- The domestic gold price ended the month 25% higher y-t-d at Rs48,778/10g1
- The economic recovery momentum softened in November
- Retail gold demand continued to improve with Dhanteras and wedding demand
- The strong performance of the equity market, declining COVID-19 cases and a lower domestic gold price contributed to ETF outflows. Total holdings for Indian gold ETFs reached 27.1t at the end of November; a net outflow of 0.5t during the month
- The Reserve Bank of India (RBI) has added 37.9t of gold y-t-d in 2020.
Economic recovery momentum softened in November
After making a strong recovery over the past few months since COVID restrictions were eased, the pace began to moderate in November. While a number of economic indicators continued to expand y-o-y, they did so at a slower pace than over recent months (Table 1).