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Paul Brink Succeeds Neal Froneman as World Gold Council Chair

The World Gold Council has appointed Paul Brink, President and Chief Executive Officer of Franco-Nevada Corporation , as its new Chair of the Board on 28th September 2026. Brink succeeds Neal Froneman, whose term as Chair has now concluded.

Brink has been leading Franco-Nevada since 2020 and has been involved in the company’s business development since its initial public offering in 2007. Franco-Nevada is a gold-focused royalty and streaming company and has maintained a longstanding relationship with the World Gold Council.

The World Gold Council is governed by a Board of Directors comprising representatives from member companies along with the Council’s CEO. Its Board is responsible for overseeing the organisation’s mission and objectives.

David Tait Thanks Neal Froneman for His Leadership

World Gold Council CEO David Tait thanked outgoing Chair Neal Froneman for his contribution and highlighted the progress made during his tenure.

“I would like to thank Neal for his leadership as Chair. His insight, experience and commitment to responsible mining have helped guide the World Gold Council through an important period of progress, from supporting responsible ASGM formalisation to advancing our gold digitalisation programme.

As Paul takes on the role, we look forward to working with him and the Board to build on that momentum across our strategic initiatives, and to continue championing a more responsible, accessible and trusted gold market.”

Paul Brink Outlines Priorities as New Chair

Commenting on his appointment, Paul Brink said:

“I am honoured to represent the leading gold producers globally at a time when gold’s relevance has rarely been more evident.

I would like to commend Neal for his role in advancing the Consolidated Mining Standard Initiative, which will help strengthen trust, transparency and accountability across our industry. During his tenure, the Council’s pivotal role in engaging with central banks was evident in robust growth in official sector gold holdings, underscoring gold’s enduring role as a strategic reserve asset. Under his leadership, the Council has advanced its gold digitalisation programme, both to broaden access to gold and to support the long-term strength and integrity of the market.

I look forward to working with David Tait, the World Gold Council team and the Board to continue this important work.”

Gold Digitalisation and Responsible Mining Remain Key Focus Areas

The leadership transition comes as the World Gold Council continues work across several areas of the gold industry, including responsible mining, gold market accessibility and digitalisation. The organisation describes its mission around improving understanding, access and trust in gold and the gold supply chain.

The Council has also been highlighting gold’s role in the global financial system, including developments involving central-bank gold holdings and changing investment demand. Its recent research has pointed to continued interest in gold as central banks and investors respond to changing economic and geopolitical conditions.

About Paul Brink

Paul Brink is the President and CEO of Franco-Nevada Corporation, a company focused on gold royalties and streaming. He became the company’s CEO in 2020 and has been associated with its business development activities since its 2007 IPO. He now takes on the role of Chair of the World Gold Council Board following the completion of Neal Froneman’s term.

FAQ’s

1. Who has been appointed the new Chair of the World Gold Council Board?

Paul Brink, President and Chief Executive Officer of Franco-Nevada Corporation, has been appointed as the new Chair of the World Gold Council Board. He succeeds Neal Froneman, who has completed his term.

2. Who did Paul Brink replace as Chair of the World Gold Council?

Paul Brink succeeds Neal Froneman as Chair. Froneman completed his term after leading the Board during a period that included work on responsible mining, gold digitalisation and other industry initiatives.

3. What is Paul Brink’s current role at Franco-Nevada?

Paul Brink is the President and Chief Executive Officer of Franco-Nevada Corporation. He has led the company since 2020 and has been involved in its business development since its initial public offering in 2007.

4. What areas will Paul Brink focus on as World Gold Council Chair?

The World Gold Council said it will continue working across strategic initiatives including responsible mining, gold digitalisation, market accessibility and trust in the gold market. Brink said he looks forward to continuing this work with David Tait, the Council’s team and the Board.

5. What is the World Gold Council’s role in the gold industry?

The World Gold Council is a membership organisation representing major gold-mining companies. Its stated mission includes improving understanding of gold, increasing access and building trust across the gold supply chain, while supporting progress toward a responsible and sustainable gold market.

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Although physical investment in gold bars and coins improved compared with a year earlier, it was not enough to compensate for substantial ETF withdrawals that dominated the quarter.

ETF Outflows Were the Biggest Reason Behind the Decline

The report highlights that ETF outflows were the primary factor responsible for the sharp fall in US gold demand.

Overall US gold demand declined to 7.9 tonnes in Q2 2026, far below the country’s long-term quarterly average of around 90 tonnes.

The biggest drag came from US-listed physically backed gold ETFs, which recorded another major wave of selling in June. Holdings declined by 40 tonnes during the month, following relatively stable flows in April and May.

According to WGC, the Q2 pullback was largely driven by short-term investment behaviour rather than weakness across the broader gold market, as positive demand from other sectors could not offset ETF liquidation.

ETF Selling Was Concentrated, Not Continuous

One of the key findings in the report is that ETF weakness was concentrated rather than persistent throughout the first half of 2026.

Most of the selling occurred during March and June, representing two separate liquidation episodes instead of a prolonged investor exit from gold.

WGC noted that if these two months are excluded, US gold-backed ETFs would actually have recorded net inflows of around 65 tonnes during the first half of the year.

This suggests that investors were primarily reacting to specific market events instead of abandoning gold as a long-term investment.

Why Investors Sold Gold ETFs

The report identifies several factors that encouraged ETF outflows during H1 2026:

• Investors reduced portfolio risk and booked profits after gold reached record highs.
• Rising US Treasury yields and a stronger US Dollar increased the opportunity cost of holding gold.
• Expectations that the US Federal Reserve would keep interest rates higher for longer weakened ETF demand.
• Gold’s price correction in June also encouraged short-term liquidation.

Despite these pressures, WGC believes the ETF selling reflected temporary portfolio adjustments rather than a structural shift away from gold.

Bar and Coin Investment Improved

While ETF demand weakened, physical investment in gold bars and coins showed encouraging signs of resilience. Demand increased compared with the same period last year as many investors used price corrections as buying opportunities.

However, purchases moderated from the exceptionally strong first quarter because gold prices remained largely range-bound during Q2.

According to WGC, two-way trading remained active, with some investors taking profits while long-term buyers accumulated gold during market pullbacks.

Jewellery Demand Remained Under Pressure

High gold prices continued to affect jewellery purchases across the United States.

Consumers increasingly shifted toward:

• Lighter-weight jewellery
• Lower-karat products
• Affordable designs

The report noted that luxury jewellery remained relatively resilient, while the mass-market segment experienced the sharpest slowdown.

Although jewellery volumes declined, the overall value of jewellery sales increased because of elevated gold prices.

Technology Demand Stayed Stable

Gold demand from the technology sector remained relatively steady. Growing demand from the electronics industry helped offset weakness in industrial applications such as dentistry, where higher bullion prices increased manufacturing costs.

Retail Investors Continued to Prefer Gold

WGC’s discussions with North American bullion dealers revealed that gold remained more popular than silver among retail investors during Q2.

Key retail trends included:

• Trading activity returned to more normal levels after exceptionally high volumes earlier in the year.
• Long-term investors continued to book profits at record prices.
• Many investors bought gold during temporary price declines.
• Investment bars remained the preferred product because they offered greater gold exposure per dollar invested.

Investment Expected to Remain the Main Driver of Demand

Looking ahead, the World Gold Council believes investment demand will continue to be the primary source of growth for the US gold market.

Persistent geopolitical uncertainty is expected to support investor interest in gold. However, WGC cautions that ETF flows are likely to remain highly sensitive to:

• US Treasury yields
• Federal Reserve policy expectations
• Strength of the US Dollar
• Global geopolitical developments

As a result, while short-term ETF flows may remain volatile, the Council believes the long-term strategic case for gold remains firmly intact.

FAQs

1. Why did US gold demand decline in Q2 2026?

The main reason was significant outflows from US-listed physically backed gold ETFs. Although demand for bars, coins, jewellery, and technology provided some support, it was insufficient to offset the large ETF withdrawals.

2. Were ETF outflows consistent throughout the first half of 2026?

No. The World Gold Council said most ETF selling was concentrated in March and June, indicating two distinct liquidation events rather than continuous investor selling throughout the period.

3. Did physical gold investment improve during Q2 2026?

Yes. Demand for gold bars and coins increased compared with the same period last year, as many investors used price corrections to accumulate gold. However, investment moderated compared with the exceptionally strong first quarter.

4. How did high gold prices affect jewellery demand?

Higher bullion prices continued to reduce jewellery volumes, with consumers increasingly choosing lighter-weight and lower-karat products. Premium jewellery performed relatively better than the mass-market segment.

5. What is the World Gold Council’s outlook for US gold demand?

WGC expects investment demand to remain the primary growth driver. While ETF flows could remain volatile due to interest rates, bond yields, and the US Dollar, geopolitical uncertainty and long-term portfolio diversification are expected to continue supporting gold demand.

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Single Window प्रणाली से आसान होगी मंजूरी

WGC इंडिया के रीजनल सीईओ सचिन जैन के अनुसार, यदि सोने को स्ट्रेटेजिक मिनरल घोषित किया जाता है, तो खनन कंपनियों को विभिन्न राज्यों से अलग-अलग अनुमति लेने की आवश्यकता नहीं होगी। इसके बजाय, केंद्र सरकार के माध्यम से सिंगल विंडो क्लियरेंस व्यवस्था लागू हो सकती है, जिससे लाइसेंस और मंजूरी की प्रक्रिया तेज और सरल होगी।

उनका कहना है कि इस प्रस्ताव पर खनन मंत्रालय (Ministry of Mines) के साथ विस्तार से चर्चा की जा चुकी है और इससे देश में निवेश और खनन गतिविधियों को नई गति मिल सकती है।

घरेलू खनन बढ़ाकर आयात पर निर्भरता घटाने का लक्ष्य

WGC का मानना है कि भारत हर साल बड़ी मात्रा में सोने का आयात करता है, जिससे चालू खाते (Current Account Deficit) पर दबाव बढ़ता है। यदि घरेलू सोना उत्पादन बढ़ाया जाए और इसे रणनीतिक खनिज का दर्जा मिले, तो आयात की जरूरत कम होगी और देश की आर्थिक मजबूती बढ़ेगी।

अपनी रिपोर्ट ‘स्वर्णिम उड़ान 2047 (Swarnim Udaan 2047)’ में WGC ने सुझाव दिया है कि वर्ष 2047 तक भारत की कुल वार्षिक सोने की मांग का 10 से 15 प्रतिशत हिस्सा घरेलू खनन से पूरा किया जाना चाहिए।

31,000 टन घरेलू सोने का बेहतर उपयोग करने की जरूरत

WGC के अनुसार भारतीय परिवारों के पास लगभग 31,000 टन सोना मौजूद है, जिसमें करीब 20,000 टन आभूषण और लगभग 6,000 टन गोल्ड बार एवं सिक्के शामिल हैं इस सोने का अनुमानित मूल्य करीब 314.9 लाख करोड़ रुपए है।

रिपोर्ट के मुताबिक, यदि इस निष्क्रिय (Idle) सोने का सिर्फ 1 प्रतिशत भी हर वर्ष गोल्ड मोनेटाइजेशन के माध्यम से आर्थिक प्रणाली में लाया जाए, तो लगभग 3.1 लाख करोड़ रुपए के बराबर सोने के आयात की आवश्यकता कम की जा सकती है। इससे घरेलू अर्थव्यवस्था को नई पूंजी मिलेगी और विदेशी आयात पर निर्भरता घटेगी।

केंद्रीय बैंकों की खरीद बनी रह सकती है मजबूत

सचिन जैन का मानना है कि वैश्विक स्तर पर भू-राजनीतिक तनाव, बढ़ते सरकारी कर्ज और अमेरिकी डॉलर पर भरोसे को लेकर बनी चिंताओं के बीच दुनिया भर के केंद्रीय बैंक आने वाले समय में भी सोने की खरीद जारी रख सकते हैं। ऐसे माहौल में सोना दीर्घकालिक रणनीतिक संपत्ति (Strategic Asset) के रूप में अपनी अहमियत बनाए रखेगा।

डिजिटल गोल्ड और टोकनाइजेशन पर भी WGC का जोर

WGC ने गोल्ड मोनेटाइजेशन प्रक्रिया को अधिक सरल और डिजिटल बनाने की जरूरत पर भी बल दिया है। खासकर गोल्ड बार और सिक्कों को डिजिटल प्लेटफॉर्म से जोड़कर उन्हें अधिक पारदर्शी, प्रमाणिक और आसानी से खरीदा-बेचा जा सकने वाला बनाया जा सकता है।

सचिन जैन ने कहा कि क्रिप्टोकरेंसी और गोल्ड की भूमिका अलग-अलग रहेगी, लेकिन भविष्य में गोल्ड टोकनाइजेशन जैसी तकनीक निवेशकों के लिए सोने को अधिक सुलभ और उपयोगी बना सकती है।

सोने, चांदी के भाव से जुड़े सवाल-जवाब, FAQ’s

1. WGC ने सोने को रणनीतिक खनिज घोषित करने की मांग क्यों की है?

वर्ल्ड गोल्ड काउंसिल का मानना है कि यदि सोने को रणनीतिक खनिज का दर्जा मिलता है, तो खनन परियोजनाओं की मंजूरी प्रक्रिया आसान होगी, घरेलू उत्पादन बढ़ेगा और भारत की सोने के आयात पर निर्भरता कम हो सकेगी।

2. रणनीतिक खनिज का दर्जा मिलने से देश को क्या फायदा होगा?

इससे सिंगल विंडो क्लियरेंस व्यवस्था लागू होने की संभावना बढ़ेगी, निवेश आकर्षित होगा, खनन गतिविधियों में तेजी आएगी और भारत आत्मनिर्भरता की दिशा में मजबूत कदम बढ़ा सकेगा। साथ ही चालू खाते के घाटे (Current Account Deficit) को कम करने में भी मदद मिल सकती है।

3. WGC की ‘स्वर्णिम उड़ान 2047’ रिपोर्ट का मुख्य लक्ष्य क्या है?

रिपोर्ट का उद्देश्य वर्ष 2047 तक भारत की कुल वार्षिक सोने की मांग का 10 से 15 प्रतिशत हिस्सा घरेलू खनन से पूरा करना और गोल्ड मोनेटाइजेशन के जरिए देश में मौजूद निष्क्रिय सोने को आर्थिक गतिविधियों में शामिल करना है।

4. भारत के पास कितना घरेलू सोना है और इसका महत्व क्या है?

WGC के अनुमान के अनुसार भारतीय परिवारों के पास लगभग 31,000 टन सोना है, जिसकी अनुमानित कीमत 314.9 लाख करोड़ रुपए है। इस सोने के एक छोटे हिस्से का भी उत्पादक उपयोग किया जाए तो आयात में बड़ी कमी लाई जा सकती है और अर्थव्यवस्था को अतिरिक्त पूंजी मिल सकती है।

5. गोल्ड टोकनाइजेशन और गोल्ड मोनेटाइजेशन से क्या लाभ हो सकता है?

गोल्ड टोकनाइजेशन से सोने की खरीद-बिक्री अधिक सुरक्षित, डिजिटल और पारदर्शी बन सकती है। वहीं, गोल्ड मोनेटाइजेशन से घरों में पड़ा निष्क्रिय सोना आर्थिक प्रणाली में शामिल होगा, जिससे आयात की जरूरत कम होगी और देश की वित्तीय व्यवस्था को मजबूती मिलेगी।

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The report states that India possesses more than 31,000 tonnes of gold, valued at approximately Rs 314.9 lakh crore (Rs 3.4 trillion) as of 2025. However, most of this gold remains locked inside households and contributes little to productive economic activity. According to the report, mobilising even a small portion of these holdings could deepen financial markets, strengthen liquidity, increase capital formation and reduce the country’s dependence on imported bullion.

India’s Idle Gold Could Become Productive Capital

The report describes household gold as one of India’s largest underutilised economic resources. Instead of importing fresh bullion every year, dormant household gold can be channelled into the formal economy through financial products and recycling mechanisms.

The report proposes building an integrated ecosystem that connects:

• Gold Monetisation Scheme (GMS)
• Gold recycling networks
• Electronic Gold Receipts (EGRs)
• Digital Gold
• Bullion banking
• Gold-backed financial products

According to the report, seamless movement of gold between physical and financial markets would improve liquidity, mobilise dormant assets and transform gold into productive capital supporting India’s economic growth.

Financialisation Could Help Reduce India’s Gold Import Bill

India remains one of the world’s largest gold consumers and relies heavily on imports to meet domestic demand. The report notes that this dependence exposes the country to global price volatility, supply disruptions and foreign exchange outflows.

It argues that expanding domestic sources of gold through financialisation, recycling and mining can reduce reliance on imported bullion while strengthening India’s economic resilience. This approach also aligns with the objectives of Atmanirbhar Bharat and Make in India by creating greater domestic value addition across the gold ecosystem.

Gold Recycling Can Lower Import Dependence

The report identifies recycling as one of the biggest opportunities to reduce gold imports. While India is already among the world’s leading gold recycling markets, only a limited quantity of old jewellery returns to the formal supply chain each year.

The report recommends expanding organised recycling by improving consumer participation, strengthening refinery infrastructure and addressing taxation-related barriers. Higher recycling would increase domestic bullion availability, reduce import requirements and improve refinery utilisation.

Bullion Banking to Become the Backbone of Gold Financialisation

A key recommendation of the report is the development of a globally competitive bullion banking ecosystem.

The proposed system would support:

• Gold-backed savings products
• Gold lending
• Bullion trading
• Digital gold services
• Custody and settlement
• Market liquidity
• Investment products

According to the report, bullion banking would enable gold to circulate more efficiently within the economy while reducing the need for additional imports.

Target to Mobilise 10–15% of Household Gold by 2047

As part of its long-term vision, the report proposes mobilising 10% to 15% of India’s household gold through an integrated bullion banking ecosystem by 2047.

This would help unlock dormant household wealth, support credit creation, increase investment and strengthen economic growth without relying solely on imported bullion.

Gold ETFs and Digital Gold Driving Financialisation

The report highlights growing investor preference for financial gold products over physical holdings.

According to the report:

• Net inflows into Gold ETFs increased from approximately Rs 460 crore in 2022 to more than Rs 43,000 crore in 2025.
• Gold ETF assets under management expanded nearly nine-fold between 2020 and 2025.

The report says this trend reflects rising acceptance of regulated, liquid and investment-oriented gold products, particularly among younger investors.

Policy Reforms Needed to Accelerate Gold Financialisation

The report recommends several policy measures to unlock the full economic potential of gold:

• Strengthen the Gold Monetisation Scheme.
• Resolve GST-related issues affecting Electronic Gold Receipts and recycling.
• Expand organised bullion banking.
• Improve integration between physical and financial gold markets.
• Encourage digital gold adoption.
• Promote responsible gold recycling.
• Develop stronger market infrastructure and trading systems.

The report also recommends establishing a National Gold Board and a Gold Innovation Centre to coordinate policy reforms, drive innovation and accelerate financialisation across the gold value chain.

Gold Financialisation Could Strengthen India’s Economy

The report concludes that deeper gold financialisation can generate multiple economic benefits beyond reducing imports.

According to the report, these include:

• Lower dependence on imported gold.
• Reduced pressure on India’s foreign exchange reserves.
• Greater domestic capital formation.
• Improved financial market liquidity.
• Stronger bullion ecosystem.
• Higher recycling and refining activity.
• Better utilisation of household wealth.
• Increased investment and credit availability.
• Stronger long-term economic resilience.

The report describes financialisation as one of the five strategic pillars that can transform gold from a consumption-driven asset into a key contributor to India’s Viksit Bharat 2047 vision.

Key Highlights

• India holds 31,000+ tonnes of gold worth Rs 314.9 lakh crore.
• WGC recommends integrating GMS, EGRs, digital gold, recycling and bullion banking.
• Mobilising 10–15% of household gold could reduce import dependence.
• Gold ETF investments surged from Rs 460 crore (2022) to Rs 43,000+ crore (2025).
• Financialisation could improve liquidity, capital formation and economic resilience.

Frequently Asked Questions (FAQs)

1. What is gold financialisation?

Gold financialisation means integrating physical gold into the formal financial system through products such as Gold Monetisation Schemes, bullion banking, Electronic Gold Receipts, digital gold and gold-backed investments.

2. How much gold does India currently hold?

According to the WGC report, India held more than 31,000 tonnes of gold worth approximately Rs 314.9 lakh crore (US$3.4 trillion) as of 2025.

3. How can gold financialisation reduce India’s import bill?

By mobilising idle household gold, increasing recycling and expanding bullion banking, India can meet more domestic demand from existing gold instead of importing additional bullion.

4. What household gold mobilisation target does the report propose?

The report recommends mobilising 10–15% of India’s household gold through an integrated bullion banking ecosystem by 2047.

5. Which institutions does the report recommend creating?

The report proposes establishing a National Gold Board and a Gold Innovation Centre to coordinate reforms, improve market infrastructure and promote innovation across India’s gold ecosystem.

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Prepared in partnership with Monitor Deloitte, the report presents a comprehensive multi-decade strategy to strengthen India’s gold ecosystem through domestic mining, jewellery exports, financialisation, innovation, policy reforms, and institutional coordination. As India advances toward its ambition of becoming a 30 trillion dollar economy by 2047, the report argues that gold can contribute significantly to financial resilience, exports, advanced manufacturing, industrial competitiveness, and sustainable economic growth.

Key Vision for India’s Gold Industry by 2047

The report outlines several ambitious targets designed to reshape India’s gold ecosystem over the next two decades:

• Meet 10–15% of India’s annual gold demand through domestic mining
• Mobilise 10–15% of household gold into the formal financial system
• Make India the world’s No.1 gold jewellery exporter
• Establish a National Gold Board for policy coordination
• Create a Gold Innovation Centre to promote technology, sustainability and innovation throughout the gold value chain

David Tait: Gold is Becoming More Than an Investment Asset

Speaking on the launch of the report, David Tait, CEO, World Gold Council, said:

“India is already central to the global gold ecosystem, and its role is set to become even more significant as global supply chains evolve, financial markets deepen, and strategic technologies advance. Gold’s importance goes well beyond investment and jewellery; it is increasingly critical to industrial innovation, financial resilience and economic security. Swarnim Udaan 2047 sets out a clear pathway for India to modernise and strengthen its gold market — enhancing resource security, supporting financial deepening, enabling advanced manufacturing, and contributing to long-term, sustainable economic growth.”

Sachin Jain: Gold Can Become a Strategic National Asset

Sachin Jain, Regional CEO, India, World Gold Council, stated:

“Gold has always been deeply embedded in India’s cultural and economic fabric. The opportunity now is to unlock its full potential as a strategic national asset aligned with India’s economic priorities. Through coordinated action across mining, recycling, financialisation, jewellery, exports and innovation, gold can become a stronger contributor to India’s Viksit Bharat.”

He further added:

“Swarnim Udaan represents the ascent of India’s Sone ki Chidiya (“Swarnim Udaan 2047”)- rooted in heritage, powered by innovation and aligned with national ambition India can secure its golden future and build a legacy that endures for generations to come.”

Monitor Deloitte Supports the Vision

Harsh Kapoor, Partner, Monitor Deloitte, South Asia, said:

“Swarnim Udaan 2047 presents a bold vision for repositioning gold from a traditional ‘store of value’ to a strategic national asset for India’s future economy. By bringing together policy reform, institutional coordination and innovation, the report outlines how greater value can be unlocked across the entire gold ecosystem while strengthening economic resilience, industrial competitiveness, and long-term value creation. We are proud to have partnered with the World Gold Council in shaping this roadmap towards a Viksit Bharat.”

Five Strategic Pillars of Swarnim Udaan 2047

1. Promoting “Mine in India”

The report proposes that 10–15% of India’s annual gold demand should be met through domestic mining by 2047.

Key recommendations include:

• Declaring gold a Strategic Mineral under the MMDR Act
• Stronger exploration incentives
• Faster environmental and regulatory clearances
• Updated geological data repositories
• Adoption of advanced exploration technologies
• Workforce development for the mining sector

2. Making India “Jeweller to the World”

The roadmap aims to position India as the world’s largest gold jewellery exporter by 2047.

Recommended initiatives include:

• Diversifying exports beyond traditional diaspora markets
• Design localisation
• Strengthening the “Made in India” jewellery brand
• Modernising jewellery manufacturing clusters
• Artisan skill development
• Targeted export support programmes
• Launching the Karigar Connect initiative
• Creating a Gold Jewellery Technology Upgradation Fund
• Organising global showcase events such as India Gold Fashion Week

3. Enabling greater financialisation of Gold

One of the report’s most significant proposals is to mobilise 10–15% of India’s household gold into the formal financial system.

According to the report:

• Indian households currently own approximately 31,000 tonnes of gold
• This gold is valued at nearly Rs 314.9 lakh crore (US$3.4 trillion)
• Monetising just 1% annually could substitute gold imports worth approximately ₹3.1 lakh crore (US$34 billion)

The report recommends stronger participation from banks and reforms in bullion banking to unlock this idle wealth.

4. Reimagining gold jewellery for the modern consumer

With India’s 380 million-plus Gen Z population continuing to grow, the report calls for a modern approach to jewellery retail through:

• Phygital retail experiences
• Contemporary jewellery designs
• Stronger hallmarking
• Improved traceability
• Positioning jewellery as an everyday lifestyle product

5. Unlocking gold’s potential as a strategic national asset and mineral

The report also highlights gold’s growing industrial importance.

It notes that:

• Electronics account for nearly 80% of global industrial gold demand
• India’s semiconductor market is projected to reach US$750 billion by 2047

Gold could therefore become increasingly important across sectors including:

• Electronics
• Semiconductors
• Biotechnology
• Diagnostics
• Aerospace
• Artificial Intelligence
• Quantum technologies

Institutional Reforms Proposed

To ensure effective implementation, the report recommends establishing:

National Gold Board

In line with the NITI Aayog–Watal Committee (2018) recommendations, the proposed Board would:

• Coordinate stakeholders
• Align government policies
• Rationalise regulations
• Strengthen market infrastructure
• Monitor implementation

Gold Innovation Centre

The proposed Centre would support:

• Research and development
• Technology adoption
• Digitalisation
• Sustainability initiatives
• Capability building
• Market development across the gold value chain

Multi-Stakeholder Task Force

The report also recommends creating a dedicated task force to oversee implementation of the roadmap.

FAQs

1. What is Swarnim Udaan 2047?

Swarnim Udaan 2047 is a long-term vision document released by the World Gold Council to strengthen India’s gold industry and position gold as a strategic contributor to Viksit Bharat by 2047.

2. What are the main objectives of the report?

The roadmap aims to increase domestic gold mining, mobilise household gold, make India the world’s leading jewellery exporter, establish a National Gold Board, and create a Gold Innovation Centre.

3. How much household gold does India currently hold?

According to the report, Indian households own approximately 31,000 tonnes of gold, valued at around Rs 314.9 lakh crore (US$3.4 trillion).

4. Why does the report propose a National Gold Board?

The proposed National Gold Board would coordinate stakeholders, align policy, improve regulations, strengthen market infrastructure, and oversee implementation of India’s long-term gold strategy.

5. How can Swarnim Udaan 2047 benefit India’s economy?

The report believes that a stronger gold ecosystem can improve financial resilience, reduce import dependence, increase exports, promote advanced manufacturing, encourage innovation, and support India’s goal of becoming a developed economy by 2047.

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The WGC said net official gold purchases for Q1 were revised down from an earlier estimate of 244 tonnes to just 57 tonnes, representing a 76% reduction and marking the weakest first-quarter buying level in more than 15 years.

Why the Data Was Revised

The sharp adjustment was made after a significant volume of gold that had previously been classified as official-sector purchases was reallocated to the over-the-counter (OTC) market.

The WGC noted that central bank reporting remains voluntary, making it increasingly difficult to track actual official gold purchases. The challenge is particularly significant in the case of China, which is widely viewed as a major buyer but discloses only part of its gold acquisition activity.

Q2 Buying Rebounded Strongly

While the first quarter was unusually weak, official-sector demand recovered sharply during the second quarter.

According to the report, central banks added 289 tonnes of gold in Q2 2026, roughly five times the revised Q1 total. The rebound was attributed mainly to China and Poland, which were identified as key contributors to the stronger quarter.

Even with the Q2 recovery, overall first-half 2026 central bank demand remained the lowest since 2022, the report said.

Geopolitical Factors Add to Reporting Challenges

The WGC also linked the growing opacity in gold reporting to geopolitical developments following U.S. sanctions on Russia in 2022.

Those sanctions encouraged many developing economies to diversify reserves away from the U.S. dollar, while simultaneously reducing the amount of information they disclose to the International Monetary Fund (IMF).

WGC market strategist John Reade said analysts are increasingly engaged in a “game of cat-and-mouse” as they attempt to identify actual physical gold flows because many sovereign buyers now reveal only a fraction of their transactions.

Middle Eastern Sovereign Funds Entered the Market

The report also pointed to activity among Middle Eastern sovereign wealth funds. According to Reade, some regional funds sold portions of their bullion holdings following disruptions caused by recent conflicts in order to help offset declines in oil and gas revenues.

In addition, Turkey, Russia, and Azerbaijan were identified as net sellers of gold during the first half of 2026.

Why Slower Official Buying Matters

Central banks have become one of the gold market’s most important sources of structural demand, accounting for up to one-third of global second-quarter gold demand, according to the report.

When gold prices weaken, official-sector purchases often absorb excess supply and help create a price floor for the bullion market. A slowdown in that buying activity could therefore reduce an important source of support for gold prices.

The report noted that gold prices had already fallen by around 30% from their January 2026 peaks, making the reduction in official demand particularly significant for market sentiment.

ETF Outflows Also Weighed on Demand

Broader gold demand remained relatively resilient despite the weaker central bank data. The WGC said first-half global gold demand increased 2% year-on-year to about 2,500 tonnes, but overall momentum was held back by continued gold ETF liquidations.

Gold-backed ETFs recorded 45 tonnes of outflows during Q2 alone, equivalent to roughly USD 4 billion, adding further pressure to investment demand.

Frequently Asked Questions (FAQs)

1. Why did the WGC revise Q1 2026 central bank gold purchases lower?

The revision occurred because gold previously believed to have been purchased by central banks was reclassified into the OTC market, reducing the official-sector estimate from 244 tonnes to 57 tonnes.

2. How significant was the decline in Q1 central bank gold buying?

The revised figure represented a 76% drop from the original estimate and marked the lowest first-quarter level in more than 15 years.

3. Which countries helped drive the rebound in Q2 2026?

The WGC said the recovery to 289 tonnes of purchases in Q2 was driven largely by China and Poland.

4. Why has tracking central bank gold purchases become more difficult?

Gold purchase reporting is voluntary, and many sovereign institutions now disclose only part of their transactions. The WGC said this lack of transparency has become more pronounced since 2022.

5. What other factors weighed on gold demand in the first half of 2026?

In addition to weaker official-sector demand, gold ETF outflows of 45 tonnes (about USD 4 billion) during Q2 reduced overall investment momentum, even though total first-half gold demand still rose 2% year-on-year.

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The report indicates that total gold demand, including over-the-counter (OTC) transactions, remained unchanged year-on-year at 1,269 tonnes in Q2. During the first half of 2026, total demand reached 2,522 tonnes, up 2% from the previous year, with a record market value of 380 billion dollar.

Gold Price Averaged Over 4,500 Dollar per Ounce

According to the report, the LBMA PM gold price averaged 4,506.29 dollar per ounce during the second quarter.

• The average price was 8% lower than the record level recorded in Q1 2026.
• However, it remained 37% higher than the average price in Q2 2025, reflecting gold’s continued strength over the past year.

Gold ETF Demand Turned Negative

Global gold-backed ETFs experienced net outflows of 45 tonnes during Q2.

The WGC attributed the selling pressure to:

• Moderately weaker gold prices.
• Higher inflation and interest rate expectations, particularly in North America.
• A stronger U.S. dollar.

Bar and Coin Investment Stabilised

Physical investment through bars and coins remained steady at 307 tonnes, returning to more normal buying levels after two exceptionally strong quarters.

The report noted that investor interest in physical bullion remained healthy despite reduced momentum.

Central Banks Increased Gold Purchases

Central banks purchased 289 tonnes of gold during Q2 2026. The WGC said buying recovered strongly after a revised slowdown in the first quarter, returning to the elevated levels that have characterised official sector demand over the past four years.

Although purchases are expected to remain robust throughout 2026, the Council believes annual central bank buying is likely to finish below the exceptionally strong total recorded in 2025.

Jewellery Demand Fell to Pandemic-Era Lows

Jewellery demand declined to 278 tonnes, marking its lowest quarterly volume since the pandemic. High gold prices and broader inflation continued to reduce affordability for consumers.

However, despite weaker volumes, consumer spending on gold jewellery increased 14% year-on-year to 40 billion dollar, highlighting the metal’s continued value in household spending.

Technology Demand Continued to Improve

Gold demand from the technology sector increased slightly to 80 tonnes during Q2.

The report said growing demand linked to artificial intelligence (AI) applications helped offset continued weakness in the broader consumer electronics industry.

Gold Supply Remained Stable

Total global gold supply remained broadly unchanged at 1,269 tonnes.

Key supply trends included:

• Mine production increased 2% year-on-year.
• Recycling declined 6% year-on-year, as softer quarter-on-quarter gold prices discouraged consumers from selling old jewellery.

The increase in mining output largely compensated for the decline in recycled gold.

WGC Outlook for the Second Half of 2026

The World Gold Council expects investment demand to remain the primary growth driver during the second half of 2026.

According to the report:

• OTC investment activity is expected to increase.
• Asian investment demand is likely to strengthen further.
• Central banks should continue purchasing gold, although at a lower pace than in 2025.
• Jewellery demand is expected to remain under pressure due to elevated prices.
• Only modest growth is anticipated from mine production and recycled gold supply.

The WGC believes investment flows, particularly from Asia and OTC markets, will play an increasingly important role in supporting the global gold market for the remainder of the year.

FAQs

1. What was total global gold demand in Q2 2026?

According to the World Gold Council, total gold demand, including OTC transactions, remained unchanged year-on-year at 1,269 tonnes during the second quarter of 2026.

2. What was the average gold price during Q2 2026?

The LBMA PM gold price averaged US$4,506.29 per ounce, which was 8% below the record average in Q1 2026 but 37% higher than Q2 2025.

3. Why did jewellery demand decline in Q2 2026?

Jewellery demand weakened mainly because elevated gold prices and ongoing inflation reduced affordability, bringing quarterly jewellery consumption to its lowest level since the pandemic.

4. How did central banks contribute to gold demand?

Central banks purchased 289 tonnes of gold during Q2, with buying recovering strongly after a weaker first quarter, reinforcing gold’s role as a strategic reserve asset.

5. What is WGC’s outlook for gold in the second half of 2026?

The WGC expects investment demand, supported by OTC activity and stronger Asian buying, to remain the main driver of gold demand, while jewellery demand is likely to stay subdued and supply growth should remain modest.

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The report suggests that although overall demand remains below peak levels, consumers and investors have started taking advantage of the recent correction in gold prices, helping stabilize the domestic market.

Gold Prices Declined Before Recovering Slightly

International and domestic gold prices witnessed a significant correction during June. Global gold prices fell to nearly 4,000 Dollars per ounce, marking their lowest level in several months, while domestic prices slipped to around 141,000 Rupees per 10 grams, a six-month low.

Despite the correction, Indian gold prices have continued to outperform international markets on a year-to-date basis. The World Gold Council attributes this resilience largely to the increase in India’s gold import duty and the depreciation of the Indian Rupee against the U.S. Dollar.

Market analysts note that stronger expectations of higher U.S. interest rates, a firmer Dollar, and increased investor preference for equities contributed to the weakness in international gold prices.

Domestic Gold Discounts Continue to Narrow

The report highlights that gold discounts in India’s domestic market have reduced considerably from the unusually high levels recorded following the import duty hike earlier this year.

Although discounts widened modestly again during mid-July, they remain far below previous peaks, indicating that the domestic market is gradually returning to normal trading conditions.

The availability of recycled gold through jewellery exchange programs has helped maintain sufficient supply across the market.

Jewellery Demand Shows Signs of Recovery

Following a relatively weak period between mid-May and mid-June, consumer demand for gold jewellery has started improving.

Retailers reported that lower gold prices, stable market conditions, attractive promotional offers, exchange schemes, and flexible payment options have encouraged customers to resume purchases.

Apart from wedding-related demand, jewellers have also started receiving advance orders from retailers preparing for the upcoming festive season beginning in August.

Old Gold Exchange Continues to Grow

One of the strongest trends identified by the World Gold Council is the increasing popularity of exchanging old jewellery for new purchases.

Following the import duty increase, many retailers reported a noticeable rise in exchange transactions. In several cases, exchanged jewellery now represents a substantial share of total jewellery sales, helping improve domestic gold availability while reducing the need for fresh imports.

Listed Jewellery Retailers Report Strong Quarterly Growth

Leading listed jewellery companies delivered healthy business performance during the April–June quarter.

Many retailers reported strong year-on-year revenue growth, supported by seasonal festivals, Akshaya Tritiya demand, and the summer wedding season.

Growth was driven by higher customer footfall, larger average purchase values, and continued expansion of retail store networks across India, reflecting confidence in long-term jewellery demand.

Gold ETF Investments Rebound Strongly

Indian investors increased allocations to gold exchange-traded funds (ETFs) during June despite global ETF outflows.

The World Gold Council reported that June recorded the strongest monthly ETF inflows since February, as investors viewed lower gold prices as an attractive buying opportunity.

Investor participation also expanded significantly, with a large number of new investment accounts added during the month.

Digital Gold Demand Remains Resilient

The report also highlighted renewed strength in digital gold investments.

Purchases made through UPI-based digital gold platforms increased during June, with both transaction values and estimated buying volumes reaching their highest levels in three months.

This suggests that investors continue to use digital platforms as a convenient method of accumulating gold during periods of price weakness.

Gold Imports Fall to One-Year Low

India’s gold imports declined for the second consecutive month during June, reaching their lowest level in nearly a year.

According to the report, softer consumer demand, adequate inventories within the supply chain, and increased availability of recycled gold reduced the requirement for fresh imports.

Even though import volumes declined, the overall value of imports remained higher than a year earlier because of elevated average gold prices.

FAQ’s

1. What are the key highlights of the World Gold Council’s latest India Gold Market Update?

The report highlights improving jewellery demand, record ETF inflows since February, stronger digital gold purchases, lower gold imports, and rising old-gold exchange activity. Despite softer overall demand, lower prices encouraged both consumers and investors to increase their exposure to gold.

2. Why did jewellery demand improve even though the gold market remained mixed?

Lower gold prices made jewellery purchases more attractive for consumers. Retail promotional campaigns, exchange offers, flexible payment options, wedding demand, and advance festive-season buying also helped revive jewellery sales after a relatively weak period.

3. Why have India’s gold imports declined in recent months?

Gold imports fell because domestic demand softened, supply-chain inventories remained sufficient, and recycled gold from exchange programs became increasingly available. This reduced the need for jewellers and traders to import additional bullion despite stable consumer interest.

4. How did Indian gold ETFs perform during June 2026?

Indian Gold ETFs recorded their strongest monthly inflows since February as investors viewed the price correction as an attractive buying opportunity. Investor participation also increased significantly, with thousands of new investment accounts being added during the month.

5. What does the World Gold Council expect for India’s gold market going forward?

The World Gold Council believes jewellery demand could continue improving ahead of the festive and wedding seasons, while ETF investments and digital gold purchases may remain supported if gold prices stay relatively stable. However, global interest rates, currency movements, and international gold prices will continue to influence market sentiment.

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According to the WGC’s latest Weekly Markets Monitor, investors should prepare for heightened volatility as financial markets react to changing economic data, central bank signals and geopolitical developments.

US-Iran Tensions Return to the Spotlight

Geopolitical risks resurfaced last week after the ceasefire between the United States and Iran showed signs of weakening. Renewed uncertainty in the Middle East pushed crude oil prices higher and added another layer of risk for global financial markets.

The WGC noted that geopolitical events remain a major driver of investor sentiment and continue to support demand for defensive assets such as gold during periods of uncertainty.

Mixed Economic Signals Shape Global Markets

Recent economic data painted a mixed picture across major economies.

In the United States, weaker services sector activity, a wider trade deficit and hawkish messaging from Federal Reserve officials increased uncertainty about the direction of monetary policy.

Meanwhile, Germany reported stronger industrial production and export growth, although softer retail sales across the broader euro area suggested that consumer demand remains under pressure.

Across Asia, inflationary pressures continued to build as producer prices accelerated in both China and Japan, raising expectations that policymakers may face additional challenges in balancing economic growth with price stability.

Markets End Week Mixed

Global financial markets finished the week with mixed performance.

Major equity indices delivered varied results, while US Treasury yields, the US dollar and crude oil prices all moved higher as investors reassessed inflation risks and future interest rate expectations.

Fed Policy Becomes Less Predictable

The World Gold Council highlighted that monetary policy has become more difficult to anticipate under Federal Reserve Chair Kevin Warsh.

With policy guidance becoming less predictable, markets are now relying more heavily on incoming economic data and unexpected geopolitical developments, including the evolving US-Iran conflict.

This environment could lead to greater volatility in bond yields as investors continuously adjust expectations for future interest rate decisions.

Why Bond Volatility Matters for Gold?

The WGC emphasized that gold does not respond only to the absolute level of interest rates. Changes in bond market volatility can be equally important.

Periods of unstable bond yields often increase uncertainty across financial markets, encouraging investors to diversify portfolios through assets such as gold. As a result, heightened yield volatility may strengthen gold’s appeal as a hedge against policy surprises and geopolitical risks.

Gold Outlook

Looking ahead, the World Gold Council believes that gold could remain well supported if uncertainty surrounding Federal Reserve policy, bond markets and geopolitical tensions persists. While economic data will continue to influence short-term price movements, increasing market volatility may encourage investors to maintain strategic allocations to gold as a long-term portfolio diversifier.

FAQ’s

1. Why does the World Gold Council believe gold could benefit from bond market volatility?

The WGC says that volatile bond yields create uncertainty for investors. During such periods, gold often becomes more attractive as a portfolio diversifier and a hedge against financial market and policy risks.

2. How are US-Iran tensions affecting the gold market?

Renewed geopolitical uncertainty between the United States and Iran has lifted oil prices and increased demand for safe-haven assets. Such developments can strengthen investor interest in gold during periods of heightened global risk.

3. Why has Federal Reserve policy become less predictable?

According to the World Gold Council, markets are relying more heavily on incoming economic data and unexpected geopolitical events under Fed Chair Kevin Warsh, making future interest rate decisions more uncertain.

4. What global economic trends are influencing gold prices?

Weaker US services activity, stronger German industrial output, rising producer prices in China and Japan, higher Treasury yields and increased geopolitical tensions are all shaping investor expectations and influencing gold market sentiment.

5. What is the World Gold Council’s outlook for gold?

The WGC believes continued uncertainty surrounding monetary policy, bond markets and geopolitical developments could reinforce gold’s long-term role as a safe-haven asset and an effective portfolio diversification tool.

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Gold Prices End H1 with First Semi-Annual Decline Since 2021

Gold prices weakened sharply in June after comments from newly appointed Federal Reserve Chair Kevin Warsh reinforced expectations of tighter US monetary policy. Rising real bond yields and a stronger US dollar reduced investor appetite for gold.

Both the LBMA Gold Price PM and the Shanghai Benchmark Gold Price PM declined approximately 11% during June.

The weak month erased earlier gains, leaving gold with its first first-half decline since 2021. International gold prices fell 8% in US dollar terms, while domestic prices in China dropped 10% in renminbi, partly due to the appreciation of China’s currency against the US dollar.

Chinese Gold ETFs Record Historic June Outflows

Chinese gold-backed exchange-traded funds experienced their weakest month on record in June.

Investors withdrew approximately 15 billion renminbi (2.2 billion US dollars) from gold ETFs, reducing total assets under management by 16% to 243 billion renminbi (36 billion US dollars). ETF holdings also declined by 17 tonnes, ending the month at 277 tonnes.

According to the WGC, lower gold prices and renewed enthusiasm for domestic equity markets encouraged investors to shift capital away from gold during the month.

First Half ETF Demand Remains Among the Strongest on Record

Despite June’s heavy outflows, the first half of 2026 remained one of the strongest periods ever for Chinese gold ETFs.

Net inflows reached 40 billion renminbi (5.6 billion US dollars) during H1, making it the second-strongest first-half performance on record.

Gold ETF demand totalled 29 tonnes, supported by geopolitical uncertainty, economic risks, continued central bank buying and rising participation from institutional investors.

Shanghai Gold Futures Activity Remains Elevated

Trading activity in Shanghai Futures Exchange (SHFE) gold contracts remained healthy despite softer prices.

Average daily trading volume increased slightly to 305 tonnes per day in June, remaining comfortably above the five-year average, although below 2025 levels.

Open interest declined 8% during June and stood 13% lower than at the end of 2025, reflecting more cautious market positioning.

Wholesale Gold Demand Rebounds After Weak May

Gold withdrawals from the Shanghai Gold Exchange (SGE) increased 36% month-on-month to 87 tonnes during June.

The recovery was mainly driven by restocking across the supply chain after lower gold prices encouraged manufacturers and retailers to rebuild inventories. Retail investors also took advantage of lower prices by increasing purchases of gold bars and coins.

However, overall wholesale demand remained below long-term averages due to continued weakness in China’s jewellery sector.

During the first six months of 2026, total SGE withdrawals reached 598 tonnes, down 12% from a year earlier and 27% below the ten-year average.

PBoC Continues Historic Gold Buying Program

One of the strongest pillars supporting China’s gold market remained the People’s Bank of China.

The central bank added 15 tonnes of gold to its reserves in June, marking its largest monthly purchase since October 2023.

China has now increased its official gold reserves for 20 consecutive months, the longest uninterrupted buying streak on record.

Total official gold holdings reached 2,346 tonnes, representing approximately 8% of China’s foreign exchange reserves.

The PBoC purchased 40 tonnes during the first half of 2026 and has accumulated 82 tonnes over the past 20 months, reinforcing gold’s strategic role as a reserve asset amid global geopolitical uncertainty and financial market volatility.

Gold Imports Ease Slightly

China imported 151 tonnes of gold during May, the latest month for which trade data is available.

Although imports declined modestly from April because of softer wholesale demand, they remained significantly higher than a year earlier as positive domestic gold price premiums continued to encourage imports.

China Gold Market Outlook

The World Gold Council believes China’s gold market remains supported by several long-term factors, including steady central bank purchases, resilient investment demand and elevated geopolitical risks.

However, gold prices could continue to face near-term pressure if US interest rates remain elevated and investor preference shifts toward risk assets such as equities.

FAQ’s

1. Why did China’s gold market weaken in June 2026?

Gold prices declined after hawkish signals from the US Federal Reserve strengthened the US dollar and pushed real bond yields higher, reducing investor demand for gold and triggering record ETF outflows.

2. Did Chinese gold ETFs see net outflows in June?

Yes. Chinese gold ETFs recorded their largest monthly outflow on record, with investors withdrawing around 15 billion renminbi, reducing assets under management and total holdings.

3. Why is the PBoC continuing to buy gold?

The People’s Bank of China continues to diversify its foreign exchange reserves and strengthen portfolio resilience, viewing gold as a strategic asset during periods of geopolitical uncertainty and market volatility.

4. How much gold did the People’s Bank of China buy in June 2026?

The PBoC added 15 tonnes of gold in June, its largest monthly purchase since October 2023, extending its gold buying streak to 20 consecutive months.

5. What is the outlook for China’s gold market?

The market is expected to remain supported by central bank purchases, geopolitical uncertainty and investment demand. However, higher US interest rates and stronger equity markets may continue to create short-term headwinds for gold prices.

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