World Gold Council bullish on retail jewellers; says significant audience to be captured in India

In its latest retail trends report, the World God Council (WGC) has said India’s cultural identity is greatly intertwined with gold. Nearly 60 per cent of Indian women own gold jewellery and 37 per cent of them have not bought gold jewellery in the past but are open to buying it in the future, according to the World Gold Council’s (WGC’s) […]

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Gold prices rise above Rs 46,000 as US Fed warns of recession; WGC predicts a slow recovery

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Gold prices climbed up after US Federal Reserve Chair Jerome Powell warned of a prolonged recession for the US economy due to COVID-19, which supported yellow metal prices. Powell also hinted that the US central bank will have a negative interest-rate policy which is off-base, but vowed to prop up the virus-hit economy. On MCX […]

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India’s gold imports plunged 99.9% to three-decade low in April due to COVID-19 lockdown

India’s gold imports plunged 99.9 per cent year-on-year in April to their lowest in nearly three decades as air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus. The world’s second biggest consumer of the precious metal imported around 50 kilograms of gold in April, down from 110.18 […]

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Pandemic drives up global gold demand marginally in Q1 2020, says WGC

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Global gold demand in the first quarter of this year grew marginally by one percent year-on-year to 1,083 tonnes, as the COVID-19 pandemic fulled safe haven investment demand for the yellow metal, the World Gold Council (WGC) said in its latest quarterly report. “The coronavirus outbreak, which swept the globe during the first quarter, was […]

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World Gold Council plans promoting digital gold for Indian consumers

Faced with an unprecedented decline in demand, the World Gold Council (WGC) is planning to start consumer marketing of gold in India through digital channels. In a conference call with Business Standard, David Tait, chief executive officer (CEO), WGC, said, “There is a feeling of depression in the bullion industry due to a sharp decline in retail demand. The recovery did not […]

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India’s January gold imports plunge 48% to four-month low: Report

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India’s gold imports in January plunged 48% from a year earlier to their lowest level in 4 months as a rally in local prices near record highs prompted buyers to curtail purchases, Reuters reported ascribing the news to a government source. India, the world’s second-biggest buyer of gold imported 36.26 tonnes in January, compared with […]

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Gold demand in 2019 nudges lower as price-driven slump in consumer demand outweighs ETF inflows: WGC

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Global gold demand declined to 4355.7  tonnes in 2019, down 1% on 2018, according to the World Gold Council’s latest Gold Demand Trends report. The year 2019 was broadly one of two distinct halves; resilience and growth across most sectors in the first six months contrasted with widespread weakness in the second. Central bank demand […]

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