WGC: India Gold Demand Spiked on Festive Buying and Bullish Sentiment

Since mid-August of this year, gold has been trading at a slight discount in India.

SEATTLE (Scrap Monster): Despite high prices, gold consumer purchases in India remained robust during the holiday season. The World Gold Council (WGC) claimed that there was still a strong demand for gold coins, bars, and jewelry.

ALSO READ:

Gold Production Costs Climbed in Q2 2024, Says Metals Focus

Gold Cited by WGC as one of the Best Performing Assets in 2024

For the fourth consecutive month, gold continued to rise in October. Over the course of the month, gold saw a rise of about 5%. Rising geopolitical conditions and uncertainty surrounding the U.S. elections were the primary causes of the price increase. The devaluation of the local currency and the enhanced support from festive buying caused the domestic gold prices to rise marginally more than the international prices. Gold's attraction as an investment was further enhanced by the volatility of the domestic equity markets.

Since mid-August of this year, gold has been trading at a slight discount in India. During the holiday season in late October, the prices were marginally higher than those in other countries. In early November 2024, the average monthly discount fell to about $1 per ounce.

In October, there were significant inflows into the Indian gold ETFs. From July to October of this year, the average monthly net inflows into Indian gold ETFs were $183 million. In October, the inflows reached a new high of over $233 million. The net inflows during the first 10 months of 2024 came to almost $1.11 billion.

• Indiana Auto Scrap Metal Company Fined, License Revoked
• DS Smith’s Kunheim Packaging Facility Announced Major Investment
• Ellen MacArthur Report Indicates Year-over-Year Dip in Virgin and Overall Plastic Use
• European Steelmakers Demand Restrictions on Scrap Exports