Page 31 - Bullion World Issue 10 Volume 05 October 2025

IGC 2025: Where The World Meets India, Day 3 Highlights Bullion World | Volume 5 | Issue 10 | October 2025

Mr Philip Newman
Managing Director, Metals Focus

• Identified two main demand drivers globally: institutional
investors and central banks.
• Institutional demand is fuelled by concerns over US debt,
Federal Reserve policy, and stagflation risk.
• Central banks accelerated gold buying post-geopolitical
events like Ukraine invasion and dollar weaponization.
• Forecasted continued strong central bank purchases (~800-
900 tonnes in 2025) amid geopolitical uncertainty.
• Highlighted that demand may stabilize but remain supported
by macroeconomic risks and diversification needs.

Mr Sachin Kothari
Director, Augmont-Gold For All

• Presented a retail-focused perspective, noting India’s demand
is somewhat slower, expected at ~700 tonnes vs. 800 tonnes
the previous year.
• Investment demand, particularly via ETFs and digital gold, is
rising to offset reduced jewellery purchases.
• Younger and urban Indians increasingly view gold as a
financial asset, blending cultural affinity with investment
motives.
• Physical bars and coins remain dominant, though digital gold
adoption is rapidly expanding through fractional ownership
and SIPs.
• Suggested product education to fully leverage emerging
demand channels.

Mr Shivanshu Mehta
VP – Bullion, MCX

• Highlighted MCX’s role in evolving investment via diverse
deliverable contracts from 1 gram coins to 1 kg bars.
• Emphasized that accumulating gold electronically through
exchanges provides assured quality and regulated processes.
• Noted the success of SIPs and lower denomination products in
broadening base retail investor participation.
• Cited growing use of futures contracts for accumulation and
gifting purposes.
• Mentioned robust trading in silver investment and the
importance of risk management to protect jewellers’ margins
amid price volatility.

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