The World Gold Council has forecasted that a record amount of used gold jewellery will likely be sold in India, reflecting the growing trend of individuals leveraging the advantageous market conditions to unlock the value of their assets.
Indians will probably sell a record amount of used gold jewellery this year to take advantage of a surge in domestic prices of the precious metal, according to the World Gold Council.
If local prices continue to rise, recycled bullion sales are expected to jump more than 20% and match the previous high of 119.5 tons set in 2019, P.R. Somasundaram, regional chief executive officer for India at the World Gold Council, said in an interview. That’s likely to see India importing less gold this year, he said from Mumbai.
A cut in purchases by the world’s second-biggest gold importer could put some downward pressure on international prices, currently near $1,960 an ounce. Indian gold prices have jumped by almost a fifth over the last 12 months, more than twice as much as globally, due to a weakening rupee making the precious metal more expensive.
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