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World Gold Council

World Gold Council:

The Reserve Bank of India (RBI) bought 8.7 tonne of gold in January, making it the largest purchase by the central bank since July 2022, according to World Gold Council data.

  • World Gold Council (WGC) is the market development organisation for the gold industry.
  • It is a nonprofit association formed in 1987 whose members comprise the world’s leading and most forward-thinking gold mining companies.
  • It was established to promote the use of and demand for gold through marketing, research, and lobbying. It is also the global authority on gold, and they offer comprehensive analyses of the industry.
  • Headquartered in London, with operations in India, China, Singapore, and the USA, the WGC covers the markets which comprise about three-quarters of the world’s annual gold consumption.
  • It is an advocate for gold consumption.
  • The WGC 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.
  • It also co-sponsors research in the development of new uses for gold, or of new products containing gold.
  • WGC was the creator of the first gold exchange-traded fund.