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MCX Gold

Gold is the oldest precious metal known to man and for thousands of years it has been valued as a global currency, a commodity, an investment and simply an object of beauty.

Major Characteristics:

• Gold is the world's oldest international currency.
• Gold is an important element of global monetary reserves.
• With regards to investment value, more than two-thirds of gold's total accumulated holdings is with central banks' reserves, private players, and held in the form of high-karat jewellery.
• Less than one-third of gold's total accumulated holdings are used as “commodity” for jewellery in the western markets and industry.

Demand and Supply Scenario:

• China was the world's largest gold producer with 340.88 tonnes in 2010, followed by the United States and South Africa.
• Gold demand in 2010 reached a 10-year high of 3,812.2 tonnes
• In 2010, India was the world's largest gold consumer with an annual demand of 963 tonnes
• The total supply of gold coming onto the market in 2010 reached 4,108 tonnes, a rise of 2% from 2009 levels