CURRENT AFFAIRS

Detailed explanation-1: -The overall gold demand in 2021 stood at 797.3 tonnes, according to WGC’s annual ‘Gold Demand Trends’ report.

Detailed explanation-2: -The demand for gold across India was about 797.3 metric tons in 2021. This represented an increase of some 78.6 percent in comparison to the previous year, and the first growth after four years of continual annual decline.

Detailed explanation-3: -India’s Gold Jewellery Demand Slips 2% To 600.4 Tonnes In 2022; Gold Imports Plunge 27% Total jewellery demand in India for 2022 was down by 2% to 600.4 tonnes as compared to 610.9 tonnes in 2021, it noted. The value of Indian gold jewellery demand in 2022 was up by 4% to ₹272,810 crores, from 2021 (₹261,150 crores).

Detailed explanation-4: -World Gold Council – WGC Why in the News? According to the latest World Gold Council Report titled ‘Gold refining and recycling’, India has ranked 4th in global gold recycling in 2021.

Detailed explanation-5: -India is the second largest gold jewellery consumer in the world. In 2021, India bought 611 tonnes of gold jewellery, second only to China (673 tonnes), but comfortably ahead of all other gold-consuming markets, according to the ‘Jewellery Demand and Trade’ report released by the World Gold Council on January 19, 2023.