COMEX Gold futures added more than 2% to hit a three week high near $1800 per ounce in last session on sustained buying support and firm action in metals. World Gold Council noted in a latest update that India's mandatory hallmarking is likely turning positive for the metal. Hallmarking for gold jewellery and gold artefacts came into effect on 16 June 2021. It applies to six categories of gold: 14k, 18k, 20k, 22k, 23k and 24k. The mandatory scheme is being implemented in three phases with 256 districts covered in the first phase. Mandatory hallmarking will be positive for India's gold market, improving transparency and giving consumers more confidence in the purity of the gold they buy. With no opportunity for under-carating, retailers may place greater emphasis on design and customer service enhancements. Mandatory hallmarking should boost the reputation of the Indian gold market and has the potential to increase jewellery exports, noted WGC.

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