- Important International institutions, agencies and fora, their structure, mandate.
World Gold Council (WGC)
What to study?
For Prelims and Mains: WGC- composition, functions and significance, demand for gold- concerns and demands.
Context: WGC has released a report on gold demand in 2019.
Important observations made:
- Performance of financial markets, monetary policy in key economies including India, and the dollar movement will determine gold demand in 2019.
- Since gold is considered a safe haven, during choppy markets, the demand for gold improves, normally. Emerging markets, led by India and China–the biggest consuming markets–make up 70% of consumer demand for the metal.
About World Gold Council:
The World Gold Council is the market development organisation for the gold industry. It works across all parts of the industry, from gold mining to investment, and their aim is to stimulate and sustain demand for gold.
The World Gold Council is an association whose members comprise the world’s leading gold mining companies. It helps to support its members to mine in a responsible way and developed the Conflict Free Gold Standard.
Headquartered in the UK, they have offices in India, China, Singapore, Japan and the United States.
Sources: the hindu.