In news– According to the World Gold Council (WGC), Demand for gold in India was 47% higher in the July-September quarter compared with a year earlier.
Key updates-
- Expectations of higher inflation in the country would also likely further spur demand for the gold.
- This is primarily driven by what appears to be a firm grip on the pandemic with higher vaccination rates and falling infection rates, leading to a strong rebound in economic activity.
About World Gold Council(WGC)-
- WGC is the market development organisation for the gold industry.
- It supports the development of gold markets and helps investors understand how investments in gold can help them achieve their investment objectives.
- It is based in the UK, with operations in India, China, Singapore and the US .
- Its purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.
- It works across all parts of the industry, from gold mining to investment, and their aim is to stimulate and sustain demand for gold.
- The Council’s 33 Members are some of the world’s most forward-thinking gold mining companies.
- It helps to support its members to mine in a responsible way and developed the Conflict Free Gold Standard.
- TheWGC is governed by its Board of Directors, which meets four times per year and comprises representatives from its Members and its Chief Executive Officer.
- Members are represented by either the Chair or the Chief Executive Officer of their respective companies.
Source: The Hindu
