My understanding:
- Hedging supports traded gold price changes - which is a global factor
- This issue is not directly related to gold price changes, but to the reduction in customs duties by the Indian government. (Indian gold import duties reduced to the lowest level in over a decade | Post by Kavita Chacko | Gold Focus blog | World Gold Council). Therefore any inventory (on which the higher customs duty was paid) now had to be marked to market and therefore translated to a loss. This loss was offset in Q2 and Q3
Disc: No holding in Titan - exited recently