Gold Prices Soar: India's Top 5 Gold Suppliers & Future Price Predictions

• India, the world's largest gold importer, relies heavily on foreign markets due to low domestic production and high demand for jewelry, investment, and festivals.
• Switzerland ($19.6B in 2024) and UAE ($16.1B in 2024) are India's primary gold suppliers, with South Africa and Australia also contributing significantly.
• Domestic gold prices have seen unusual fluctuations, with 10 grams rising from 1.33 lakh to 1.54 lakh rupees, impacting jewelry purchases despite discounts.
• Traders are offering discounts of up to $12 per ounce due to increased stock, influenced by a 6% import duty and 3% sales tax.
• Analysts predict gold prices could reach $6,000 per ounce by end of 2026 (approx. 3,00,000 rupees), driven by global tensions, inflation, and central bank reserves.