Kavita joined the World Gold Council in 2023, where she works in the Research team as the Research Head for India.
She has over two decades of experience in financial services. She previously held positions as an Economist at Nuvama (formerly Edelweiss) Wealth Management, CARE Ratings, Angel One, and, the National Commodities and Derivatives Exchange, overseeing macro research, sub-sovereign ratings, and industry analysis.
Kavita holds a master’s degree in economics and a postgraduate diploma in Financial Management.
The busy wedding season over the coming months (November–March), with a high number of anticipated weddings, is expected to support jewellery demand. Investment interest in gold is likely to persist amid broadly bullish sentiment around gold.
Gold continues its extraordinary price rally, having reached 48 all-time highs this year. Geopolitical tensions, strong investment demand, dollar weakness, financial market risk and expectations of dovish Fed policy lifted international prices by 11.6% in September and by an additional 7.9% in the first two weeks of October, pushing past the US$4,000/oz milestone.
As the festive and wedding season approaches, there are signs that gold jewellery demand is gaining momentum, and with investment interest holding firm, overall gold demand could receive a boost.
The June–July period typically marks the off-season for gold in India, particularly for jewellery. A recovery in demand is anticipated with the onset of the festive and auspicious buying season from mid-August.
Even with a price moderation in November and December, gold surpasses other key asset classes to lead returns in 2024. Jewellery demand slowed amid high prices and an inauspicious period on the Hindu calendar.
Despite record-high prices Diwali gold demand was healthy, with strong sales driven by investment appeal. Indian gold ETFs continue to attract strong interest from investors, with October seeing the largest inflows on record. The Reserve Bank of India (RBI) has purchased 64t of gold to date this year, making it the second highest annual purchase on record. Uptick in gold imports in October.
The surge in demand from the import duty cut was tempered by fresh record-high prices and an inauspicious period in September according to the Hindu calendar. Domestic gold prices are currently at a slight discount over landed cost1 amid normalising demand. However, signs of festive buying are beginning to emerge. With an addition of 54.7t y-t-d,2 the Reserve Bank of India’s (RBI) gold reserves have grown by 7%. Increased interest in Indian gold ETFs; inflow momentum remains strong. Gold imports see moderation in imports after August surge.
Domestic gold price tracks the upward trend in international prices. Consumer demand stabilises but maintains strength; festive season momentum key. Premium of domestic gold prices over landed cost shrinks. The Reserve Bank of India (RBI) has added 50t to its gold reserves so far this year. Streak of fund inflows into Indian gold ETFs continues, with highest monthly inflows on record in August. Gold imports hit a new high in August
