Indian gold market sees weak demand but steady imports in April — Chacko from WGC

The Indian gold market softened in April amid mixed demand during the country’s traditional festival period and active redemptions from gold-backed ETFs. However, Kavita Chacko, Head of India Research at the World Gold Council (WGC), notes that imports remained steady. She adds that stabilizing gold prices could renew investor interest in the coming months.

After surging in April due to global trade tensions, gold prices pulled back in May. Though the metal continues to hover near record highs, according to Kitco News analysts.

In India, high and volatile gold prices dampened jewelry demand during key festivals, with consumers either postponing purchases or opting for lower-cost alternatives, Chacko explains.

Meanwhile, gold ETFs saw significant outflows in April as investors cashed in profits at peak prices. Data from the Association of Mutual Funds of India (AMFI) shows redemptions hit a record 16.69 billion Indian rupees ($195 million) during the month.