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 gold rally continues, driven largely by global uncertainty. Domestic demand remains resilient, supported by strong investment buying, while listed jewellery companies have reported healthy revenue growth in the October–December quarter. December witnessed unprecedented inflows into Indian gold ETFs, taking overall gold demand in 2025 to a historic high.
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.
