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India's gold demand up despite high prices, but rally may cut demand to 4-year low: WGC
The Business Guardian
|May 01, 2024
In the midst of fluctuating global markets, India’s affinity for gold remains steadfast, with the country’s demand for the precious metal witnessing a notable surge in the March quarter.
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According to the latest report by the World Gold Council (WGC), India’s gold demand escalated by 8% during this period, reaching a substantial 136.6 tonnes. This uptick, despite gold prices soaring to historic highs, underscores the enduring importance of gold in India’s economic landscape.
A key driver behind this surge in demand was the robust economic environment prevailing in the country. Despite the challenges posed by escalating gold prices, India’s economy demonstrated resilience, providing a conducive backdrop for heightened gold consumption.
Additionally, the Reserve Bank of India (RBI) played a significant role in bolstering gold demand through its aggressive gold purchases. The central bank’s proactive approach contributed to the overall momentum in gold acquisition during the quarter.
This story is from the May 01, 2024 edition of The Business Guardian.
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