World Gold Council

The total above ground stock of gold is large in both physical and financial terms: almost 220,000 tonnes of gold have been mined ever, WGC estimates, valued at nearly $31 trillion at the end of 2025.

The World Gold Council has proposed a 'Gold as a Service' model to standardise digital gold and address trust and interoperability gaps

Becomes third-biggest market globally after US and China in terms of yearly inflows

WGC says fundamentals will keep gold strong in 2026 as India drafts a long-term gold policy, with rising wedding budgets, ETF demand and a push to privatise monetisation schemes

The value of gold, the note said, is only 60 - 70 per cent of the jewellery purchase price. The weak performance of diamonds, which form a meaningful part of the jewellery purchase price, caps gains.

On the downside, gold prices, WGC said, can slip 5 per cent to 20 per cent in CY26. For that to happen, Donald Trump's policies need to succeed, resulting in stronger-than-expected growth.

From a technical perspective, the first key technical support for gold, according to WGC, is seen around its medium-term 55-day average and initial Fibonacci retracement of the rise from the 2022 low

Overall gold consumption, however, fell 16 per cent to 209.4 tonnes as jewellery demand slumped 31 per cent to 117.7 tonnes due to record-high prices

Central banks, another major source of gold demand, increased purchases by 10 per cent to 219.9 tonnes in the third quarter, the WGC estimated

Gold allocations amid the recent sharp run in prices may prompt portfolio rebalancing by strategic investors, WGC believes

Apurva Sheth, head of market perspectives and research at SAMCO Securities believes that the recent buying frenzy in both gold and silver has been led by FOMO - buying out of fear of missing out

This holding is nearly 88.8 per cent of India's gross domestic product (GDP), the note said; and at the current market value is about 3.1x times the current equity stock holding with Indian households

Central banks, WGC said, added a net 15 tonnes to global gold reserves in August, based on reported data from both the IMF and respective central banks.

In their bear-case scenario, WGC sees gold prices dip 12 - 17 per cent in H2-CY25 finishing 2025 with positive but low double-digit (or even single-digit) return

Domestic gold prices hit a record high of ₹99,358 per 10 grams earlier this month

The key risks to the upside in gold, BofA Securities said includes US fiscal consolidation, reduced geopolitical tensions, and a return to collaborative inter-governmental relations

The latest numbers from the RBI show it added roughly 3 tonnes in 2025, taking its gold reserves to 879 tonnes as of January 31, 2025

The recent uptick in gold prices in 2025 has been led by tariff threats by US president Donald Trump, which in turn have seen investors move away from equities to safer havens.

Spot gold prices rose by 27 per cent last year, the most since 2010, as investors chose the metal to hedge against global risks and as the US Federal Reserve slashed interest rates

Demand for gold could stand between 700 metric tonnes and 800 metric tonnes, compared to last year's 802.8 tonnes