Loading prices...

Register/Sign in
ScrapMonster
Gold April 29, 2024 08:45:25 PM

WGC: Unprecedented Gold Price Surge Dented Consumer Demand

Paul Ploumis
ScrapMonster Author
The momentum in inflows into Indian gold-linked ETFs too waned during this period.

WGC: Unprecedented Gold Price Surge Dented Consumer Demand

SEATTLE (Scrap Monster): The India gold market report published by the World Gold Council (WGC) stated that the unprecedented surge in international and domestic gold prices led to suppressed consumer demand for gold in the country.

Gold prices have been witnessing strong rally since mid-February this year. The prices, which recorded 8% surge in March, further increased by over 3% in April. The domestic landed price of gold has risen by 4% in comparison with 3% surge in the LBMA Gold Price, till date in April.

ALSO READ:

WGC: Global Gold ETF Outflows Slowed Down in March 2024

WGC: China Reported Elevated Gold Premiums in February 2024

The unprecedented momentum in price uptick has impacted gold consumption demand, especially the consumer demand for gold jewellery. The consumers are seen looking forward to a stabilization in prices before venturing out into fresh purchases of the yellow metal. The election-related restrictions coupled with fewer weddings this year too has impacted demand, WGC report noted.

At the same time, the Reserve Bank of India (RBI) continued to build its gold reserves, adding around 18.5 tonnes since the start of the year. The reserves have touched an all-time high of 822.1 tonnes, it said. The momentum in inflows into Indian gold-linked ETFs too waned during this period.

Looking ahead, the elevated prices are likely to impact consumer demand. At the same time, gold’s strong performance this year may likely trigger investment demand.

How to Recycle

Simple Ways to Dispose of Tires

Simple Ways to Dispose of Tires

Are you in search of some simple and eco-friendly methods to help you responsibly dispose of tires, then read our blog post to learn more.
Recycling and Disposal of Light Bulbs – More to Know

Recycling and Disposal of Light Bulbs – More to Know

Proper disposal of all types of light bulbs, protects the environment and recovers valuable materials.
How to Get Rid of Shredded Paper - Recycling Options

How to Get Rid of Shredded Paper - Recycling Options

Thinking how to get rid of shredded paper? Well, there are many recycling options. Read More.
powered by RecyclingMonster
×

Quick Search

Advanced Search