Commodities Buzz: Indias Near Term Gold Demand Outlook Strong

7 Oct 2022 , 01:29 PM

The World Gold Council or WGC has stated in a latest update that healthy retail demand in September drove the local Gold price briefly into premium, but market dynamics generated a discount for much of the month. Indian gold ETFs witnessed a marginal net inflow of 0.4t in September as a domestic gold price correction enticed investors back into gold. The outlook for gold demand in October remains strong. A lower gold price provided a fillip to gold demand during the last week of September and the momentum has continued. Retail demand got off to a healthy start in September, boosted by a correction in the local gold price and festival-related purchases. Demand softened during the inauspicious period of Pitru-Paksha (10 to 25 September) but the lower gold price enticed some consumers to make both spot purchases and advance bookings for upcoming festivals and weddings. And the month ended on a positive note with solid purchases ahead of Navratri.Powered by Commodity Insights