Gold
Content
Gold
Gold Fundamentals (Tonnes)
Global total supply
Mine supply
Others (official supply and scraps)
2008
3518
2320
1199
2007
3400
2392
1008
2006
3202
2384
818
2005
3336
2464
872
Global Use
Fabrication Jewellery
Dental/Medical Use
Electronics
Other Industrial
World Gold Investment
2408
1891
73
275
169
1347
2580
2085
75
277
144
1369
2510
2106
75
232
97
1079
2585
2280
76
170
60
1418
Indian mine production
Indian Consumption
Jewellery & Giftware
Industrial Use
Investment demand
3
961
292
171
498
3
918
283
155
480
3
974
290
84
600
3
930
260
70
600
Indian Imports
720
862
753
809
ETF Holdings
SPDR Trust-US NYSE
780
628
453
263
COMEX inventories
265
229
234
207
Official Reserves (Central Bank)
US
IMF
Germany
India
World
8134
3216
3412
358
29704
8134
3216
3418
358
29884
8134
3216
3421
358
30379
8137
3216
3428
358
30743
Average daily volatility spot prices (India)
1.6%
0.8%
1.2%
0.7%
Source:Gold CPM yearbook 2009, World Gold Council, GFMS Gold Survey 2009, COMEX, MCX
2004
3290
2439
851
2519
2228
77
152
63
1306
4
780
230
50
500
649
180
8137
3216
3434
358
31343
0.7%
09, COMEX, MCX
Economic parameters impacting gold prices
2008
2007
2006
Real GDP (% change)
US
Japan
Eurozone
China
India
OECD
1.1
-0.3
1.0
9.0
7.3
1.0
2.0
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
Consumer Price inflation (% change)
US
Japan
Eurozone
China
India
OECD
1.0
0.5
1.0
3.0
5.0
1.0
2.5
1.4
3.0
5.9
7.0
3.0
2.7
0.3
2.2
2.0
6.7
2.2
-8.9
-20.7
-12.2
5.7
-0.2
1.7
1.5
1.4
17.4
8.0
1.5
5.4
5.3
14.7
13.4
0.3
0.2
2.5
5.3
6.5
4.3
0.6
4.0
7.5
7.8
5.3
0.6
3.5
6.1
7.3
Money Supply ( YoY % change)
US
Japan
Eurozone
China
India
9.6
0.7
7.5
17.82
19.6
5.6
0.7
11.6
16.72
22.84
5.4
-0.6
9.9
16.9
19.33
Equity Index (points)
US ( DOW JONES)
India (SENSEX)
8776
9647
13265
20287
12463
13787
OECD Indicators
OECD Total Monetary Aggr. & Comp. Broad Money Index
OECD Total Purchasing power Index Manufacturing
OECD Total CPI OECD Groups Total Energy IPB
127.3
113.8
127.8
116.9
106.9
113.7
107.6
103.7
109.3
Industrial Output (YoY % change )
US
Japan
Eurozone
China
India
Interest rates (%)
US ( Fed Funds Target)
Japan (12 month T-Bills)
Eurozone ( Refinance rates )
China ( Lending Rate )
India ( Repo rate )
Source: OECD, IMF, CPM gold yearbook, World Bank, RBI
2005
2004
3.1
2.4
1.4
10.4
9.0
2.7
3.6
4.0
2.0
10.1
7.9
3.6
3.4
0.3
2.2
1.4
5.3
2.1
2.7
-2.3
2.1
3.2
4.6
1.8
2.9
3.4
2.5
16.5
5.7
3.3
1.7
0.8
14.4
8.9
4.3
0.1
2.3
5.6
6.3
2.3
0.0
2.0
5.6
6.0
4.1
0.3
7.4
17.6
17.79
5.7
1
6.6
14.63
13.49
10718
9398
10783
6603
100.0
100.0
100.0
93.9
96.2
89.4
Sum of Mumbai
Year
2004
2005
2006
2007
Month N
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Total
5820
5766
5862
6058
6120
6174
6360
7266
6444
6147
6105
6269
6151
6036
6142
6064
6248
6529
6878
7141
7585
7922
8030
8063
8963
9928
8958
9570
9539
9016
8699
9141
9127
9072
9541
9366
9331
8883
8707
8749
8828
2008
2009
Grand Total
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
9322
9695
10358
10293
11284
11889
12636
11834
12139
12356
13028
11863
12221
12757
12159
12905
13492
14779
15244
542851
Gold Prices
Month
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
Dec-05
Nov-05
Oct-05
Sep-05
Aug-05
Jul-05
Month N
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Year
09Y
09Y
09Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
05Y
05Y
05Y
05Y
05Y
05Y
Open
15525
14370
13699
13060
11671
13351
11900
12610
12880
12102
11399
11880
12420
11700
10609
10086
10092
9540
8934
8701
8656
8714
9192
9261
9648
9251
9251
9250
8904
8860
9568
9625
9223
9500
9630
8410
8105
8139
7636
7630
6835
6771
6268
6090
6208
MCX future prices
(Rs/10 gm)
High
Low
15968
14640
16040
13890
14490
12731
13790
11736
13240
11450
14320
11290
13576
11170
12733
11126
13764
12284
12996
11923
12999
11155
12287
11345
13397
11831
12425
11321
11800
10582
10720
9938
10685
9882
10126
9200
9544
8927
8960
8650
8964
8542
8994
8595
9246
8594
9598
9052
9703
9196
9898
9171
9326
8775
9420
9022
9280
8904
8980
8320
9710
8671
9987
9328
10179
9214
9700
8315
10763
9382
9771
8350
8648
7841
8250
7792
8180
7627
8134
7263
7500
6745
6928
6572
6850
6268
6415
6090
6218
5994
Spot prices
(Monthly
Last
15132
15504
14452
13630
13125
11630
13192
11895
12618
12879
12199
11370
11920
12396
11707
10598
10033
10083
9530
8935
8708
8662
8694
9203
9339
9628
9242
9265
9269
8894
8859
9554
9560
9220
9526
9609
8382
8111
8166
7638
7416
6822
6731
6263
6084
Mumbai
15244
14779
13492
12905
12159
12757
12221
11863
13028
12356
12139
11834
12636
11889
11284
10293
10358
9695
9322
8828
8749
8707
8883
9331
9366
9541
9072
9127
9141
8699
9016
9539
9570
8958
9928
8963
8063
8030
7922
7585
7141
6878
6529
6248
6064
Jun-05
May-05
Apr-05
Mar-05
Feb-05
Jan-05
Dec-04
Nov-04
Oct-04
Sep-04
Aug-04
Jul-04
Jun-04
May-04
Apr-04
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
05Y
05Y
05Y
05Y
05Y
05Y
04Y
04Y
04Y
04Y
04Y
04Y
04Y
04Y
04Y
5958
6222
6109
6243
5987
6301
6564
6333
6382
6162
5990
5918
5872
5775
6049
Source: Respective exchanges websites, RBI, LBMA, ICE
6303
6222
6268
6349
6259
6305
6663
6691
6382
6340
6191
6103
6022
5872
6145
5941
5925
5951
6051
5877
5984
6273
6238
6165
6026
5875
5905
5710
5600
5620
6214
5966
6229
6103
6245
6000
6307
6528
6329
6311
6163
5954
5920
5852
5758
6142
6036
6151
6269
6105
6147
6444
7266
6360
6174
6120
6058
5862
5766
5820
Spot prices (Rs/10 gm)
(Monthly Average)
Ahmd
Delhi
15265
14857
13490
12859
12843
12130
12170
12649
12672
12193
12197
11804
11816
13004
13006
12329
12324
12107
12102
11827
11826
12615
12636
11855
11869
11251
11245
10277
10263
10304
10249
9670
9645
9287
9272
8815
8798
8732
8725
8687
8690
8868
8867
9306
9300
9343
9380
9491
9507
9069
9094
9151
9161
9166
9175
8707
8760
9028
9073
9559
9552
9550
9565
8957
8960
9933
9828
8936
8958
8103
8042
8054
8016
7954
7904
7612
7570
7143
7111
6893
6854
6561
6528
6276
6248
6091
6029
Kolkata
12868
12242
12648
12247
11821
13014
12324
12117
11847
12648
11866
11277
10288
10313
9667
9298
8814
8736
8702
8876
9315
9353
9505
9063
9132
9143
8714
9029
9550
9556
8948
9939
8587
8052
8018
7915
7579
7121
6860
6529
6249
6004
Open
940.3
929
883
817.2
732.5
878
817.6
904.9
928
887.3
879
915
975.6
923.1
837.5
783.9
799.4
745.1
675.5
663.2
651.6
661.5
681.2
665.5
672.8
652.9
639.2
645.7
607.5
598.9
628
635.4
617
642.8
654.1
582
563.1
571.6
519.9
494.2
466.5
467.8
436.6
430
436.5
COMEX future prices
(US$/Troy ounce)
High
Low
967.8
882.7
1004.9
889.8
930.3
801.5
886
740
833.5
698.2
925.7
681
922
736.4
916.1
780.9
989.6
893.3
937.7
858.2
935.4
846.4
948.7
864.1
1033.9
904.7
978.5
884.7
936.3
837.5
847.4
776.5
848
773.4
800.8
724.3
745.7
674.1
677.9
642.9
688.4
646.7
673.7
640
693.3
651.5
692.5
656.1
680.2
634.5
692.5
642.5
655.5
603
649.5
612
648
607.5
613.2
560.5
642.5
571
656
609
677.5
602.5
645.1
555
732
636
658.2
582
589.6
534.5
575.3
535.5
572.7
519.2
538.5
490.1
502.3
456.1
478.5
460.5
475.7
436.4
449.5
429.1
438.2
418.2
Close
922.6
942.5
927.3
884.3
816.2
718.2
874.2
831.2
913.9
928.3
887.3
865.1
916.2
975
922.7
838
782.2
795.3
742.8
675.8
666.9
650.9
661
683.5
663
672.5
652
638
646.9
606.8
598.6
628.2
634.2
616
642.5
654.5
581.8
563.9
570.8
518.9
494.6
466.9
469
435.1
429.9
6191
-
-
-
416.4
436
428.3
437.6
422.2
438.9
451.6
430.5
419.1
410.5
394
393.3
397.1
388.9
427.2
442.5
436
438.2
448
439.3
438.9
456.5
454.8
430
418.8
412.8
409.6
405
396.3
432
414
413.2
422.7
423.4
410.1
417.1
432.6
418
410.3
395.4
388.8
385
383
371.3
377
437.1
416.3
436.1
428.7
437.6
421.8
438.4
451.3
429.4
418.7
410.9
391
393
394
387.5
US Spot prices (US$/Troy ounce)
(Monthly Average)
US
927.2
941.8
862.7
826.0
760.5
805.0
828.7
836.8
940.1
890.6
890.8
910.5
960.9
925.6
888.4
807.1
806.2
756.9
713.6
665.9
665.6
655.4
667.6
679.8
654.5
665.2
631.3
628.5
628.2
587.0
598.6
630.6
633.7
596.3
673.0
611.9
558.3
555.6
550.2
509.6
477.8
469.9
456.8
438.1
424.6
LBMA (US$/Troy ounce)
(Monthly Average)
AM fixing
PM FIXING
926.3
924.6
939.8
943.2
857.7
858.7
819.9
816.1
757.9
760.9
815.3
806.6
824.9
829.9
840.4
839.0
941.2
939.8
889.5
889.5
889.1
888.7
911.6
909.7
971.1
968.4
924.3
922.3
887.8
890.4
803.6
803.2
808.3
806.2
754.5
754.6
710.6
712.7
664.5
665.4
665.3
665.3
655.7
655.5
668.3
666.9
680.0
679.4
655.9
654.9
665.1
664.7
630.4
631.2
629.5
629.8
626.8
627.8
586.6
585.8
600.2
598.2
631.6
632.6
633.1
633.7
597.9
596.1
676.8
675.4
611.9
610.7
557.2
557.1
555.5
555.0
549.4
549.9
509.4
510.1
476.7
476.7
470.1
469.9
455.9
456.0
437.8
437.9
424.7
424.5
RBI rate
(Monthly Average)
USD/INR
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
431.2
422.5
429.7
433.7
424.3
424.3
442.6
439.9
421.0
406.1
401.6
398.1
391.9
384.5
404.5
430.3
422.9
429.1
434.3
423.4
424.1
443.0
439.1
420.2
405.4
400.1
398.4
391.8
384.0
404.9
430.7
421.9
429.2
434.3
423.4
424.0
442.1
439.4
420.5
405.3
400.5
398.1
392.4
383.8
403.3
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
Dollar Index
(Monthly Average)
86.71
86.84
84.83
83.65
86.77
83.53
78.37
76.21
72.79
73.41
73.05
72.38
72.72
75.77
76.00
76.79
75.67
77.78
79.14
80.87
80.61
82.21
82.01
81.95
83.17
84.28
84.58
83.07
84.72
86.11
85.25
84.91
85.61
85.37
84.69
88.13
89.58
90.26
88.83
90.63
91.37
89.54
87.99
87.86
89.55
88.33
85.63
84.24
82.81
83.76
83.19
81.69
83.72
86.99
88.89
88.97
88.54
89.46
90.69
90.12
Gold Trading Activity
Month
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
Dec-05
Nov-05
Oct-05
Sep-05
Aug-05
Jul-05
Jun-05
MCX ( All contracts )
Volume
Open Interest
4176328
52867
3632601
64419
3463904
90370
2994119
64129
2359220
51131
2871088
46060
3174201
53205
2413714
47655
2608610
36732
1758453
33433
1387762
22887
1224388
18626
1508535
16330
1669117
23009
2032012
24137
1070345
24216
1325455
16986
1087049
19712
792352
19352
613491
16492
724076
18187
728887
26231
793654
26378
616063
21465
948569
18024
863504
21790
803260
20534
677338
33236
1012448
29009
1158019
49129
1209212
36336
1004003
30383
1232612
13190
964206
12903
1121467
12953
890491
16342
1069988
20188
772754
12988
876385
14603
748141
12577
381449
17954
329131
17079
373604
8841
169884
5542
167877
8249
140685
6896
COMEX ( 100 troy ounce contracts )
Volume
Open Interest
3384964
368618
2292224
369553
2824455
342626
1895603
306650
2638572
276092
3045145
305451
3900044
336598
3066120
384999
4269942
430332
2624030
428557
3282907
408860
2765541
431914
3901752
405841
2617556
493265
4041693
498384
1843919
541854
3837100
482278
2645459
522284
2002773
436927
1753206
326255
2292306
351185
2301038
377361
3638335
364922
2570650
393709
3754756
341951
2604913
417316
3161609
351381
1302013
344915
1419569
349490
953870
323481
994310
326828
897015
310762
1527276
273099
1287299
292295
2366489
292481
1508344
355700
2234685
349951
1304814
339859
2212952
339645
1320898
323246
2008815
342504
1277160
343340
1502325
365357
1252349
287336
1437712
245530
1239943
312922
TOCOM (1 Kg contracts)
Volume
1121167
1113024
805101
885274
786559
1225126
1013308
1115044
1201678
975924
825875
1152382
1441948
1671064
1958020
952206
2032490
2073433
1426741
1773281
1395749
1231713
1014258
1261194
1607801
1366050
1218539
973138
1248361
1408481
1729659
1886384
2548380
2508986
2488947
2086257
1512646
1888765
1853039
3260080
2633382
1624854
1730369
1148224
881602
1316506
May-05
Apr-05
Mar-05
Feb-05
Jan-05
Dec-04
Nov-04
Oct-04
Sep-04
Aug-04
Jul-04
Jun-04
May-04
Apr-04
121962
87494
113959
94491
97577
120969
150588
104739
125326
133118
117558
69396
36841
22056
9267
4917
4546
4392
8759
5881
4861
5222
4798
2179
1392
1717
961
2107
1452065
857910
1642894
1004047
1563896
1127437
1950973
1143316
991560
1002417
1466689
987011
1403035
1272382
255995
302614
272663
283517
259174
327247
355565
321039
271496
268043
226692
226747
240373
247315
828845
835104
1170399
1155587
1373288
969974
1081736
1465226
1205483
1111300
1360939
1447007
1191147
1660065
Source: Respective exchange websites, LBMA
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cummulative open interest in all contracts at end
TOCOM (1 Kg contracts)
Open Interest
90006
76630
70479
72439
72074
77819
97273
123825
159550
175855
168656
166773
174243
190515
174809
177089
195150
173403
168213
201593
250607
247089
238085
216540
245403
285114
243325
242743
281686
245516
265587
318336
135735
318328
377593
332773
288071
328609
348865
299973
453008
329703
290183
312072
284691
256211
LBMA Clearing turnover (Mn Ounce)
22.2
23.8
18.8
17.5
18.3
24
24.8
23.3
21.5
21.2
22.1
21.1
25.7
22.9
24.3
24
25.2
20.9
21.5
18.2
17.5
21.8
19.5
20.2
20.6
16
17.1
19.9
19.3
21.6
20.5
19.5
23.2
25.8
24.5
26.1
20.6
19.7
17.6
20
17.4
18.4
17.5
15.2
14.6
19.1
305712
277179
303520
306967
339588
344086
327867
315781
274593
286463
311918
319003
343867
354525
erest in all contracts at end of the month.
16.8
14.3
16
13.9
14.8
15.4
16.6
14.7
12.4
13.8
15.1
13.8
14.5
17
Gold Graphs
Graph-1
Gold Mine Production (2008)
13%
China
11%
South Africa
USA
49%
10%
10%
7%
Australia
Russia
Others
Source: USGS
Graph-2
Gold Consumption (2008)
India
27%
32%
China
USA
Turkey
5%
16%
9%
11%
Saudi Arabia
Others
Source: WGC
Graph-3
U
SD
/oz
2000
1800
1600
1400
1200
1000
800
600
400
G
oldValueandInflation
G
oldprice(M
arch'09dollars)
G
oldprice(nom
inal)
C
P
IYoY(U
S) (R
H
S)
U
SD
/oz
G
oldValueandInflation
2000
1800
G
oldprice(M
arch'09dollars)
1600
1400
G
oldprice(nom
inal)
C
P
IYoY(U
S) (R
H
S)
1200
1000
800
Source: U
Sdeparm
ent of Labor, W
G
C
Nov-98
Apr-96
Sep-93
Feb-91
Jul-88
Dec-85
May-83
Oct-80
Mar-78
Aug-75
Jan-73
200
0
Jun-70
600
400
oldprice(M
arch'09dollars)
oldprice(nom
inal)
P
IYoY(U
S) (R
H
S)
%
16
14
12
10
8
6
4
2
%
16
14
oldprice(M
arch'09dollars)
12
oldprice(nom
inal)
10
P
IYoY(U
S) (R
H
S)
8
6
4
Mar-09
Aug-06
Jan-04
Jun-01
Nov-98
Apr-96
Sep-93
2
0
-2
Gold Fundamentals (Tonnes)
Global total supply
Mine supply
Others (official supply and scraps)
2008
3518
2320
1199
2007
3400
2392
1008
2006
3202
2384
818
2005
3336
2464
872
Global Use
Fabrication Jewellery
Dental/Medical Use
Electronics
Other Industrial
World Gold Investment
2408
1891
73
275
169
1347
2580
2085
75
277
144
1369
2510
2106
75
232
97
1079
2585
2280
76
170
60
1418
Indian mine production
Indian Consumption
Jewellery & Giftware
Industrial Use
Investment demand
3
961
292
171
498
3
918
283
155
480
3
974
290
84
600
3
930
260
70
600
Indian Imports
720
862
753
809
ETF Holdings
SPDR Trust-US NYSE
780
628
453
263
COMEX inventories
265
229
234
207
Official Reserves (Central Bank)
US
IMF
Germany
India
World
8134
3216
3412
358
29704
8134
3216
3418
358
29884
8134
3216
3421
358
30379
8137
3216
3428
358
30743
Average daily volatility spot prices (India)
1.6%
0.8%
1.2%
0.7%
Source:Gold CPM yearbook 2009, World Gold Council, GFMS Gold Survey 2009, COMEX, MCX
2004
3290
2439
851
2519
2228
77
152
63
1306
4
780
230
50
500
649
180
8137
3216
3434
358
31343
0.7%
09, COMEX, MCX
Economic parameters impacting gold prices
2008
2007
2006
Real GDP (% change)
US
Japan
Eurozone
China
India
OECD
1.1
-0.3
1.0
9.0
7.3
1.0
2.0
1.9
2.3
11.5
8.9
2.6
2.9
2.8
2.6
11.1
9.7
3.2
Consumer Price inflation (% change)
US
Japan
Eurozone
China
India
OECD
1.0
0.5
1.0
3.0
5.0
1.0
2.5
1.4
3.0
5.9
7.0
3.0
2.7
0.3
2.2
2.0
6.7
2.2
-8.9
-20.7
-12.2
5.7
-0.2
1.7
1.5
1.4
17.4
8.0
1.5
5.4
5.3
14.7
13.4
0.3
0.2
2.5
5.3
6.5
4.3
0.6
4.0
7.5
7.8
5.3
0.6
3.5
6.1
7.3
Money Supply ( YoY % change)
US
Japan
Eurozone
China
India
9.6
0.7
7.5
17.82
19.6
5.6
0.7
11.6
16.72
22.84
5.4
-0.6
9.9
16.9
19.33
Equity Index (points)
US ( DOW JONES)
India (SENSEX)
8776
9647
13265
20287
12463
13787
OECD Indicators
OECD Total Monetary Aggr. & Comp. Broad Money Index
OECD Total Purchasing power Index Manufacturing
OECD Total CPI OECD Groups Total Energy IPB
127.3
113.8
127.8
116.9
106.9
113.7
107.6
103.7
109.3
Industrial Output (YoY % change )
US
Japan
Eurozone
China
India
Interest rates (%)
US ( Fed Funds Target)
Japan (12 month T-Bills)
Eurozone ( Refinance rates )
China ( Lending Rate )
India ( Repo rate )
Source: OECD, IMF, CPM gold yearbook, World Bank, RBI
2005
2004
3.1
2.4
1.4
10.4
9.0
2.7
3.6
4.0
2.0
10.1
7.9
3.6
3.4
0.3
2.2
1.4
5.3
2.1
2.7
-2.3
2.1
3.2
4.6
1.8
2.9
3.4
2.5
16.5
5.7
3.3
1.7
0.8
14.4
8.9
4.3
0.1
2.3
5.6
6.3
2.3
0.0
2.0
5.6
6.0
4.1
0.3
7.4
17.6
17.79
5.7
1
6.6
14.63
13.49
10718
9398
10783
6603
100.0
100.0
100.0
93.9
96.2
89.4
Sum of Mumbai
Year
2004
2005
2006
2007
Month N
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Total
5820
5766
5862
6058
6120
6174
6360
7266
6444
6147
6105
6269
6151
6036
6142
6064
6248
6529
6878
7141
7585
7922
8030
8063
8963
9928
8958
9570
9539
9016
8699
9141
9127
9072
9541
9366
9331
8883
8707
8749
8828
2008
2009
Grand Total
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
9322
9695
10358
10293
11284
11889
12636
11834
12139
12356
13028
11863
12221
12757
12159
12905
13492
14779
15244
542851
Gold Prices
Month
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
Dec-05
Nov-05
Oct-05
Sep-05
Aug-05
Jul-05
Month N
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Year
09Y
09Y
09Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
08Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
07Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
06Y
05Y
05Y
05Y
05Y
05Y
05Y
Open
15525
14370
13699
13060
11671
13351
11900
12610
12880
12102
11399
11880
12420
11700
10609
10086
10092
9540
8934
8701
8656
8714
9192
9261
9648
9251
9251
9250
8904
8860
9568
9625
9223
9500
9630
8410
8105
8139
7636
7630
6835
6771
6268
6090
6208
MCX future prices
(Rs/10 gm)
High
Low
15968
14640
16040
13890
14490
12731
13790
11736
13240
11450
14320
11290
13576
11170
12733
11126
13764
12284
12996
11923
12999
11155
12287
11345
13397
11831
12425
11321
11800
10582
10720
9938
10685
9882
10126
9200
9544
8927
8960
8650
8964
8542
8994
8595
9246
8594
9598
9052
9703
9196
9898
9171
9326
8775
9420
9022
9280
8904
8980
8320
9710
8671
9987
9328
10179
9214
9700
8315
10763
9382
9771
8350
8648
7841
8250
7792
8180
7627
8134
7263
7500
6745
6928
6572
6850
6268
6415
6090
6218
5994
Spot prices
(Monthly
Last
15132
15504
14452
13630
13125
11630
13192
11895
12618
12879
12199
11370
11920
12396
11707
10598
10033
10083
9530
8935
8708
8662
8694
9203
9339
9628
9242
9265
9269
8894
8859
9554
9560
9220
9526
9609
8382
8111
8166
7638
7416
6822
6731
6263
6084
Mumbai
15244
14779
13492
12905
12159
12757
12221
11863
13028
12356
12139
11834
12636
11889
11284
10293
10358
9695
9322
8828
8749
8707
8883
9331
9366
9541
9072
9127
9141
8699
9016
9539
9570
8958
9928
8963
8063
8030
7922
7585
7141
6878
6529
6248
6064
Jun-05
May-05
Apr-05
Mar-05
Feb-05
Jan-05
Dec-04
Nov-04
Oct-04
Sep-04
Aug-04
Jul-04
Jun-04
May-04
Apr-04
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
05Y
05Y
05Y
05Y
05Y
05Y
04Y
04Y
04Y
04Y
04Y
04Y
04Y
04Y
04Y
5958
6222
6109
6243
5987
6301
6564
6333
6382
6162
5990
5918
5872
5775
6049
Source: Respective exchanges websites, RBI, LBMA, ICE
6303
6222
6268
6349
6259
6305
6663
6691
6382
6340
6191
6103
6022
5872
6145
5941
5925
5951
6051
5877
5984
6273
6238
6165
6026
5875
5905
5710
5600
5620
6214
5966
6229
6103
6245
6000
6307
6528
6329
6311
6163
5954
5920
5852
5758
6142
6036
6151
6269
6105
6147
6444
7266
6360
6174
6120
6058
5862
5766
5820
Spot prices (Rs/10 gm)
(Monthly Average)
Ahmd
Delhi
15265
14857
13490
12859
12843
12130
12170
12649
12672
12193
12197
11804
11816
13004
13006
12329
12324
12107
12102
11827
11826
12615
12636
11855
11869
11251
11245
10277
10263
10304
10249
9670
9645
9287
9272
8815
8798
8732
8725
8687
8690
8868
8867
9306
9300
9343
9380
9491
9507
9069
9094
9151
9161
9166
9175
8707
8760
9028
9073
9559
9552
9550
9565
8957
8960
9933
9828
8936
8958
8103
8042
8054
8016
7954
7904
7612
7570
7143
7111
6893
6854
6561
6528
6276
6248
6091
6029
Kolkata
12868
12242
12648
12247
11821
13014
12324
12117
11847
12648
11866
11277
10288
10313
9667
9298
8814
8736
8702
8876
9315
9353
9505
9063
9132
9143
8714
9029
9550
9556
8948
9939
8587
8052
8018
7915
7579
7121
6860
6529
6249
6004
Open
940.3
929
883
817.2
732.5
878
817.6
904.9
928
887.3
879
915
975.6
923.1
837.5
783.9
799.4
745.1
675.5
663.2
651.6
661.5
681.2
665.5
672.8
652.9
639.2
645.7
607.5
598.9
628
635.4
617
642.8
654.1
582
563.1
571.6
519.9
494.2
466.5
467.8
436.6
430
436.5
COMEX future prices
(US$/Troy ounce)
High
Low
967.8
882.7
1004.9
889.8
930.3
801.5
886
740
833.5
698.2
925.7
681
922
736.4
916.1
780.9
989.6
893.3
937.7
858.2
935.4
846.4
948.7
864.1
1033.9
904.7
978.5
884.7
936.3
837.5
847.4
776.5
848
773.4
800.8
724.3
745.7
674.1
677.9
642.9
688.4
646.7
673.7
640
693.3
651.5
692.5
656.1
680.2
634.5
692.5
642.5
655.5
603
649.5
612
648
607.5
613.2
560.5
642.5
571
656
609
677.5
602.5
645.1
555
732
636
658.2
582
589.6
534.5
575.3
535.5
572.7
519.2
538.5
490.1
502.3
456.1
478.5
460.5
475.7
436.4
449.5
429.1
438.2
418.2
Close
922.6
942.5
927.3
884.3
816.2
718.2
874.2
831.2
913.9
928.3
887.3
865.1
916.2
975
922.7
838
782.2
795.3
742.8
675.8
666.9
650.9
661
683.5
663
672.5
652
638
646.9
606.8
598.6
628.2
634.2
616
642.5
654.5
581.8
563.9
570.8
518.9
494.6
466.9
469
435.1
429.9
6191
-
-
-
416.4
436
428.3
437.6
422.2
438.9
451.6
430.5
419.1
410.5
394
393.3
397.1
388.9
427.2
442.5
436
438.2
448
439.3
438.9
456.5
454.8
430
418.8
412.8
409.6
405
396.3
432
414
413.2
422.7
423.4
410.1
417.1
432.6
418
410.3
395.4
388.8
385
383
371.3
377
437.1
416.3
436.1
428.7
437.6
421.8
438.4
451.3
429.4
418.7
410.9
391
393
394
387.5
US Spot prices (US$/Troy ounce)
(Monthly Average)
US
927.2
941.8
862.7
826.0
760.5
805.0
828.7
836.8
940.1
890.6
890.8
910.5
960.9
925.6
888.4
807.1
806.2
756.9
713.6
665.9
665.6
655.4
667.6
679.8
654.5
665.2
631.3
628.5
628.2
587.0
598.6
630.6
633.7
596.3
673.0
611.9
558.3
555.6
550.2
509.6
477.8
469.9
456.8
438.1
424.6
LBMA (US$/Troy ounce)
(Monthly Average)
AM fixing
PM FIXING
926.3
924.6
939.8
943.2
857.7
858.7
819.9
816.1
757.9
760.9
815.3
806.6
824.9
829.9
840.4
839.0
941.2
939.8
889.5
889.5
889.1
888.7
911.6
909.7
971.1
968.4
924.3
922.3
887.8
890.4
803.6
803.2
808.3
806.2
754.5
754.6
710.6
712.7
664.5
665.4
665.3
665.3
655.7
655.5
668.3
666.9
680.0
679.4
655.9
654.9
665.1
664.7
630.4
631.2
629.5
629.8
626.8
627.8
586.6
585.8
600.2
598.2
631.6
632.6
633.1
633.7
597.9
596.1
676.8
675.4
611.9
610.7
557.2
557.1
555.5
555.0
549.4
549.9
509.4
510.1
476.7
476.7
470.1
469.9
455.9
456.0
437.8
437.9
424.7
424.5
RBI rate
(Monthly Average)
USD/INR
51.23
49.22
48.83
48.64
49.00
48.64
45.56
42.94
42.84
42.82
42.13
40.02
40.36
39.73
39.37
39.44
39.44
39.51
40.34
40.82
40.42
40.77
40.78
42.15
44.03
44.16
44.33
44.63
44.85
45.47
46.12
46.54
46.46
46.06
45.41
44.95
44.48
44.33
44.40
45.65
45.73
44.82
43.92
43.63
43.54
431.2
422.5
429.7
433.7
424.3
424.3
442.6
439.9
421.0
406.1
401.6
398.1
391.9
384.5
404.5
430.3
422.9
429.1
434.3
423.4
424.1
443.0
439.1
420.2
405.4
400.1
398.4
391.8
384.0
404.9
430.7
421.9
429.2
434.3
423.4
424.0
442.1
439.4
420.5
405.3
400.5
398.1
392.4
383.8
403.3
43.59
43.49
43.74
43.69
43.68
43.76
43.98
45.13
45.78
46.10
46.34
46.04
45.52
45.26
43.93
Dollar Index
(Monthly Average)
86.71
86.84
84.83
83.65
86.77
83.53
78.37
76.21
72.79
73.41
73.05
72.38
72.72
75.77
76.00
76.79
75.67
77.78
79.14
80.87
80.61
82.21
82.01
81.95
83.17
84.28
84.58
83.07
84.72
86.11
85.25
84.91
85.61
85.37
84.69
88.13
89.58
90.26
88.83
90.63
91.37
89.54
87.99
87.86
89.55
88.33
85.63
84.24
82.81
83.76
83.19
81.69
83.72
86.99
88.89
88.97
88.54
89.46
90.69
90.12
Gold Trading Activity
Month
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
Dec-05
Nov-05
Oct-05
Sep-05
Aug-05
Jul-05
Jun-05
MCX ( All contracts )
Volume
Open Interest
4176328
52867
3632601
64419
3463904
90370
2994119
64129
2359220
51131
2871088
46060
3174201
53205
2413714
47655
2608610
36732
1758453
33433
1387762
22887
1224388
18626
1508535
16330
1669117
23009
2032012
24137
1070345
24216
1325455
16986
1087049
19712
792352
19352
613491
16492
724076
18187
728887
26231
793654
26378
616063
21465
948569
18024
863504
21790
803260
20534
677338
33236
1012448
29009
1158019
49129
1209212
36336
1004003
30383
1232612
13190
964206
12903
1121467
12953
890491
16342
1069988
20188
772754
12988
876385
14603
748141
12577
381449
17954
329131
17079
373604
8841
169884
5542
167877
8249
140685
6896
COMEX ( 100 troy ounce contracts )
Volume
Open Interest
3384964
368618
2292224
369553
2824455
342626
1895603
306650
2638572
276092
3045145
305451
3900044
336598
3066120
384999
4269942
430332
2624030
428557
3282907
408860
2765541
431914
3901752
405841
2617556
493265
4041693
498384
1843919
541854
3837100
482278
2645459
522284
2002773
436927
1753206
326255
2292306
351185
2301038
377361
3638335
364922
2570650
393709
3754756
341951
2604913
417316
3161609
351381
1302013
344915
1419569
349490
953870
323481
994310
326828
897015
310762
1527276
273099
1287299
292295
2366489
292481
1508344
355700
2234685
349951
1304814
339859
2212952
339645
1320898
323246
2008815
342504
1277160
343340
1502325
365357
1252349
287336
1437712
245530
1239943
312922
TOCOM (1 Kg contracts)
Volume
1121167
1113024
805101
885274
786559
1225126
1013308
1115044
1201678
975924
825875
1152382
1441948
1671064
1958020
952206
2032490
2073433
1426741
1773281
1395749
1231713
1014258
1261194
1607801
1366050
1218539
973138
1248361
1408481
1729659
1886384
2548380
2508986
2488947
2086257
1512646
1888765
1853039
3260080
2633382
1624854
1730369
1148224
881602
1316506
May-05
Apr-05
Mar-05
Feb-05
Jan-05
Dec-04
Nov-04
Oct-04
Sep-04
Aug-04
Jul-04
Jun-04
May-04
Apr-04
121962
87494
113959
94491
97577
120969
150588
104739
125326
133118
117558
69396
36841
22056
9267
4917
4546
4392
8759
5881
4861
5222
4798
2179
1392
1717
961
2107
1452065
857910
1642894
1004047
1563896
1127437
1950973
1143316
991560
1002417
1466689
987011
1403035
1272382
255995
302614
272663
283517
259174
327247
355565
321039
271496
268043
226692
226747
240373
247315
828845
835104
1170399
1155587
1373288
969974
1081736
1465226
1205483
1111300
1360939
1447007
1191147
1660065
Source: Respective exchange websites, LBMA
Note: Vol and OI in lots; Aggregate volume in all contracts during the month; Cummulative open interest in all contracts at end
TOCOM (1 Kg contracts)
Open Interest
90006
76630
70479
72439
72074
77819
97273
123825
159550
175855
168656
166773
174243
190515
174809
177089
195150
173403
168213
201593
250607
247089
238085
216540
245403
285114
243325
242743
281686
245516
265587
318336
135735
318328
377593
332773
288071
328609
348865
299973
453008
329703
290183
312072
284691
256211
LBMA Clearing turnover (Mn Ounce)
22.2
23.8
18.8
17.5
18.3
24
24.8
23.3
21.5
21.2
22.1
21.1
25.7
22.9
24.3
24
25.2
20.9
21.5
18.2
17.5
21.8
19.5
20.2
20.6
16
17.1
19.9
19.3
21.6
20.5
19.5
23.2
25.8
24.5
26.1
20.6
19.7
17.6
20
17.4
18.4
17.5
15.2
14.6
19.1
305712
277179
303520
306967
339588
344086
327867
315781
274593
286463
311918
319003
343867
354525
erest in all contracts at end of the month.
16.8
14.3
16
13.9
14.8
15.4
16.6
14.7
12.4
13.8
15.1
13.8
14.5
17
Gold Graphs
Graph-1
Gold Mine Production (2008)
13%
China
11%
South Africa
USA
49%
10%
10%
7%
Australia
Russia
Others
Source: USGS
Graph-2
Gold Consumption (2008)
India
27%
32%
China
USA
Turkey
5%
16%
9%
11%
Saudi Arabia
Others
Source: WGC
Graph-3
U
SD
/oz
2000
1800
1600
1400
1200
1000
800
600
400
G
oldValueandInflation
G
oldprice(M
arch'09dollars)
G
oldprice(nom
inal)
C
P
IYoY(U
S) (R
H
S)
U
SD
/oz
G
oldValueandInflation
2000
1800
G
oldprice(M
arch'09dollars)
1600
1400
G
oldprice(nom
inal)
C
P
IYoY(U
S) (R
H
S)
1200
1000
800
Source: U
Sdeparm
ent of Labor, W
G
C
Nov-98
Apr-96
Sep-93
Feb-91
Jul-88
Dec-85
May-83
Oct-80
Mar-78
Aug-75
Jan-73
200
0
Jun-70
600
400
oldprice(M
arch'09dollars)
oldprice(nom
inal)
P
IYoY(U
S) (R
H
S)
%
16
14
12
10
8
6
4
2
%
16
14
oldprice(M
arch'09dollars)
12
oldprice(nom
inal)
10
P
IYoY(U
S) (R
H
S)
8
6
4
Mar-09
Aug-06
Jan-04
Jun-01
Nov-98
Apr-96
Sep-93
2
0
-2
