[Jan] World Gold Council

Question 1

Context?

Answer 1

As per WGC, Gold demand in India hit a 25-year low at 446.4 tonnes in 2020, compared with 690.4 tonnes in 2019 due to the COVID-19 induced lockdown and on account of record high prices.

Question 2

Gold & inflation?

Answer 2

The demand for gold increases during inflationary times due to its inherent value and limited supply. As it cannot be diluted, gold is able to retain value much better than other forms of currency.

Question 3

About WGC?

Answer 3

-Headquartered in the UK, they have offices in India, China, Singapore, Japan and the United States.

-It is the market development organisation for the gold industry.
It works across all parts of the industry, from gold mining to investment, and their aim is to stimulate and sustain demand for gold.

Question 4

Members of WGC?

Answer 4

It is an association whose members comprise the world’s leading gold mining companies.
It helps to support its members to mine in a responsible way and developed the Conflict Free Gold Standard.

Question 5

Indian gold mines?

Answer 5

https://www.insightsonindia.com/wp-content/uploads/2021/01/gold_mine.jpg