54 kg of gold worth Rs 41 crore, Rs 10 crore in cash seized from abandoned vehicle in MP
The seizure was made in the wee hours of Friday on a tip-off.
The World Gold Council on Wednesday said the global gold demand swelled about 5% in the third quarter, setting a record for the period and lifting consumption above USD 100 billion for the first time.
The increase saw volumes climb to 1,313 tons was underpinned by stronger investment flows from the West, including more high-net-worth individuals, that helped offset waning appetite from Asia, it said in a report.
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Buying in bullion-backed exchange-traded funds flipped to gains in the quarter after prolonged outflows.
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Notably, Gold has registered gains every month this year, apart from a minor pullback in January, and in June, when prices were flat.
As the rate-cutting cycle gets underway, the WGC expects to see increased allocation to bullion, with geopolitical uncertainty, particularly surrounding next week’s tight US presidential election, adding to reasons why investors are seeking to hold the haven asset.
The report highlighted that the investment flows were key to the metal’s 13% gain in the third quarter, with total demand for ETFs, bars and coins reaching the strongest levels since Russia’s invasion of Ukraine in 2022.
Central-bank purchases continued — with Poland, Hungary and India among the top buyers — even as the pace of official activity slowed. Jewelry demand fell as record prices hurt consumption.
According to John Reade, the council’s chief market strategist, gold has stormed higher this year, rallying by more than a third and setting successive records.
The jump has been driven by robust central-bank buying and increased demand from wealthy investors, with recent gains aided by the Federal Reserve’s shift to cutting interest rates. Purchases in the opaque over-the-counter market were becoming an increasingly important force for prices, Reade said.
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