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Gold price rally could cut India's demand to four-year low: WGC

Updated: May 6

India’s gold demand in the March quarter rose 8% from a year ago, but recent rallies in prices of the precious metal could cut its total consumption in 2024 to the lowest in four years, according to World Gold Council (WGC). Demand for gold from India could stand between 700 metric tons and 800 metric tons in 2024, with the figure falling near the lower end of the range if prices continue to rally.

Global central banks, which actively bought gold in 2022-2023, added 290 tons to their reserves, up 1% year-on-year and up 69% from the five-year quarterly average.It was their strongest starting quarter to any year on the basis of WGC’s data going back to 2000. The central banks of China and India led.

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