FPJ-SIES to look into gold’s sparkle

Culturally, India has a leaning towards gold. It has continued to grow over years. But government policies stunted its growth, pushed it underground, and inadvertently encouraged malpractices as well. Then came the slowdown, high gold prices and the pandemic caused economic downturn. Gold demand also fell. But it remains crucial to and vibrant in the rural economy.

To highlight the role of gold in rural economy, Free Press Journal and SIES in association with NSE, East-West Seed and NCDEX (National Commodity & Derivatives Exchange) investor protection is organising the session ‘Rural markets and gold’ on August 27, 3 pm onwards.

The session, which will be moderated by R N Bhaskar, Consulting Editor, FPJ, will have names likes Shivanshu Mehta, Head, Bullion, MCX; Keyur Shah, CEO - Precious

Metals Business, Muthoot Pappachan Group; PR Somasundaram, MD, World Gold Council; and Ravi Varanasi, Chief Business Development Officer, NSE as the panellist for the session.

Today the world has moved from physical to digital gold or ETF. So, has India. But that is investment gold. The market for retail gold is significantly bigger. Thus, for retail investors in India, physical gold continues to be prized possession. Before understanding the present standing of the yellow metal, it is important the history of gold in India is considered.

India was among the foremost traders in the world that used gold as a currency, often exchanging its offerings against gold coins. It was South India that took the lead in this type of trade. But the allure of gold spreads to the whole of India. According to Karvy Private Wealth, south India as a region continues to be the largest consumer of gold in the country.