CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -Which country is the world’s largest consumer of Gold? Notes: India is the world’s second largest consumer of Gold, only after China. India’s gold imports rose by 33.34 per cent to ₹46.14 billion during the 2021-22 fiscal, due to high demand. In the previous fiscal, Gold imports were worth ₹34.62 billion.

Detailed explanation-3: -In 2021 India bought 611t of gold jewellery, second only to China (673t) but comfortably ahead of all other gold-consuming markets, a recent World Gold Council report revealed.

Detailed explanation-4: -Today, China is the world’s largest single market for gold, driven by a society that is becoming steadily more affluent and which holds the view that purchasing gold demonstrates sound financial foresight and promises to bring good fortune.