{"id":18866,"date":"2022-12-19T14:50:24","date_gmt":"2022-12-19T09:20:24","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=18866"},"modified":"2022-12-19T14:53:46","modified_gmt":"2022-12-19T09:23:46","slug":"indias-gold-market-in-november-retail-demand-soft-and-imports-declined","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/","title":{"rendered":"India\u2019s gold market in November: retail demand soft and imports declined"},"content":{"rendered":"\n<p><strong>Summary<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The domestic gold price increased by 4.8% in November, ending at Rs52,574\/10g&nbsp;<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-1\"><sup>1<\/sup><\/a>&nbsp;<\/li><li>Soft retail demand in November drove the local price into discount for the majority of the month&nbsp;<\/li><li>Indian gold ETFs witnessed marginal net outflows of 0.6t in November as investors booked profits following the jump in the domestic gold price&nbsp;<\/li><li>The Reserve Bank of India (RBI) made no gold purchases during the month, keeping its gold reserves constant at 786.3t.&nbsp;<sup><a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-2\" target=\"_blank\" rel=\"noreferrer noopener\">2<\/a><\/sup>&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Looking ahead<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Retail demand is expected to slow from mid-December to mid-January as this will be an inauspicious period for weddings in many parts of the country<\/li><li>Retail demand will continue to face headwinds due to the higher gold price but a correction in inflation should boost spending on gold.<\/li><\/ul>\n\n\n\n<p><strong>The local market remained in discount for most of the month<\/strong><\/p>\n\n\n\n<p>The international gold price jumped by 7.4% in November to US$1,760\/oz, boosted by lower yields and dollar weakness.&nbsp;<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-3\"><sup>3<\/sup><\/a>&nbsp;Gold\u2019s performance was relatively weak in local currency terms (+4.8% m-o-m) as the INR appreciated by 1.7% against the USD during the month.<\/p>\n\n\n\n<p>The local market remained in premium during the first week of the month but it went back into discount after retail demand weakened following the price jump and &nbsp;bullion imports at&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/05\/indias-gold-market-april-retail-demand-improved-imports-remained-muted\" target=\"_blank\" rel=\"noreferrer noopener\">concessional duty under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) also weakened during the month<\/a>.&nbsp;<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-4\"><sup>4<\/sup><\/a>&nbsp;The local market remained in discount for most of the month, falling to a discount of US$20-25\/oz (<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#chart1\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Chart 1<\/strong><\/a>).&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-5\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>5<\/sup><\/a>&nbsp; The local market has continued in discount over the first two weeks of December, averaging a discount of US$15\/oz.<\/p>\n\n\n\n<p><strong>Chart 1: Weak retail demand kept the local market in discount for most of the month<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2.jpg\" rel=\"mfp\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-1024x591.jpg\" alt=\"\" class=\"wp-image-18872 lazyload\" width=\"606\" height=\"349\" data-sizes=\"auto\" data-srcset=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-1024x591.jpg 1024w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-1000x577.jpg 1000w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-150x87.jpg 150w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-768x443.jpg 768w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-450x260.jpg 450w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-225x130.jpg 225w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-900x519.jpg 900w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-20x11.jpg 20w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2-166x96.jpg 166w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture2.jpg 1200w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><strong>The rupee appreciated m-o-m for the first time this year<\/strong><\/p>\n\n\n\n<p>The rupee appreciated by 1.7% in November \u2013 the first increase this year (<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#chart2\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Chart 2<\/strong><\/a>). The appreciation was led by strong foreign institution inflows (FIIs) into the Indian equity market (US$4.4bn) and a depreciation in the dollar index (DXY). The Indian rupee had been depreciating since the beginning of the year in the face of a strong dollar and net outflows from FIIs in the Indian equity market.&nbsp;&nbsp;<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-6\"><sup>6<\/sup><\/a><\/p>\n\n\n\n<p><strong>Chart 2 : Rupee appreciated m-o-m for the first time this year<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3.jpg\" rel=\"mfp\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-1024x621.jpg\" alt=\"\" class=\"wp-image-18877 lazyload\" width=\"599\" height=\"363\" data-sizes=\"auto\" data-srcset=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-1024x621.jpg 1024w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-1000x607.jpg 1000w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-150x91.jpg 150w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-768x466.jpg 768w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-450x273.jpg 450w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-225x137.jpg 225w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-900x546.jpg 900w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-20x11.jpg 20w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3-158x96.jpg 158w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture3.jpg 1200w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><strong>India\u2019s retail inflation slumped to an 11-month low<\/strong><\/p>\n\n\n\n<p>India\u2019s headline retail inflation (CPI inflation) declined to an 11-month low of 5.88% y-o-y in November from 6.77% y-o-y in October (<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#chart3\" target=\"_blank\" rel=\"noreferrer noopener\">Chart 3<\/a>). The fall was driven by food inflation, which plummeted to 4.67% in November from 7.01% in October.&nbsp;<\/p>\n\n\n\n<p>This sharp fall should be a relief for the RBI, which has been hiking interest rates since May. With CPI now below the upward target range of 6%, many economists think that the monetary policy committee (MPC) may be near the end of its tightening cycle. After the recent increase in the&nbsp;<a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/PressRelease\/PDFs\/PR1320C7BEA8E64E4D4BD6AC45A1A9E2C05391.PDF\" rel=\"noreferrer noopener\" target=\"_blank\">policy rate of 35bps, which was made at the December MPC<\/a>&nbsp;meeting by the RBI, economists believe that a final rate hike may take place in February 2023. Some economists are also of the view that the MPC may even start to cut interest rates in H2 2023, due to &nbsp;<a href=\"https:\/\/www.imf.org\/en\/Publications\/WEO\/Issues\/2022\/10\/11\/world-economic-outlook-october-2022\" rel=\"noreferrer noopener\" target=\"_blank\">slowdown in the economy in 2023<\/a>. A fall in inflation and lower interest rates should boost disposable income and support gold demand going forward.<\/p>\n\n\n\n<p><strong>Chart 3: Indian retail inflation slumped to 11-month low in November<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4.jpg\" rel=\"mfp\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-1024x689.jpg\" alt=\"\" class=\"wp-image-18889 lazyload\" width=\"581\" height=\"390\" data-sizes=\"auto\" data-srcset=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-1024x689.jpg 1024w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-1000x673.jpg 1000w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-150x101.jpg 150w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-768x517.jpg 768w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-450x303.jpg 450w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-225x152.jpg 225w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-900x606.jpg 900w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-20x13.jpg 20w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4-143x96.jpg 143w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture4.jpg 1200w\" sizes=\"auto, (max-width: 581px) 100vw, 581px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><strong>Retail demand softened and imports declined during November<\/strong><\/p>\n\n\n\n<p>After a healthy demand during Dhanteras, retail demand slowed during November, impacted by a jump in the local domestic gold price and a slowdown in consumer discretionary spending.<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-7\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>7<\/sup><\/a> Retail demand was supported by wedding purchases in the month, but regular purchases remained muted due to the higher gold price, which enticed some consumers to exchange gold-for-gold. Interaction with the trade highlighted a rise in recycling volumes too.<\/p>\n\n\n\n<p>As retail demand slowed, official imports declined to 62.6t in November \u2013 13% lower y-o-y and 9% lower m-o-m (<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#chart4\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Chart 4<\/strong><\/a>). Official imports were also impacted by a&nbsp;<a href=\"https:\/\/www.msn.com\/en-in\/money\/topstories\/smuggled-gold-seizures-hit-3-year-high-at-3083-kg-kerala-accounts-for-maximum-cases\/ar-AA15b75h\" rel=\"noreferrer noopener\" target=\"_blank\">surge in unofficial imports of gold<\/a>.<\/p>\n\n\n\n<p>Looking ahead, retail demand is expected to slow between mid-December and mid-January as this will be an inauspicious period for weddings in many parts of the country. Retail demand will continue to face headwinds due to the higher gold price but a correction in retail inflation should boost consumer spending on gold.<\/p>\n\n\n\n<p><strong>Chart 4: Indian gold official imports declined in November<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5.jpg\" rel=\"mfp\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-1024x694.jpg\" alt=\"\" class=\"wp-image-18896 lazyload\" width=\"593\" height=\"402\" data-sizes=\"auto\" data-srcset=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-1024x694.jpg 1024w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-1000x678.jpg 1000w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-150x102.jpg 150w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-768x520.jpg 768w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-450x305.jpg 450w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-225x152.jpg 225w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-900x610.jpg 900w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-20x15.jpg 20w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5-142x96.jpg 142w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture5.jpg 1200w\" sizes=\"auto, (max-width: 593px) 100vw, 593px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><strong>Indian gold ETFs witnessed net outflows in November<\/strong><\/p>\n\n\n\n<p>With a 4.8% increase in the domestic gold price in November, investors booked profits, resulting in a net monthly outflow of 0.6t.<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-8\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>8<\/sup><\/a>&nbsp; This decreased total gold holdings to 38.6t (<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#chart5\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Chart 5<\/strong><\/a>). Overall, Indian gold ETFs have seen small but meaningful net inflows of 1t y-t-d.<\/p>\n\n\n\n<p><strong>Chart 5: Indian gold ETFs saw net outflows in November<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6.jpg\" rel=\"mfp\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-1024x675.jpg\" alt=\"\" class=\"wp-image-18900 lazyload\" width=\"590\" height=\"388\" data-sizes=\"auto\" data-srcset=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-1024x675.jpg 1024w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-1000x659.jpg 1000w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-150x99.jpg 150w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-768x506.jpg 768w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-450x297.jpg 450w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-225x148.jpg 225w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-900x593.jpg 900w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-20x13.jpg 20w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6-146x96.jpg 146w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture6.jpg 1200w\" sizes=\"auto, (max-width: 590px) 100vw, 590px\" \/><\/a><\/figure><\/div>\n\n\n\n<p>The RBI made no gold purchases in November<\/p>\n\n\n\n<p>After purchasing&nbsp;<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/11\/indias-gold-market-october-festivals-and-weddings-lifted-retail-demand\" rel=\"noreferrer noopener\" target=\"_blank\">1t of gold in October<\/a>, the RBI kept its gold reserves constant during November, leaving its total gold reserves at 786.3t (<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#Chart%206\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Chart 6<\/strong><\/a>).&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-9\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>9<\/sup><\/a>&nbsp;India\u2019s FX reserves have slumped by US$83bn this year due to the intervention in the FX market by the RBI in an attempt to defend the INR.&nbsp;<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined#footnote-10\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>10<\/sup><\/a>&nbsp; With dwindling FX reserves, the RBI\u2019s y-t-d gold purchases of 32.2t are 56% lower y-o-y. In November, the RBI\u2019s gold reserves stood at 8% of total FX reserves compared to 6.9% at the end of 2021.<\/p>\n\n\n\n<p><strong>Chart 6: RBI made no gold purchases in November<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7.jpg\" rel=\"mfp\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-src=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-1024x686.jpg\" alt=\"\" class=\"wp-image-18906 lazyload\" width=\"585\" height=\"391\" data-sizes=\"auto\" data-srcset=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-1024x686.jpg 1024w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-1000x670.jpg 1000w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-150x101.jpg 150w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-768x515.jpg 768w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-450x302.jpg 450w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-225x151.jpg 225w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-900x603.jpg 900w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-20x13.jpg 20w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7-143x96.jpg 143w, https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/picture7.jpg 1200w\" sizes=\"auto, (max-width: 585px) 100vw, 585px\" \/><\/a><\/figure><\/div>\n\n\n\n<ol class=\"wp-block-list\"><li>Based on the MCX Gold Spot price in INR as of 30 November 2022.&nbsp;<\/li><li>Data as of the week ending 25 November 2022.<\/li><li>Based on the LBMA Gold Price AM (US$) on 30 November &nbsp;2022.<\/li><li>Under CEPA, ~1.3t of bullion was imported in November.&nbsp;<\/li><li>The premium\/discount data is based on the gold premium polled spot price from National Commodity &amp; Derivatives Exchange Ltd.&nbsp;<\/li><li>FIIs have pulled US$22.7 from the Indian equity market from January to October 2022 compared to a net inflow of US$7.1bn over the same period in 2021.<\/li><li>Dhanteras was celebrated on 22 and 23 October 2022.<\/li><li>The domestic gold price corrected by 4% to Rs49,818\/10g on 21 October from a high of Rs 51,635\/10g on 6 October.<\/li><li>Central bank data is taken from IMF-IFS: IFS up until October and weekly statistics from the RBI for November. October\u2019s purchases are up to the week ending 25 November. Please refer to our latest central bank statistics:&nbsp;<a href=\"https:\/\/www.gold.org\/goldhub\/data\/gold-reserves-by-country\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">https:\/\/www.gold.org\/goldhub\/data\/gold-reserves-by-country<\/a><\/li><li>RBI\u2019s FX reserves were US$550bn for the week ending 25 November 2022<\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><em>This\u00a0<a href=\"https:\/\/www.gold.org\/goldhub\/gold-focus\/2022\/12\/indias-gold-market-november-retail-demand-soft-and-imports-declined\" target=\"_blank\" rel=\"noreferrer noopener\">article\u00a0<\/a>is republished with permission from the World Gold Council.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary The domestic gold price increased by 4.8% in November, ending at Rs52,574\/10g&nbsp;1&nbsp; Soft retail demand in November drove the local price into discount for the majority of the month&nbsp; Indian gold ETFs witnessed marginal net outflows of 0.6t in November as investors booked profits following the jump in the domestic gold price&nbsp; The Reserve&hellip;<\/p>\n","protected":false},"author":1,"featured_media":18867,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,100],"tags":[],"thb-sponsors":[],"class_list":["post-18866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold","category-in-focus"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India\u2019s gold market in November: retail demand soft and imports declined - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India\u2019s gold market in November: retail demand soft and imports declined - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"Summary The domestic gold price increased by 4.8% in November, ending at Rs52,574\/10g&nbsp;1&nbsp; Soft retail demand in November drove the local price into discount for the majority of the month&nbsp; Indian gold ETFs witnessed marginal net outflows of 0.6t in November as investors booked profits following the jump in the domestic gold price&nbsp; The Reserve&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/\" \/>\n<meta property=\"og:site_name\" content=\"Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-19T09:20:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-19T09:23:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/061-banner-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"791\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/#website\",\"url\":\"https:\/\/gjepc.org\/solitaire\/\",\"name\":\"Solitaire magazine is a International jewellery magazine - India\\u2019s leading B2B gem and jewellery magazine\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/gjepc.org\/solitaire\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2022\/12\/061-banner-image.jpg\",\"width\":1000,\"height\":791},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/#webpage\",\"url\":\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/\",\"name\":\"India\\u2019s gold market in November: retail demand soft and imports declined - Solitaire magazine is a International jewellery magazine - India\\u2019s leading B2B gem and jewellery magazine\",\"isPartOf\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/#primaryimage\"},\"datePublished\":\"2022-12-19T09:20:24+00:00\",\"dateModified\":\"2022-12-19T09:23:46+00:00\",\"author\":{\"@id\":\"https:\/\/gjepc.org\/solitaire\/#\/schema\/person\/b614a6d604f6c36c387b4c876bb33d79\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gjepc.org\/solitaire\/indias-gold-market-in-november-retail-demand-soft-and-imports-declined\/\"]}]},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/gjepc.org\/solitaire\/#\/schema\/person\/b614a6d604f6c36c387b4c876bb33d79\",\"name\":\"GJEPC\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/gjepc.org\/solitaire\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f6c5b479a8ec14da0f88385e2b6cd51ccb37ac80c31409ecaebe5524700952a2?s=96&d=mm&r=g\",\"caption\":\"GJEPC\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/18866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/comments?post=18866"}],"version-history":[{"count":28,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/18866\/revisions"}],"predecessor-version":[{"id":18912,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/posts\/18866\/revisions\/18912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/media\/18867"}],"wp:attachment":[{"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/media?parent=18866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/categories?post=18866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/tags?post=18866"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/gjepc.org\/solitaire\/wp-json\/wp\/v2\/thb-sponsors?post=18866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}