Tritiya, also fell in March.
Higher imports by India and China have helped support gold prices in the past. Any sustained strength in gold demand should be positive for gold prices (GLD) (IAU) and gold stocks such as Barrick Gold (ABX), Newmont Mining (NEM), Gold Fields (GFI), Sibanye Gold (SBGL), and Iamgold Corp (IAG). These companies make up 19.9% of the Market Vectors Gold Miners ETF (GDX).
Continue to Part 12 Browse this series on Market Realist:
|
|
|
Gold Fields ltd
|
|
PRODUCER |
CODE : GFI |
ISIN : US38059T1060 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Gold Fields is a gold producing company based in South africa. Gold Fields produces gold, copper in Australia, in Ghana, in Peru and in South Africa, develops gold in Mali, and holds various exploration projects in Peru. Its main assets in production are ST IVES MINE and AGNEW in Australia, BEATRIX MINE, DRIEFONTEIN, KLOOF MINE, SOUTH DEEP, KLOOF and BEATRIX in South Africa, DAMANG, TARKWA and DAMANG PROJECT in Ghana and CERRO CORONA in Peru, its main asset in development is KOMANA in Mali and its main exploration properties are LOBO in Philippines and CHUCAPACA and CANAHUIRE in Peru. Gold Fields is listed in France, in South Africa and in United States of America. Its market capitalisation is US$ 13.9 billions as of today (€ 13.0 billions). Its stock quote reached its lowest recent point on November 10, 2000 at US$ 1.69, and its highest recent level on April 24, 2024 at US$ 16.96. Gold Fields has 821 530 048 shares outstanding. |