India gold prices jump 4.1% in May, defying 1.4% global decline: WGC
Rupee weakness and geopolitical tensions pushed Indian gold up 4.1% in May while global prices slipped 1.4%. WGC flags structurally supportive demand but softer physical offtake, a 60% YoY surge in old-gold exchange, and PM Modi's appeal to defer purchases as near-term headwinds.
What happened
World Gold Council · Indian gold prices rose 4.1% in May versus a 1.4% global decline, driven by currency weakness and geopolitical tensions. WGC sees India
Key facts
- 4.1% May rise India
- 1.4% global decline
- USD 4546/oz
- 17.6% YTD India
- 60% YoY old gold exchange
Why this matters
The 60% YoY spike in old-gold exchange creates a recycling-supply opportunity for vertically integrated jewellers to acquire refining capacity or partner with unorganised players consolidating around price volatility.