Tag: World Gold Council

Spot exchange for gold will benefit trade: WGC

With the Indian government pushing for transparency in governance and having an appetite for reform, it is time for introduction of spot exchange for gold, the World Gold Council (WGC) said on Thursday. The WGC is a market development organisation for the gold industry. In a report “A gold spot exchange for India: Delivering structural …

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September 28, 2017

GST’s impact will be disruptive, but positive: World Gold Council

With the Goods and Service Tax (GST) Council deciding to put gold under 3 per cent tax bracket, World Gold Council (WGC) sees the impact to be "disruptive" with change in consumer behaviour in the coming days. But the net impact is expected to be positive, it said. "We see consumer behaviour changing in response …

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June 8, 2017

Indian gold purchases seen muted in 2017 as currency ban hurts

Indians' love for gold ornaments may take a temporary dip this year as the potential customers wrestle with a reduced currency float and jewellers grapple with an impending new tax legislation that may hurt demand, the World Gold Council said in two reports. Prime Minister Narendra Modi introduced the demonetisation of the 1,000-rupee and the …

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January 24, 2017

‘Note ban impact on gold buying will wane after budget’

India's demonetisation drive has impacted gold demand in the short term but buying is showing signs of revival and post the presentation of the national budget on February 1, the market will be back to normal, says the India chief of World Gold Council. "In November and December (during the demonetisation drive) certainly there was …

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January 24, 2017

Demonetisation may affect gold demand in short term: WGC

India's demonetisation decision is likely to affect gold demand in the short term, a World Gold Council (WGC) outlook report released on Friday stated. "In India, the government's decision to remove large denomination rupee notes took around 86 per cent of India's circulating cash out of its economy," according to the Outlook 2017 – Global …

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January 13, 2017