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Why India Can't Stop Buying Gold (And What It Means For Investors)

The Gold Exchange Podcast

India Is Suffering From Current Account Deficits, Street Deficits And It's Putting A Very Big Pressure On Its Local Currency That's Rupee And Because Of That They Are Trying To Cop Down All The Imports Which Are Not Productive For Example The Prime Minister Modi Of India Who Is Very Popular Has Come Out And Said That We Should Restrict Our Travel Internationally And Also Not To Buy Gold For One Year I Don't Think So Vast Majority Of People Would Stop Buying Jewelry Because Somebody Said So

The Only Reason Why People Would Not Buy Jewelry Is Because The Prices Have Gone Too High So What India Has Done Is It Has Increased The Import Duty On Gold From 6% To 15% So Automatically Gold Becomes Expensive By 9% Club That With Rupee Which Is Currently Around 95 To A Dollar And It Has Been Constantly Depreciating Over A Period Of Time One Of The Main Reason Why This Has Propped Up Is The War In Iran And Because Of That Oil Prices Have Shooted Up So That's The Direct Impact

And India Imports Quite A Significant Amount Of Crude Oil And India Imports Quite A Significant Amount Of Crude Oil Last Year It Imported Around Close To 123 Billion Dollars Worth Of Crude Oil And That's The Largest Impact On The Fiscal Deficit Welcome Back To The Gold Exchange Podcast My Name Is Ben Nadelsigned I Am Joined By My Good Friend And Colleague Hiren Chandaria Hiren Is The Managing Director Of Middle East And Asia Operations For Monetary Metals He Joins Us Today To Talk All Things India And What's Happening In Their Gold Market So Hiren Welcome

Why India Can't Stop Buying Gold (And What It Means For Investors)

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Why India Can't Stop Buying Gold (And What It Means For Investors)

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.