Kavita Chacko, Research Head, India-World Gold Council [WGC] said in her, India’s gold market update: Mixed demand! The Update said, gold pauses in May, shines again in June!
Gold prices in May saw a pause in the uptrend after four consecutive months of gains, ending the month nearly flat just below US$3,300/oz. Trading was largely range bound, with gains capped by global gold ETF outflows and the strong returns of April.
At the same time, tariff-related policy risk, a weaker US dollar, and rising inflation expectations supported prices. Gold regained momentum in June, rising 5% month-to-date to US$3,435/oz,3 driven by the flare-up in geo-political tensions following the Israel-Iran attacks and a rebound in ETF demand. Year-to-date, gold remains a standout performer, up 32% in USD terms.
Looking ahead, the Update said, the June–July period typically marks the off-season for gold in India, particularly for jewellery. A recovery in demand is anticipated with the onset of the festive and auspicious buying season from mid-August. Investment demand for physical gold and gold-linked financial products is expected to remain resilient, supported by sustained investor interest.
Key takeaways from the Update are, gold rallies again after losing steam in May, up over 30% y-t-d. Jewellery sales slow but physical investment stays healthy and gold-linked lending strengthens Gold ETFs snap two-month outflow streak with modest inflows in May. The RBI holds back on gold buying but gold’s share in forex reserves grows to 12%. Gold imports moderates in May, suggesting demand softness!
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