Gold remained in a tight spot today. Prices are managing to hover just above $ 1300 per ounce levels ahead of the G7 talks. Equities were mostly choppy with a tinge of selling pressure while commodities witnessed a similar outing. MCX Gold futures are currently trading at Rs 31229 per 10 grams, up marginally on the day after hitting highs above Rs 31300 levels.
The World Gold Council (WGC) is upbeat about Chinese Gold demand in coming years. The council noted in a latest update that the 2005-2013 boom in Chinese gold jewellery demand was followed by a fallow few years, which saw demand shrink by one third. But there are green shoots of recovery emerging. 2017 saw modest growth, aided by industry efforts to better engage with modern consumers. And continued innovation by the trade could bear fruit over the coming years.
The world’s largest gold jewellery market, China accounts for one third of global demand. The last few years have been tough, with the industry forced to adjust to a changing consumer landscape. However, progress has been made and consumers can now choose from a more varied product mix and enjoy a more interactive, rewarding retail experience. Retailers and wholesalers must grasp the opportunity to connect with their consumers through building trusted brands and meaningful buying occasions, says the council.