2/6 In India, Gold prices are determined largely through an informal process and there is no such entity dominating the market.
The Indian Bullion Jewellers Association (@IBJA1919) plays a key role in determining daily Gold rates in India.
The Indian Bullion Jewellers Association (@IBJA1919) plays a key role in determining daily Gold rates in India.
3/6 #ibja members include the biggest gold dealers in the country.
In India, most of the Gold is primarily imported by banks. Thus, import duties are an important factor in determining gold prices.
In India, most of the Gold is primarily imported by banks. Thus, import duties are an important factor in determining gold prices.
4/6 Then, banks supply this gold to #bullion dealers across India after adding their fees.
After that, the IBJA consults with the ten biggest gold dealers in the country who give their respective ‘buy’ and ‘sell’ quotes.
After that, the IBJA consults with the ten biggest gold dealers in the country who give their respective ‘buy’ and ‘sell’ quotes.
5/6 @IBJA1919takes the average of these quotes and determines the gold rate for a particular day. This average rate is then adjusted for local taxes.
Some more underlying factors that impact the Gold rates include…
1️⃣ It's Supply
2️⃣ US dollar rates
Some more underlying factors that impact the Gold rates include…
1️⃣ It's Supply
2️⃣ US dollar rates
6/6
3️⃣ International politics and relations
4️⃣Local levies and taxes
To know more about investing in gold in detail get all the answers here in this playlist👇
3️⃣ International politics and relations
4️⃣Local levies and taxes
To know more about investing in gold in detail get all the answers here in this playlist👇
• • •
Missing some Tweet in this thread? You can try to
force a refresh
