India compensates outflow of gold ETF-funds

The cost of precious metals trading results on May 22 in New York rose . The official spot prices were: Gold – 1294.7 usd . / Ounce ( 0.14 %), silver – 19.59 usd . / Ounce ( 0.52 % ), platinum – 1494.0 usd . / Ounce ( 1.09 %) , palladium – 839.0 usd . / ounce ( 0.85 %).

In recent days , gold was traded without much change around 1295 usd . / Ounce , analysts Commerzbank. Easing of restrictions on gold imports in India is becoming more concrete form : the central bank of the second world consumer of gold issued import licenses for seven more private agencies . Thus, currently 20 public and private banks and other organizations can import gold. In addition, reduced restrictions on bank loans for jewelers , the goal of reducing – to finance the purchase of gold. These measures will lead to increased supply of gold in India and reduce price premiums on the metal , according to Commerzbank.

All India Federation of Trade gems and jewelery (All India Gems & Jewellery Trade Federation, GJF) is confident that the monthly volume of imports of gold in the country will grow by 10-15 tons is expected that as soon as Monday a new government headed by the appointed prime Minister Narendra Modi will bring the official oath , will be removed and other restrictions ( especially the so-called 80/20 rule ) . In addition , it is likely that there will be reduced duties on imports , which currently stands at 10%. Increased demand from India will help offset the outflow of deposits from ETF- funds , analysts Commerzbank. On the eve of the world’s largest ETF- fund for gold , SPDR Gold Trust, registered an outflow of 3.3 T. Thus, since the beginning of the current quarter deposit outflow from the fund amounted to 36 tons a result, the number of deposits in the SPDR Gold Trust fell to its lowest level since December 2008. , about 777 m

On Friday , May 23 , at 8:00 MSK gold futures stood at 1295.5 usd . / Ounce ( 0.04 %), silver – 19.47 usd . / Ounce ( -0.25 % ), platinum – 1488.89 usd . / ounce ( -0.28 %) , palladium – 835.5 usd . / ounce ( -0.11 %).