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India gold market update: Gold outpaces other asset classes
Despite a price moderation in November and December, gold emerged as the top-performing asset class in India, posting y/y gains of 21%1 in 2024. However, gold’s return in INR was lower than its 26% return in USD terms.2 In December gold extended the decline: dropping 2% after a 4% decrease in November and closing at US$2,610/oz. This decline can largely be attributed to the strong rally in the US dollar. Limiting the slide were a persistent and growing geopolitical risk, and a positive trend in global gold ETF flows. In the domestic market, amid price fluctuations, gold closed December 0.4% lower at INR76,328/10g. ... (full story)