Record gold prices in India slow buying in second-biggest market Gold prices in India have soared to the highest ever, damping the outlook for demand in the world’s second-biggest consumer. That was especially apparent during the day of Akshaya Tritiya at the weekend, which is considered one of the most auspicious times of the year to buy gold by the nation’s majority Hindu population. “Purchases were obviously improved” at the weekend compared with the past couple of months, said Chirag Sheth, principal consultant at Metals Focus Ltd. But while sales were likely higher in value than at the same time last year, they would be lower in volume, Sheth said. Akshaya Tritiya fell on April 22 this year and extended into the morning of the following day. Global gold prices have surged this year as turmoil in the banking industry spurred demand for a haven, helping send futures in India to a record in April. The country accounts for more than a fifth of world demand for jewelry, bars and coins, and imports almost all of that, mainly from Switzerland and the UAE. Heat waves are also hurting demand. While the months of April and May will be busy for sales because of the extended wedding season, extreme heat is a worry “because people generally don’t venture out of the house and only visit the stores in the evening,” according to Ashish Pethe, a jeweler and former chairman of the All India Gem and Jewellery Domestic Council. India is bracing for what might be a hotter summer than usual this year.
Through the funds raised as a part of the fresh issue of equity shares, Paradeep Phosphates plans to part-finance the acquisition of the Goa Facility and repayment/prepayment of certain of the borrowings.
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”