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She said that even if prices were to moderate, demand is unlikely to improve in the next few months because India’s impending general elections from April to June mean the flows of gold and cash will be closely monitored. Inflows into Indian gold ETFs continued for the eleventh consecutive month in February, Chacko noted, with the $93.3 million in inflows the highest in six months.
Chacko also provided an update on the gold holdings of the Reserve Bank of India in February, which has been among the most active of the world’s central banks in bullion purchases. According to WGC estimates, February gold imports “were likely over 90t, notably higher than the average 49t imported in the preceding three months as well as a year ago,” she said. “The rise may be due to an anticipated increase in demand during the wedding season, and bullion dealers, manufacturers front-loading inventories ahead of the general elections.”
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