India's gold demand set to climb ahead of festive season
Business
India's gold scene is heating up again, with demand set to climb as the festive season approaches.
The World Gold Council says jewelry buying is bouncing back and investment interest is steady, helped by a nearly 7% jump in local gold prices this month, amid shifting monetary policy expectations, a weaker US dollar and renewed inflows into gold exchange-traded funds (ETFs).
India's July gold imports hit $4.16bn
Gold imports more than doubled in July, hitting $4.16 billion as shops restocked and buyers took advantage of stable prices.
Gold ETFs also saw big inflows: ₹1,560 crore in July and another ₹1,179 crore in early August.
Even trading on the Multi Commodity Exchange jumped 9%, showing that both investors and shoppers are getting back into the gold game ahead of festival time.