WGC Report Cited Surge in India Gold Imports Ahead of Festive Season

SEATTLE (Scrap Monster): The India Gold Market Update published by the World Gold Council (WGC) noted that imports recorded surge during the month of July, in the run-up to festive season.

According to the research, gold prices saw a resurgence in August, building on their July gains. In the first half of August, global gold prices increased by almost 1%. A weaker dollar, expectations of rate reduction by the US Fed, growing inflation fears, and continued tariff-related developments were some of the factors that fueled the recent price movement. According to WGC, the yellow metal has produced 28% dollar gains so far this year.

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It appears that the domestic gold market is preparing for the forthcoming wedding and celebration season. Industry participants at the just-ended India International Jewellery Show (IIJS) expressed optimism, with a number of producers expressing higher-than-expected demand for their products.

The demand for gold coins and bars as investments is very strong. In July, the inflows into India gold ETFs continued to be favorable.

In July, the Reserve Bank of India's (RBI) gold reserves did not change. Compared to 40 tonnes of gold addition during the same seven-month period in 2024, the gold reserves only increased by 4 tonnes during the first seven months of 2025.