Rising gold prices crossing ₹1 lakh per 10 grams have ignited a surge in buying in India, driven by Fear of Missing Out (FOMO), says Sachin Jain of the World Gold Council. Strong demand fuels this rush amid uncertain global economic conditions and festive season buying trends.
India has witnessed a gold buying frenzy as prices breached the significant ₹1 lakh mark for the first time recently. Sachin Jain, Group Executive Director at the World Gold Council (WGC), highlights that this spike has sharpened the Fear of Missing Out (FOMO) among investors and consumers, propelling a robust demand surge.
Sachin Jain points out that gold's appeal as a secure asset intensifies during periods of economic uncertainty and inflationary pressures. The recent rally is backed by strong physical demand, especially in India's key consumption periods like festivals and weddings, amplified further by investment interest.
Despite high prices, demand remains resilient as gold is deeply ingrained in Indian culture both as a symbol of prosperity and a financial hedge. The WGC forecasts sustained interest in gold, driven by its dual role in portfolios and cultural significance.
Key Highlights:
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Gold prices cross ₹1 lakh per 10 grams, marking a historic peak in India
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Fear of Missing Out (FOMO) fuels increased buying momentum
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Physical demand strong amid festive and wedding seasons
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Gold perceived as a safe haven amid global economic uncertainties
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Investment demand rises despite elevated price levels
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WGC projects continued robust demand for gold in India
Sources: The Tribune India, Moneycontrol, World Gold Council statements