A top official of the World Gold Council India said that India’s demand for gold will be between 800-850 tonnes this year. He also said that 80% of the demand will be for jewelry and the balance in the form of gold coins.
The gold demand for India for 2022 will be above 800 tonnes. It will be between 800-850 tonnes. The 5% duty hike on gold by the Central government will not have any major influence on the demand for the yellow metal. The demand for gold in India was about 797 tonnes in 2021.
He also said the government of India is witnessing the rupee-dollar exchange. The government may act in opposition to imports if the rupee continues to depreciate against the dollar. The Regional CEO of the World Gold Council said the exchange is an important part of a robust regulatory framework.
He further said that if the Indian gold refiners can align with the global standards then Indian gold bars can also be traded on the exchange. Prime Minister Narendra Modi will launch the IIBE in Gujarat on the 29th of this month.