Surging gold prices drive shift from jewellery to bars and coins: WGC report

Consumers are shifting from gold jewellery to gold bars and coins due to rising gold prices, as reported by the World Gold Council (WGC). Despite high prices dampening jewelry demand, gold bars and coins remain popular. The domestic gold price discount to the international price widened significantly in July. Indian gold ETFs saw strong inflows, with assets under management growing by 54% year-on-year. The Reserve Bank of India increased its gold purchases in June, marking the highest monthly procurement in nearly two years, driven by efforts to diversify forex reserves.