WGC Foresees Tempered Q4 Gold Demand on Record High Prices

The volume of gold imports into the country has remained muted, on account of high gold prices and soft demand.

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) states that the current high price environment is likely to temper Q4 physical gold demand in India.

The gold prices in the country have been rising for the past two months, in line with the international trend. The prices had touched record high, driven by geopolitical risks, anticipated interest rate cuts, global economic uncertainty and moderation in dollar value. The prices are currently trading at a discount to international prices due to slowdown in domestic demand.

The volume of gold imports into the country has remained muted, on account of high gold prices and soft demand. Looking ahead, the gold jewellery demand is unlikely to witness rebound at a high price environment. At the same time, the gold investment demand is likely to surge, driven by anticipated economic growth prospects, WGC report said.

The country’s gold ETFs continued to record inflows. The inflows witnessed slight month-on-month decline in November this year, but delivered net inflows for the eighth consecutive month. Year-to-date net inflows of $289 million posted four-fold surge in comparison with $69 million net inflows during the comparable period in 2022.

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