Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

India will buy up to 160 tons of gold in the UAE


August, 28 2024
watermark Economic news

India plans to purchase up to 160 tons of gold in the United Arab Emirates in the current fiscal year at a preferential rate of 1%. This is provided for by the tariff quota (TRQ) under the Comprehensive Economic Partnership Agreement between the two countries, which entered into force in May 2022. According to the agreement, India can purchase 200 tons of gold from the UAE annually.


Last financial year, gold imports from the UAE to India increased by an impressive 147.6%, reaching 140 tons at a total cost of $7.6 billion. Overall, India's gold imports increased by 30% last year, amounting to $45.54 billion.


Despite this, in the current financial year, due to global economic uncertainty, Indian gold purchases in the first months decreased by 4.23% to $12.64 billion. To increase imports, the authorities reduced the customs duty on gold and silver to 6% from the planned 15%.


Switzerland remains the largest supplier of gold to India, accounting for about 40% of total purchases. It is followed by the UAE (over 16%) and South Africa (about 10%). India buys up to 900 tons of gold annually on the world market, which is more than 5% of its total imports.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.