World Gold Council’S Pr Somasundaram

PR Somasundaram, the Managing Director of India’s World Gold Council, in a conversation with CNBC-TV18, said that that gold is currently in a positive zone. Despite facing significant market volatility, Somasundaram believes that the outlook for the precious metal is promising, with buyers expected to return in the near future.

“We can definitely say that gold is in a positive zone,” he said.

However, Somasundaram noted that the current volatility is not ideal, and it highlights the need for investors to diversify their portfolios. This is where digital gold comes in. According to Somasundaram, in the next five years, digital gold may become a real story.

“Volatility is never good. I don’t think it is going to have a mad rush towards gold at this moment of time,” he said.

“With various measures being taken by the government, I think in the next five years you will see these become real stories about the changing gold markets in India,” he added.

The rise of digital gold is not surprising given the increasing popularity of digital assets and the ease of investing in them. Digital gold is essentially a form of gold that can be traded and stored electronically. This provides investors with a secure and convenient way to invest in gold without having to physically store the metal themselves.

Despite the potential of digital gold, it’s important to note that its demand is still very small compared to physical gold.

“The digital gold, sovereign gold bonds, ETFs – clearly we see a trend of people moving towards it but in the overall scheme of things, they are still very small compared with the physical demand of jewellery and bars and coins,” he mentioned.

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