Page 5 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

EDITORIAL

Dear Readers

India, experienced a notable upswing in gold
demand during the third quarter of 2023, with a 10%
increase to 210.2 tonnes, attributed to softer gold
prices and festive fervour, according to the World
Gold Council (WGC). Jewellery demand rose by 7%
to 155.7 tonnes, while the demand for gold bars
and coins surged by 20% to 54.5 tonnes, marking
the highest Q3 demand for bars and coins since
2015. India's gold imports increased to 220 tonnes
in Q3, compared to 184.5 tonnes the previous year.
(Q3, 2022)

The first nine months of 2023 have seen gold
demand at 481.2 tonnes, with full-year 2023 demand expected to range from 700 to
750 tonnes, slightly lower than 2022's 774 tonnes. However, India's gold imports for
2023 are projected to surpass last year's 650.7 tonnes.

Gold prices temporarily dipped in the previous quarter, driving consumer interest,
but they have started climbing again. The impending Dhanteras festival and wedding
season will be pivotal. Consumer acceptance of the Rs 60,000 per ten-gram price point
sets the stage for a potential surge in demand with any further price corrections. Price
fluctuations will remain a crucial factor influencing gold demand, supported by positive
economic sentiment and uncertainties regarding inflation, monsoons, and global
developments.

In this edition of Bullion World, we present valuable insights from Mr Frédéric Dawance,
representing the Swiss Positive Gold Fund, as he illuminates Switzerland's Ethical
Gold Revolution. Furthermore, we highlight a press release by Sequel Logistics and a
thought-provoking piece authored by Mr Vikram Dhawan from Nippon India Mutual
Fund. Our carefully curated content delves into the MENA (Middle East and North
African) region, continues with Part 3 of the India Gold Conference, and explores an
article about cryptocurrencies and the bullion industry.

We would be happy to receive your comments and feedback on the content of this
edition, please write to editor@bullionworld.in

Best wishes,
G Srivatsava
Editor

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