WGC: Gold in India Shined in June After Losing Steam in May

SEATTLE (Scrap Monster): The World Gold Council (WGC) published its latest report on Indian gold market. The trade body noted that gold shined in June after losing steam during the month before that.

After four months of rising prices, gold prices had a lull in May of this year, according to Kavita Chacko, Research Head, India World Gold Council. Nonetheless, gold recovered in June, showing a 5% month-over-month rise, primarily due to a resurgence in ETF demand and escalating geopolitical tensions in the wake of the Iran-Israel hostilities. In terms of dollars, gold prices have risen 32% so far this year.

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After the April-May wedding season ended, the demand for gold jewelry in India remained low. Large retail businesses saw an increase in foot traffic as a result of lower gold prices, but overall demand remained low. On the other hand, according to the WGC study, the demand for gold bars and coins as tangible investments maintained a robust trend, bolstered by favorable price momentum.

With the start of the joyous and auspicious shopping season in mid-August, WGC anticipates a resurgence in demand for gold. Additionally, it is anticipated that the demand for physical gold and financial instruments connected to gold will continue to be strong.