India gold defies global slide, jumps 4.1% in May as old-gold exchange surges 60%
WGC data shows Indian gold prices rose 4.1% in May even as global prices fell 1.4%, lifted by rupee weakness and geopolitical risk. YTD returns hit 17.6% with prices near USD 4,546/oz. Jewellery retailers flag a near-60% YoY spike in old-gold exchange as buyers defer fresh purchases following PM Modi's nudge.
India gold prices rose 4.1% in May versus a 1.4% global decline, per WGC, driven by geopolitical tensions and currency weakness. PM Modi urged deferring purchases; jewellery retailers report old-gold exchange up nearly 60% YoY.