WGC Published Latest India Gold Market Report

SEATTLE (Scrap Monster): The World Gold Council (WGC) reported, in its recently released India gold market update, that the margin between domestic and international gold prices reduced as international gold prices rose and gold supply increased due to increasing imports.

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According to the research, gold had significant increases in August of this year, with worldwide prices rising 3.7% and local prices rising 3.9%. As of September, international and domestic gold prices have increased by 2.8% and 1.6%, respectively, the world gold trade body reported

Following an early rise in consumer gold demand, particularly for jewellery, bars, and coins, in response to the dramatic import tariff drop, demand has apparently returned to normal. Overall buying enthusiasm remains strong. Industry members predict that this momentum will last until the conclusion of the current year. Rural consumption demand has begun to improve, according to the survey.

Gold imports set a new high in August this year. Throughout the month, Indian gold ETFs saw significant inflows. The RBI also reported consistent gold accumulation. Over the first eight months of the year, the country's central bank purchased almost 50 tons of gold.