The World Gold Council (WGC) is a nonprofit organization that promotes the consumption of gold. The WGC was created in 1987 by the world’s leading gold mining companies. It has since expanded its membership to include other industry participants, including gold refiners and fabricators.
The world gold council works with technology, jewellery and investment sectors to increase and sustain gold’s demand all over the world. In pursuit of this goal it also works closely with government. Hence it goes without saying that its decisions impact the smallest of gold related metrics like 24-carat gold rate Hyderabad or Bangalore. See more.
Primarily, WGC’s members include the world’s leading and most forward-thinking gold mining companies.
WGC has continually evolved and today is an association of 23 leading operating gold mining companies from around the world. In addition, we also have several Associate Members representing companies that operate within the gold industry.
The WGC’s primary mission is to stimulate demand for gold and encourage its use in new applications. To this end, the council invests in research and development programs geared toward expanding gold’s uses. It also sponsors advertisements that tout the many benefits of owning and investing in gold. The WGC was the creator of the first gold exchange-traded fund (ETF), which is known as SPDR Gold Shares (GLD).
Role it plays
- The World Gold Council is the authoritative source of gold demand & supply information. We are a not-for-profit association funded by 26 leading gold producers, which together account for approximately 85% of global output. Our mission is to promote the demand for gold, provide industry leadership and be the global authority on the gold market.
- Market development is one of the key responsibilities of WGC. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.
- Develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into practice. We work to expand the markets for gold by developing new products and utilities and convincing central banks to increase their gold reserves.
- Activities span a broad spectrum of areas from research and education to developing industry standards and opening up new markets. We also work with governments and central banks to develop policies that encourage sustainable growth in the gold sector, ensuring that gold continues to thrive in an ever-changing world.
- Investment – We aim to broaden the market for gold investment products through a variety of initiatives targeted at individual investors and financial institutions. Through our extensive research library and by producing specialist publications we seek to increase understanding of the role played by gold in an investment portfolio.
- Technology – We create new applications for gold based on its unique properties using innovative technology including nanotechnology.
So now that you are aware of the WGC you should always be aware of their latest announcements and decisions because those could affect things like gold price today Sonipat or wherever you may live either directly or indirectly which could in turn affect how you strategize your investments.