According to the World Gold Council's latest report, gold prices in India rose 4.1% in May, despite a 1.4% decline in global prices, which ended at USD 4,546 per ounce. This increase is attributed to local currency weakness and heightened geopolitical tensions, particularly in West Asia. Year-to-date, gold prices in India have surged 17.6% as of May 29. The report highlights that while demand from major gold-consuming countries like India and China remains robust, there are concerns about weakening demand in some physical markets and subdued global gold ETF flows. Prime Minister Narendra Modi has urged citizens to defer gold purchases due to supply chain disruptions linked to the ongoing regional conflict, emphasizing the need to stabilize foreign exchange expenditures on gold imports. The World Gold Council also noted that potential interest rate hikes by the US Federal Reserve may not negatively impact gold prices, as historical trends show gold often performs well during tightening cycles.