The panellists discussed the changing landscape of the Indian gold market, regulatory developments within the region, and what the Indian gold market will be doing in the next five to ten years. It also covered the devastating impact of COVID-19 within India, on the current market, and its impact on the acceleration of changes within the market.
“The London gold market was built on governance and standards, reflected through LBMA’s Good Delivery work, setting the London benchmark,” opened Jeremy East. “Will India be following the same course? The connections between London and India are strong – indeed Good Delivery is central to the supply of gold to the Indian market. But that may be changing as it looks to set up its own benchmark – as with China – becoming a price maker rather than a price taker.”
Shekhar Bhandari said: “Because of COVID-19, we have seen many structural changes. We have seen a greater shift towards savings compared to pre-pandemic times – a shift, on average, of between 400 and 700 business points. We have seen a similar increase in allocation to gold, while noting a move towards digital – as contactless transactions are becoming ever-more paramount. Digital allocation is simple to consume at home and means of ensuring we take care of our ourselves, our health and our wealth.”
Watch the full webinar to find out more about policy, infrastructure, the gold exchange, and what will happen in the future regarding research and data.
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