World Gold Council : In News
Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India’s addition was 8 tonnes, the World Gold Council (WGC) said in a report recently.
- World Gold Council (WGC) is a non-profit association of the world’s leading gold producers.
- As a market development organization for the gold industry, the WGC includes 33 members and many members are gold mining companies.
- It was formed in 1987 by some of the world’s most forward-thinking mining companies to promote the use of and demand for gold through marketing, research, and lobbying.
- Headquarters: London, UK
- It aims to maximize the industry’s potential growth by monitoring and defending existing gold consumption.
- It achieves this by setting up gold standards, proposing policies, ensuring fairness and sustainability in the gold mining industry, and promoting the usage and demand for gold for individuals, industries, and institutions.
- The WGC is also the global authority on gold, and they offer comprehensive analyses of the industry.
- The most famous publications are quarterly reports on the gold market and gold demand trends analyzed by both sector and geographical location.
- It also co-sponsors research in the development of new uses of gold, or of new products containing gold.
- It covers the markets which comprise about three-quarters of the world’s annual gold consumption.
- The WGC was the creator of the first gold exchange-traded fund.
