Rudra Investment Best Commodity Tips provider says that the despite the low of International Prices, the brightness of gold in the first half of 2018 has been diminished. Gold is expensive in the country due to the rupee weakening against the dollar. Gold demand in the first half of the current year is less than 6% compared to the same period last year.
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The demand for jewelry in the first half of 2018 was 284.7 tonnes, which is 6% lower on a year-on-year basis. Gold investment demand declined by 9% to 78.6 tonnes.
In the second quarter (April-June) of the current calendar year, the demand for gold in the country is 8% less compared to the same period last year. In the second quarter, gold's global demand also dropped by 4% to 964 tonnes.
However, consumer demand in the world's largest gold market has increased by 7%.
Gold smuggled after the Goods and Services Tax (GST) was implemented in the country, but it did not happen and gold illegal trade is still in progress.
Rudra Investment Best Commodity Tips expert said, "After the GST is implemented, Gold Trade is already doing more compliance. But due to the import duty of 10% higher, gold is coming in an illegal way through the country. "
In June, the sale of gold was declining due to more month (time considered inauspicious for Hindus). After this, farmers started planting sowing due to the start of the monsoon and even less gold was less. In the rural areas of the country, many farmers take loans to purchase items related to farming like seeds by pledging gold instead of buying gold jewelry in the monsoon season.
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