Gold prices will remain high in the short term globally mainly due to continued demand from India and China, the weakening dollar and falling global mining supplies, according to James Burton, chief executive officer (CEO), World Gold Council (WGC).
WGC, funded by the world?s gold mining companies, aims to promote the demand for gold in all its forms through marketing activities in major international markets.
?Demand for gold from India and China as major consumers in the world may continue to grow in the near future as its economies are growing at 9-10%. On the supply side, global mines production has been falling by nearly 2% annually. Weakening dollar will also continue to drive the gold price upward,? he said.
?Current volatility in gold prices will continue and demand for gold may go down slightly in the current quarter of the year. How much? I can?t say,? James said.
The council plans to cross-list its New York-listed StreetTRACKS Gold Shares (a gold exchange-traded fund-ETF) in Japan and Hong Kong, ?In the next two quarters, we will be able to cross-list our ETF in Japan and Hong Kong,? he said.
WGC held a meeting in Mumbai and appointed Greg Wilkins as its new chairman on Tuesday. The council will make an announcement in this regard at its board meeting on Wednesday.