India Gold Demand

Gold buying by central banks surged to 60 tonnes in October, mainly led by the Reserve Bank of India (RBI) which added 27 tonnes of the precious metal to its reserves, the World Gold Council (WGC) said on Thursday. India added 27 tonnes of gold in October, bringing its total gold purchases to 77 tonnes from January to October, according WGC data based on reported monthly data from the International Monetary Fund (IMF). This buying by RBI represents a five-fold increase as compared to the same period of 2023, said WGC. According to the data, with this purchase the total gold reserve of India is now at 882 tonnes, of which 510 tonnes are held in India. WGC further stated that emerging market central banks continued to dominate the market with Turkey and Poland adding 72 tonnes and 69 tonnes from January-October 2024, to their gold reserves, respectively. These three central banks alone accounted for 60 per cent of total global net purchases reported this year, it added. Meanwhile,

The price of 22-carat gold also rose Rs 10, with ten grams of the yellow metal selling at Rs 71,460

The price of 22-carat gold also witnessed a drop of Rs 10, with ten grams of the yellow metal selling at Rs 73,840

In India, prices jumped to a record high of Rs 79,775 per 10 grams earlier this week, marking a nearly 33 per cent increase since last year's Diwali

The price of 22-carat gold also witnessed a rise of Rs 10, with ten grams of the yellow metal selling at Rs 72,960

Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons

Dhanteras and Diwali demand for gems and jewellery this year is anticipated to remain strong despite rising prices, with Diwali sales potentially crossing Rs 30,000 crore in the domestic market, according to industry experts. Price hikes in precious metals are prompting consumers to view gold as a reliable asset, while silver is gaining popularity among people due to its relatively lower price and high industrial demand. Some experts estimate sales growth in value terms of 10-15 per cent year-on-year this Diwali across the country, though there may be a dent in volume. Silver has emerged as the top performer with returns exceeding 40 per cent, followed by gold at 23 per cent, significantly surpassing stock market benchmark returns. Eastern Regional Chairman of the Gems & Jewellery Export Promotion Council (GJEPC) said, Gold continues to shine due to global uncertainties and geopolitical conditions, while silver is drawing substantial interest as an affordable option. The Council .

The price of 22-carat gold also witnessed a drop of Rs 10, with ten grams of the yellow metal selling at Rs 73,140

The price of 22-carat gold also witnessed a rise of Rs 10, with ten grams of the yellow metal selling at Rs 71,410

Consumers are opting for lighter, more affordable jewellery to stay within budget

The price of 22-carat gold also witnessed a decline of Rs 10, with ten grams of the yellow metal selling at Rs 70,990

Imports more than tripled to 140 tons in August from the previous month, according to the World Gold Council

The price of 22-carat gold declined Rs 10, with ten grams of the yellow metal selling at Rs 68,640

In India, the world's second-largest gold consumer, domestic prices were ruling around 71,900 rupees per 10 gram on Friday

The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 67,160

The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,940

The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,690

The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 65,540

Gold outlook by Sharekhan: The MCX Gold futures are expected to trade in the range of Rs 68,200 and Rs 70,700 in near term, analyst Praveen Singh.

The Indian gold industry on Tuesday announced the formation of the Indian Association for Gold Excellence and Standards (IAGES), a self-regulatory organisation (SRO) supported by the World Gold Council. The organisation aims to remove the trust deficit and enhance transparency within the sector. The framework for IAGES will be independently governed and professionally managed. It will be released soon, after which memberships will be announced. The organisation is expected to become operational by December this year or January 2025, WGC Regional CEO, India, Sachin Jain told PTI. IAGES will be formed by national industry associations, including the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC) and Gem and Jewellery Export Promotion Council (GJEPC). "IAGES, created by the Indian gold industry, represents the coming together of various stakeholders in the sector. It aims to increase consumer and government confidence by enhancing