Context:
India’s gold investments surge 60% to Rs 1.5 lakh crore in 2024: World Gold Council Report.
Key Highlights of the Report:
- Global Demand: Overall demand grew by 25%.
- Investment demand increased by 29% in 2023.
- Global Supply: Supply rose by 1%, primarily due to increased mine production and recycling efforts.
- Outlook for 2025: Central banks and Gold Exchange Traded Funds are expected to be the main drivers of demand.
- India’s Gold Reserves: The Reserve Bank of India (RBI) added 73 tonnes of gold to its foreign exchange reserves, raising gold’s share to a record 11%.
Status of Gold Resources:
- India: Largest gold ore (primary) resources are in Bihar (44%), followed by Rajasthan (25%), Karnataka (21%), West Bengal & Andhra Pradesh (3% each), and Jharkhand (2%) (Ministry of Mines, 2022).
- Global: Major gold reserves held by the USA, Germany, Italy, France, China, Switzerland, India, and Japan.
- Top gold exporters include Germany, the European Union, Switzerland, the United States, and Japan (World Integrated Trade Solution, 2023).
World Gold Council (WGC):
- Founded: 1987
- Objective: Promote gold as a strategic asset and advance a responsible, transparent, and accessible gold supply chain.
- Membership: 32 members, including some of the world’s leading gold mining companies, and it operates in over 45 countries
- Headquarters: London, UK.
Source: DD News
Previous Year Question
What is/are the purpose/purposes of Government’s ‘Sovereign Gold Bond Scheme’ and ‘Gold Monetization Scheme’?
1. To bring the idle gold lying with Indian households into the economy.
2. To promote FDI in the gold and jewellery sector.
3. To reduce India’s dependence on gold imports.
Select the correct answer using the code given below:
[UPSC Civil Services Exam – 2016 Prelims]
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: (c)