Source: ET
Context: The World Gold Council (WGC) has increased India’s gold consumption projection for 2024 to 850 tonnes from 750 tonnes. This revision is due to favourable monsoon conditions and a reduction in gold import duty. The rise in demand, mainly driven by jewellery purchases, is expected to continue through Diwali-Dhanteras. Additionally, interest in gold ETFs is growing
About Gold:
It is a significant global commodity. In 2022, Switzerland, the United States, and the United Arab Emirates were the leading exporters of gold. Major importers included Switzerland, China, the United Arab Emirates, the United Kingdom, and India. The top producers of gold are China, Australia, and Russia. In India, the largest resources of gold ore (primary) are located in Bihar (44%), followed by Rajasthan (25%) and Karnataka (21%). India is the world’s second-largest consumer of gold, after China, reflecting its substantial demand for this precious metal.
About WGC:
The World Gold Council (HQ: London; est. 1987) is an international trade association for the gold industry. It has offices in India, China, Singapore, the UAE and the United States. The organization’s members are gold mining companies.
Prelims Link:
Consider the following statements regarding Gold Ore Reserves
1. The largest reserves of gold ores in India is located in Bihar
2. Globally the largest reserves of gold ores are located in South Africa
Which of the above statements is/are correct?
[A] 1 only [B] 2 only [C] Both 1 and 2 [D] Neither 1 nor 2
Answer: A (1 only)
