India’s gold market is driven primarily by the consumption and fabrication of the yellow metal. Both have a significant impact in terms of economic value add, employment, contribution to foreign exchange earnings, and the trade balance. A report commissioned by the World Gold Council from PricewaterhouseCoopers estimated that gold made a direct contribution of more than $30 billion to the Indian economy.
foreign Exchange
China Foreign Reserves Rise on Yuan Gains
Gold Silver Reports (GSR) – Reserves rose $8.34 billion to $3.143 trillion in March from the previous month, the People’s Bank of China said Sunday. That was slightly below the $3.146 trillion estimate survey of economists. The March figure marks a turnaround after falling in February for the first time in 13 months. The State Administration of Foreign Exchange expects the country’s foreign reserves will remain stable.