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India's <keyword id="19978688" type="General" weightage="20" keywordseo="gold-demand" source="keywords">gold demand</keyword> declined 5 per cent to 149.7 tonnes during the June quarter, due to record high <keyword id="19900607" type="General" weightage="20" keywordseo="prices" source="keywords">prices</keyword>, the World Gold Council (<keyword id="20256712" type="General" weightage="20" keywordseo="WGC" source="keywords">WGC</keyword>) said in a report on Tuesday. The gold demand stood at 158.1 tonnes during the corresponding quarter of the previous calendar year, WGC's 'Q2 2024 Gold Demand Trends' report said. However, in value terms, gold demand increased 17 per cent during the second quarter at Rs 93,850 crore, compared to Rs 82,530 crore in the same period of the previous year. Prices during the April-June quarter soared, with the cost of 24-carat gold crossing Rs 74,000 per 10 grams. The average price of gold during the April-June period in US dollar terms was USD 2,338.2, compared to USD 1,975.9 in the same period of 2023. The average quarterly price in rupee terms was Rs 62,700.5, compared to Rs 52,191.6 in the same period last year (excluding import duty and GST), WGC said. "India's gold demand softened slightly in the second quarter of 2024, reaching 149.7 tonnes, down 5 per cent year-on-year. This can be attributed to record-high gold prices impacting affordability and causing a slowdown in consumer purchases. However, the overall value of demand remained strong, increasing by 14 per cent, highlighting gold's enduring value for Indian consumers," said Sachin Jain, WGC Regional CEO, India. Further, the report said the total <keyword id="20073614" type="General" weightage="20" keywordseo="jewellery" source="keywords">jewellery</keyword> demand in India declined 17 per cent to 106.5 tonnes during the quarter compared to 128.6 tonnes in the corresponding period of the last year. Total <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> demand increased 46 per cent in the second quarter at 43.1 tonnes in comparison to 29.5 tonnes in the same period of last year, said the report. The WGC report further stated that recycled gold in India during the quarter under review dipped 39 per cent to 23 tonnes, compared to 37.6 tonnes in Q2 2023. Total gold imports in India during the April-June quarter were 196.9 tonnes, which is 8 per cent more compared to 182.3 tonnes in the same period of last year. Jain said jewellery demand felt the pressure of high prices, declining 17 per cent to 107 tonnes due to high local prices, the general election and a severe heatwave. "While festivals like Akshaya Tritiya and Gudi Padwa provided a temporary boost, record high prices continued to dampen consumer sentiment," he added. However, he said, investment demand surged 46 per cent to 43.1 tonnes, its highest second-quarter level since 2014 driven by expectations of further price appreciation and safe-haven buying. Bucking global trends, India's gold recycling fell 39 per cent to 23 tonnes, as consumers opted to exchange old jewellery for new rather than cashing in. This indicates limited distress selling and highlights gold's enduring role as a store of value in India, he noted. "Looking ahead, the recent 9 per cent reduction in import duty on gold is expected to revive the gold demand in the July quarter ahead of the main festive season that begins from September, which could be further boosted by a healthy monsoon. India's economic outlook too remains positive, with strong GDP forecasts and rural sector recovery are all likely to support demand in the second half of the year. Our forecast for full-year demand is between 700 to 750 tonnes," Jain added. 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India's gold demand dips 5% to 149.7 tonnes in June quarter on high prices: WGC

Mumbai, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s gold demand witnessed on-year decline of 3 per cent at 747.5 tonnes in 2023, and going ahead the spurt in demand could be anywhere between 800-900 tonnes, if prices hold out and are not significantly volatile, the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> said in a report. The country's total gold demand stood at 774.1 tonnes in 2022, according to the World Gold Council (<keyword id="20256712" type="General" weightage="20" keywordseo="wgc" source="keywords">WGC</keyword>) Gold Demand Trends report 2023. "India's gold demand in 2023 declined by 3 per cent to 747.5 tonnes, strongly influenced by rising gold prices. Although consumer interest remained high, it lagged trade sentiment. October's price correction during <keyword id="20023931" type="General" weightage="20" keywordseo="navratri" source="keywords">Navratri</keyword> stimulated a robust consumer response, boosting Diwali sales in November. "However, demand declined in December as gold prices resumed an upward trend, resulting in a 9 per cent drop in fourth quarter jewellery demand compared to the same period of 2022," <keyword id="20399154" type="General" weightage="20" keywordseo="wgc-regional" source="keywords">WGC Regional</keyword> CEO, India, Somasundaram PR told PTI. Price of gold was volatile throughout 2023, with the yellow metal reaching a new high of Rs 61,845 per 10 gm on May 4 in the domestic market and USD 2,083 an ounce in global markets, and this trend continued with the precious metal reaching another high of Rs 61,914 per 10 grams in November 16. Looking forward to 2024, India's gold demand should benefit from ongoing positive economic conditions and if the prices hold out are not significantly volatile there is likely to be a big spurt in demand which could be anywhere between 800-900 tonnes, he said. "The subdued demand range of 700-800 tonnes since 2019 attributable to continuous rise in prices, increase in duties, stock market outperformance, near-term elections spending impact and acceptance of elevated price levels, suggest the potential for a spurt in demand in the near future. However, any short-term impediments to higher demand could arise from another round of sharp price hikes and volatility triggered by global factors," he added. The total jewellery demand in India dropped by 6 per cent to 562.3 tonnes in 2023, compared to 600.6 tonnes in the previous year, the report stated. Meanwhile, the total gold investment demand in the country grew by 7 per cent to 185.2 tonnes, compared to 173.6 tonnes in the previous year, the WGC report said. "Bar and coin investment in India rebounded, growing by 7 per cent to 185 tonnes year-on-year. The fourth quarter demand touched 67 tonnes, 64 per cent above the five-year quarterly average. "The correction in gold prices led to some robust investment responses in third and fourth quarters, supported by increased interest from physically backed gold ETF investors, setting total holdings in Indian-listed products to a record 42 tonnes by year-end," Somasundaram said. He said that recycling was 20 per cent higher due to low and supportive higher prices but at 117 tonnes, could be considered the normative expected level. Total gold imported to India in 2023 was 780.7 tonnes, up by 20 per cent compared to 650.7 tonnes in 2022, according to the report. "Net gold imports surged by 20 per cent to 780.7 tonnes in 2023, primarily due to substantial inventory building by the trade. "In 2024, gold imports are likely to be higher than the demand. The various Free Trade Agreements (FTAs) India has inked with many countries are expected to boost gold imports further this year," noted Somasundaram.

India's gold demand dips 3% in 2023 on high prices: World Gold Council

The global <keyword id="20994167" type="General" weightage="20" keywordseo="gold-market" source="keywords">gold market</keyword> experienced a significant shift in May, marking the end of a twelve-month losing streak for gold exchange-traded funds (ETFs). <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> purchasing USD 86.5 million worth of gold in May, further supporting the positive momentum in the market. According to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords">World Gold Council</keyword>'s latest commentary, the month saw a resurgence in inflows, primarily driven by strong demand in Europe and Asia, despite minor outflows in North America and other regions. By the end of May, global gold ETF holdings rose to 3,088 tonnes, boosting total assets under management (AUM) to USD 234 billion, reflecting a 2 per cent increase for the month. Physically backed gold ETFs enjoyed a net inflow of USD 529 million in May, their first positive movement since the same month last year. This uptick, coupled with a 2 per cent increase in the gold price to USD 2,348 per ounce, helped raise the total AUM for gold ETFs to USD 234 billion, the highest since April 2022. Despite this rebound, holdings remain 8.2 per cent below the 2023 average of 3,363 tonnes. Regionally, Europe and Asia were the primary contributors to the positive flow of funds. European gold ETFs recorded their first inflows in a year, narrowing year-to-date outflows to USD 6.3 billion. This recovery saw the region's collective holdings rebound and its AUM rise to a twelve-month peak, 6 per cent higher than the end-2023 level. In particular, Swiss and German funds led the inflows in anticipation of a potential rate cut by the European Central Bank. On the other hand, UK-listed funds faced outflows due to impending elections and persistent inflation. Asia maintained its streak with the fifteenth consecutive month of inflows, totaling USD 398 million in May, though it was the smallest monthly inflow since November 2023. <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> was a significant driver, accounting for USD 253 million of the inflows, spurred by rising local gold prices and a weakened currency. Japan also saw robust inflows due to attractive local gold price gains. Year-to-date, Asia has accumulated USD 2.6 billion, marking the highest increase in AUM in the region's history, with significant contributions from both China and Japan. North America experienced a slight downturn with minor outflows of USD 139 million in May, ending a two-month streak of positive inflows. Despite these outflows, the region's total AUM increased to USD 119 billion due to the strong gold price. Year-to-date outflows in North America amount to USD 4.3 billion, primarily driven by large funds' movements in January and February. The fluctuating gold ETF flows throughout the month mirrored changes in the gold price, with geopolitical risks and Federal Reserve policy shifts influencing investor sentiment. Funds in other regions saw modest outflows of USD 18 million, largely due to losses in Turkey which offset gains in South Africa. Overall, outflows from these regions have totaled USD 75 million year-to-date, primarily from Australian and Turkish funds. Trading activities in global gold markets showed a decline, with the average daily trading volume standing at USD 216 billion in May, down 13 per cent from April but still above the 2023 average of USD 163 billion per day. The Shanghai Futures Exchange and Shanghai Gold Exchange experienced significant drops in trading volumes, down 45 per cent and 36 per cent, respectively. Meanwhile, gold ETF trading volumes fell by 39 per cent month-on-month globally. Despite these declines, over-the-counter (OTC) physical gold trading remained relatively stable, with only a 6 per cent drop in activity. The total net longs at the COMEX rose to 768 tonnes by the end of May, a 7 per cent month-on-month increase, with money manager net longs reaching a four-year high of 557 tonnes. This increase underscores sustained investor interest in gold despite the fluctuating market dynamics. Gold prices continued to climb, achieving a third consecutive monthly gain in May. The price hit an all-time high of USD 2,427 per ounce mid-month before retreating to USD 2,348 per ounce. Despite a more moderate gain compared to previous months, market activity remained strong, bolstered by net long positions and renewed interest in gold ETFs. The World Gold Council's Gold Return Attribution Model (GRAM) noted that while no single variable was the dominant driver in May, positive momentum and a weaker US dollar contributed to the price rise. Unexplained factors, including strong OTC buying and central bank purchases, also played a significant role in sustaining gold's upward trend. Looking ahead, the trajectory of US economic growth and inflation will continue to shape currency markets and, by extension, gold prices. The US dollar, which had been strong due to robust economic growth, weakened in May as inflation eased, potentially giving the Federal Reserve more room to cut interest rates. Historically, periods of significant dollar weakness have been beneficial for gold prices, and if this trend continues, it could provide a substantial upside for gold in the coming months. 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India the third biggest gold buyer in May, after Switzerland and China: WGC

Global <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> demand declined by 13 per cent year-on-year to 1,080.8 tonnes during the January-March quarter of this year, mainly due to outflows from European-listed <keyword id="982068" type="General" weightage="20" keywordseo="exchange-traded-fund" source="Orion">exchange-traded fund</keyword> (<keyword id="6357062" type="General" weightage="20" keywordseo="etf" source="Orion">ETF</keyword>) products, according to the World Gold Council (<keyword id="142987" type="General" weightage="20" keywordseo="wgc" source="Orion">WGC</keyword>). The total gold demand stood at 1,238.5 tonnes during the first quarter of 2022, WGC's Gold Demand Trends Q1 2023 stated. Holdings of global gold ETFs fell during Q1, with 29 tonnes of outflows in January and February equivalent to a USD 1.5 billion in outflow, the report said, adding that the majority of outflows came from the European-listed products. However, North American-listed ETFs, as well as those listed in other regions, witnessed a recovery in inflows during the first quarter of 2023, it added. "The mixed picture for quarter one highlights how gold's diverse sources of demand underpin its role and performance as a global asset," WGC Senior Markets Analyst Louise Street said. "Growth in some regions offset weakness in others as different economic forces and demand drivers played out in the global gold market. One commonality was that different types of investors looked to gold as a store of value in uncertain times," Street added. She, however, noted that against the backdrop of turmoil in the banking sector, ongoing geopolitical tensions and a challenging economic environment, gold's role as a safe haven asset has come to the fore. Moreover, it is likely that investment demand will grow this year, especially with waning headwinds from the strong US dollar and interest rate hikes, she said. She further noted that positive demand for gold ETFs has continued in the second quarter so far, and the looming threat of developed market recession may be the trigger for inflows to accelerate later in the year. "Central bank buying is likely to remain strong and will be a cornerstone of demand throughout 2023, even if at lower levels than the record highs seen last year," she added. Central banks have helped boost demand adding 228 tonnes to global reserves, a quarter-one record high in this data series, compared to 83 tonnes in the same period last year, said the report. "<keyword id="17331412" type="General" weightage="20" keywordseo="central-banks-of-singapore" source="Orion">Central banks of Singapore</keyword>, China and Turkey were the top buyers, while the Reserve Bank of India also added 7 tonnes to its reserves during the January-March quarter," WGC Regional CEO, India, Somasundaram PR told PTI. On the supply side, there was a slight increase in the first quarter to 1,174 tonnes, with marginal 2 per cent growth in mine production and a 5 per cent uptick in recycling driven by the higher gold price. The report further noted that bar and coin investment strengthened 5 per cent year-on-year to 302.4 tonnes compared to 287.7 tonnes in the same period of 2022, although there were notable shifts in key markets. The US bar and coin demand hit 32 tonnes in the first quarter, the highest quarterly level since 2010, and was driven primarily by recession fears and a flight to safety amid the banking turmoil, it said. This increase helped offset weakness in Europe and particularly Germany where there was a 73 per cent drop in demand, they stated. Meanwhile, jewellery performance was relatively flat in the first quarter at 477.9 tonnes compared to 475.3 tonnes in the corresponding period of 2022, the WGC report said. The report stated that Chinese demand regained ground, reaching 198 tonnes in its first quarter of unfettered consumer activity since lockdown restrictions were lifted. "Demand in China went up by 16 per cent due to the lifting of restrictions from the lockdown imposed to control the spread of Covid-19 and Chinese New Year," Somasundaram said. Meanwhile, demand in India declined as consumption fell by 17 per cent year-on-year to 78 tonnes during January-March 2023, mainly on account of a sharp increase in domestic gold prices to over Rs 60,000 per 10 grams and continued volatility in price. 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Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19978688" type="General" weightage="20" keywordseo="gold-demand" source="keywords">gold demand</keyword> rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong <keyword id="21477327" type="General" weightage="20" keywordseo="economic-environment" source="keywords">economic environment</keyword> despite prices touching historic highs, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. The aggressive gold buying by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent. On Tuesday, the World Gold Council (WGC) released its global report 'Gold Demand Trends Q1 2024', showing that India's total gold demand, including both jewellery and investment, increased to 136.6 tonne in January-March this year from 126.3 tonne in the year-ago period. Out of the total gold demand, the jewellery demand in India increased 4 per cent to 95.5 tonne from 91.9 tonne. The total investment demand (in the form of bar, coin among others) grew 19 per cent to 41.1 tonne from 34.4 tonne. Sachin Jain, Regional CEO, India, WGC, said the rise in gold demand reaffirms Indians' enduring relationship with gold. "India's continued strong macroeconomic environment was supportive for gold jewellery consumption even though prices reached a historic high in March leading to a slowdown in sales as the quarter ended," he added. Jain expects the gold demand in India to be in the range of 700-800 tonne during this year. If the price rally continues, he said the demand could be at the lower end of this range. In 2023, the country's gold demand was 747.5 tonne. Asked about the factors driving demand growth in January-March, Jain told PTI, " Historically, eastern markets of the world including India and China respond when the prices are going down and there is a fluctuation, whereas western markets respond when the prices are going up." "For the first time we have seen a complete reversal where Indian and Chinese markets have responded to an increase in prices of gold," he said. Jain said the demand for jewellery as well as investment products like bar, coin and ETF has gone up. "The second reason for the increase in demand has been the buying by the central bank RBI," he said. While the RBI bought 16 tonne of gold in the full 2023, it has already purchased 19 tonne in the first quarter of this calendar year, Jain highlighted. He mentioned that the RBI has indicated that it would continue buying. Asked about the outlook for the April-June quarter, Jain said the demand might slow down due to a sharp rally in gold prices and the ongoing election process. As per the WGC data, India's gold demand in value terms rose 20 per cent to Rs 75,470 crore from Rs 63,090 crore. Out of this, the jewellery demand grew 15 per cent to Rs 52,750 crore from Rs 45,890 crore, while gold investment demand went up 32 per cent to Rs 22,720 crore from Rs 17,200 crore. The WGC also mentioned that the total gold recycled in India stood at 38.3 tonne in January-March, up 10 per cent from 34.8 tonne in Q1 2023. "Total gold imports in India in Q1 2024 was 179.4 tonne, up by 25 per cent compared to 143.4 tonne in Q1 2023," the Council said. The average quarterly price in Q1 2024 was Rs 55,247.20 per 10 gm of gold as against Rs 49,943.80 per 10 gm in Q1 2023 (without import duty and GST) "Q1'24 also saw healthy levels of gold bar and coin demand in India, up 19 per cent year-on-year at 41 tonne. This was on a par with Q1'22, which was itself the strongest first quarter since 2014," Jain said. The price correction in February sparked investors' interest, with anticipation of a rebound driving purchases, he added. "As the price rallied to successive record highs, investors remained bullish, contributing to the robust demand," Jain said. Investments into gold ETF too saw positive inflows of over 2 tonne. "Although Indian recycling volumes increased 10 per cent to 38.3 tonne in Q1'24, there were very few reports of distress selling. With a strong economy and expectations of a normal-to-good monsoon, there seems little desire to cash in on high gold prices at the moment," Jain said. The current high gold prices might temporarily put a strain on demand, he said. However, Jain said, "strong cultural and seasonal factors such as festivals, weddings helped by an expectation for a better monsoon and solid economic growth would support demand." 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India's gold demand up 8% in Jan-Mar to 136.6 tonne despite high rate

<ul class="summary-list"><li>Gold prices have jumped 8% since the collapse of Silicon Valley Bank.</li><li>The precious metal passed $2,000 per ounce last week and traded at just 21 cents below its all-time high on Thursday, according to Refinitiv.</li></ul>Gold prices are closing in on an all-time high with ongoing banking turmoil and the de-dollarization movement fueling demand for the precious metal.Spot prices have jumped 8% since <a href="https://markets.businessinsider.com/news/stocks/svb-silicon-valley-bank-collapse-jpmorgan-morgan-stanley-bank-stocks-2023-3">Silicon Valley Bank collapsed on March 10</a>, according to Refinitiv, trading at around $2,028 per ounce at last check.Investors tend to see the yellow metal as a so-called "safe haven" that they can rely on for steady returns in times of heightened volatility – so it's benefited from investors' fears about the health of US regional banks.Beverly Hills-based <a href="https://markets.businessinsider.com/news/pacw-stock">PacWest</a> said it would explore a sale Thursday, the latest setback for regional lenders.Gold's peak for the year came that day, with its price reached $2,051 per ounce – just 21 cents below the record level of $2,072 per ounce, per Refinitiv.The <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1?_gl=1*vz7atg*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY4MzYyMzYxNi4xNDAuMS4xNjgzNjI1ODI5LjYwLjAuMA..">de-dollarization movement</a> has also helped to fuel gold's recent rally, according to a report by the <a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2023" target="_blank" rel="noopener">World Gold Council</a> published last week.The WGC found that central banks bought a record 228 tonnes of gold in the first quarter, with countries like Brazil, China, and Russia all trying to reduce their reliance on the greenback.Read more: <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1?_gl=1*vz7atg*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY4MzYyMzYxNi4xNDAuMS4xNjgzNjI1ODI5LjYwLjAuMA">The anti-dollar drive spearheaded by Asia has spread to Europe, with France growing sour on the greenback's dominance. Here are 6 rising threats to the buck's supremacy of global trade.</a>

Gold closes in on an all-time high thanks to de-dollarization and banking uncertainty

The demand for <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> went up by 14 per cent to 191.7 ton in India during the third quarter of this calendar year, said the <keyword id="113718" type="General" weightage="20" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword> (WGC) on Tuesday. According to the WGC, the gold demand in India was at 191.7 ton (value ₹85,010 crore) during Q3 2022 as against 168 ton (₹71,630 crore) of the corresponding period in 2021. The jewellery demand for the period under review was at 146.2 ton up from 125.1 ton the previous year. On the other hand, the total investment demand for Q3 2022 at 45.4 ton in comparison to 42.9 ton in Q3 2021. The recycled gold showed a downward trend in Q3 2022 with 16 ton as compared to 20.7 ton in Q3 2021. For the nine months of 2022 the gold demand stood at 497.8 ton (jewellery 380.7 ton, investment 117.1 ton) as compared to 453.5 ton (jewellery 345.9 ton investment 107.6 ton "India's total gold demand in Q3 2022 at 191.7 tonnes is a 14 per cent increase over last year. This reflects better-than expected performance and strong consumer interest, helping year-to-date demand return to pre-Covid levels," said Somasundaram P.R., Regional CEO, India, WGC. Credit expansion added impetus to this demand, with bank loan growth touching a nine-year high by quarter-end. He said the recovery in gold jewellery demand was primarily driven by urban India, more specifically Southern parts, underpinned by robust economic activities with a 17 per cent y-o-y increase in tonnage terms. Rural demand however, was impacted by seasonal effect (monsoons) and inflation. On the other hand, Indian bar and coin demand also saw a six per cent y-o-y improvement to 45.4 ton, he added. "Looking ahead, Indian retail investment is likely to continue to benefit from safe-haven demand amid rising interest rates and a weakening rupee. There's optimism in the overall outlook for the rest of the year with weddings and Diwali demand in Q4, but it is unlikely to match last year's record-breaking Q4. Our gold demand estimate for the full year is around 750-800 ton similar to last year," Somasundaram said. At the global level, WGC said the demand for the yellow metal (excluding OTC) in the third quarter of 2022 hit 1,181 ton, up 28 per cent year-on-year. Strong demand pushed the year-to-date total to its pre-Covid levels. Gold demand was bolstered by the consumers and central banks, although there was a notable contraction in investment demand. According to WGC, investment was down 47 per cent year-on-year, as exchange traded fund (ETF) investors responded to a challenging combination of markedly higher interest rates and a strong US dollar with significant outflows of 227 ton. These movements, alongside weakness in OTC demand and negative sentiment in futures markets, hampered gold's price performance -- contributing to an eight per cent quarter-on-quarter drop in the price during Q3 2022. Just as consumer gold demand firmed, central bank buying picked up significantly with estimated record purchases of nearly 400 t in the third quarter, said WGC. "Looking ahead, we anticipate central bank buying and retail investment to remain strong and that could help offset potential declines in OTC and ETF investment that may prevail if the dollar strength persists. We also expect to see jewellery demand continue to perform strongly in some regions such as India and Southeast Asia, while the technology sector will likely witness further decline in the face of economic deceleration," Louise Street, Senior Markets Analyst said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-to-launch-the-nations-first-digital-rupee-pilot-project-for-the-wholesale-segment-today/articleshow/95221874.cms">RBI to launch the nation's first digital rupee pilot project for the wholesale segment today</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/icertis-raises-150-million-to-boost-contract-lifecycle-management-business/articleshow/95209273.cms">Icertis raises $150 million to boost contract lifecycle management business</a>

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Gold closes in on an all-time high thanks to de-dollarization and banking uncertainty

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Gold demand went up by 14% in Q3: World Gold Council

IANS

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