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      Precious Metals Preview: Gold eyeing Indian demand, prices recover

      MoM Team / Mumbai, May 16, 2017 10:11 AM IST

        Precious Metals Preview: Gold eyeing Indian demand, prices recover

        COMEX Gold stayed supported as steady buying continued to emerge in the metal after prices tested their two month low. Gains in equities are limiting upside for Gold though. Indian demand remains firm.

        Latest data showed that India’s Gold imports surged 211.35 percent to $ 3,853.10 million in April 2017 from $ 1,237.55 million in April 2016. The metal is consolidating around $ 1,230 per ounce levels.

        MCX Gold futures closed just under Rs 28,000 levels yesterday but should edge up in early moves today, extending the recent sideways action.

        Meanwhile, in an exhaustive study done among a thousand gold consumers across four districts from four states in urban and rural India, it is revealed that gold is an important tool for financial inclusion among Indians.

        The study was conducted by researchers Misha Sharma, Shambhavi Srivastava and Govind Singh from IFMR Lead and funded by India Gold Policy Centre (IGPC) Indian Institute of Management, Ahmedabad. The study participants were active consumers of gold who use gold beyond mere ornamental purposes.

        Gold loan was the most popular gold based financial product and informal gold loans constituted for a large pie of the market share offering lower gold loan amounts at higher interest rates compared to formal gold loan providers offering higher gold loan amounts at lower interest rates.

        Additionally, it was also found that gold loans were primarily being used for smoothening household consumption and for repaying previous debts, although, it must be pointed out that half of the sample also mentioned using it for productive purposes such as investment in business, education and household improvement and repairs.

        The study had 1000 respondent across four districts (Coimbatore, Kolhapur, Hooghly and Saharanpur) with the sample split evenly across rural and peri-urban areas and with 83 percent respondents being male.


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