India's drive to bring transparency to bullion trading, along with the rise of branded gold jewellery, could help major retailers raise their share of the world's gold market, the World Gold Council (WGC) said.
Prime Minister Modi's banning of high denomination notes has cast a dark shadow over the start of India's annual wedding season, when thousands marry during a three-month period deemed auspicious in the Hindu faith.
India's gold demand could fall as much as 24 percent in 2016 to the lowest level in seven years due to higher prices and increased smuggling as the government seeks to bring transparency to bullion purchases.
Top consumer China launched a yuan-denominated gold benchmark on Tuesday, as the country took an ambitious step to exert more control over the pricing of the metal and boost its influence in the global bullion market.
Industry experts say India has around 20,000 tonnes of the precious metal lying idle in Hindu temple vaults, bank safes and jewellery boxes -- a trove worth about $700 billion at current prices depending on purity lev...