Strong Domestic Gold Sales Expected in 2023 shanghaiist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghaiist.com Daily Mail and Mail on Sunday newspapers.
Gold exchange-traded funds, though, saw investments being pulled out for the third year in a row with outflows more than doubling to 244 tonne in 2023 from nearly 110 ton in 2022, data from the World Gold Council showed. The average prices of gold in 2023 was 8% higher on year at $1,940.54 per ounce, also an all-time high, the industry body said. Prices at the end of the year were at $2,078.4 per ounce, clocking in returns of 15% for the year.
India s gold demand is expected to be subdued in the first quarter of 2024 due to lower jewelry sales. However, annual demand is anticipated to rise as consumers adjust to higher prices. The World Gold Council (WGC) projects that India s gold demand, which has been stuck between 700 and 800 metric tons in the past five years, will break out of this range and rise to between 800 and 900 tons in 2024.
Gold Prices: Gold tends to perform well during economic turmoil, with reliability that can help offset the risk of more volatile assets in conditions such as geopolitical uncertainty.