• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 min US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 10 mins Climate Change Protests
  • 3 hours "Undeniable" Shale Slowdown?
  • 1 hour China To Promote Using Wind Energy To Power Heating
  • 51 mins How many drilling sites are left in the Permian?
  • 13 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 12 hours Gas Flaring
  • 21 hours Oil at $40
  • 16 hours Japan’s Deflation Mindset Could Be Contagious
  • 1 day Ecoside
  • 21 hours Negative Gas Prices in the Permian
  • 6 mins Tax Credits for Energy Storage

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Gold Prices Could Spike As India Resumes Imports

For nearly six weeks, the global gold market has been missing its largest buyer. With gold purchases across the nation of India being paralyzed by a strike from national jewellers’ associations.

But yesterday, local reports suggest that a return may now be at hand.

India’s papers reported that many gold sellers reopened their doors on Monday. With as many as half of jewellery stores now back in action across the country.

That comes after jewellers appear to have been waited out by the government — which has refused to back down on a proposed 1% sales tax on gold jewellery. With reports recently suggesting that several gold-sellers had committed suicide over the past week, after the strike cut into their business and profits. Related: Oil Up As Bullish Sentiment Returns To Markets

Spokespeople for a number of jewellery associations confirmed that most sellers are now going back to work. With the groups saying they had assurances that the government would treat jewellers “fairly” in assessing the new sales tax.

In fact, a number of unions had agreed to return to work as far back as March 19. But the decision had limited effect on the ground, with numerous regional jewellers’ groups deciding to continue strike action. Related: The Halliburton-Baker Hughes Merger is Falling Apart. What Happens Next?

But it now appears that this week’s resolution will have wide-reaching effect. With sources in Mumbai telling papers they expect “nearly all jewellery shops” will be open by the end of this week.

This is obviously great news for the global gold sector. With a pick-up in Indian demand likely to lend solid support to imports and prices. Related: Struggle For Libya’s Oil Wealth Reaches Climax

It’s also notable that India is still in the midst of its wedding season — when gold demand typically runs high. And with gold-sellers now returning to work, buyers may be quick to catch up on securing supply that’s been tough to get over the last month and a half.

Watch for an upward push in the gold price over the coming weeks, if confirmation emerges that India’s gold industry is indeed open again for business.

Here’s to the return of the king

By Dave Forest for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Sriram on April 13 2016 said:
    Experts say :Recent move by Govt to levy 1% excise duty is to keep black money & hawala transactions at check. Most jewellers don't pay taxes or write bills (invoices), hv parallel bills to evade tax, despite having collected from end user.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News