Kathmandu – The World Gold Council, also known as the WGC, has forecasted a notable surge in global gold demand by 3% in the year 2023, reaching a total of 4,899 tons. According to the publicized data, the central banks around the world are expected to account for 1,137 tons of gold demand in 2023, marking the second-highest in history.
The International Monetary Fund (IMF) reports an increase in gold trade volume, revealing that the annual record for gold exchange was broken in 2023, exceeding 244 tons. The global demand for gold bars and coins is anticipated to drop by 3% in 2023 compared to the previous year, reaching 2,993 tons.
The surge in demand is attributed to China’s economic reforms, driving an upswing in gold market activity. The gold jewelry demand has seen a remarkable growth of 2,593 tons, showcasing a robust market for gold ornaments.
Furthermore, the World Gold Council disclosed that gold mining production has witnessed a modest rise of 1% in 2023, reaching 3,644 tons. This aligns with a growing appetite for gold globally.
As of yesterday, the price of gold in the Nepali market stands at NPR 119,500 per tola, reflecting the ongoing trend in the international gold market.