Gold demand in India decreased by 70 % in April-June as a consequence of Kovid-19: WGC

by Jeremy Spirogis
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Gold demand in India declined by 70 per cent to 63.7 tonnes within the April-June quarter. This data is given within the report of the World Gold Council (WGC). The report mentioned that because of the relevant lockdown within the nation as a consequence of Kovid-19, the demand for gold has come down.

In the earlier yr i.e. within the second quarter of 2019, gold demand in India was 213.2 tonnes.

The WGC's 'Report on Gold Demand Stance within the Second Quarter' states that gold demand in India decreased by 57 per cent to Rs 26,600 crore within the second quarter by worth, from Rs 62,420 crore in the identical quarter final yr. Was Rs. <! –

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In the second quarter, demand for jewelery declined by 74 % to 44 tonnes from 168.6 tonnes. Demand for jewelery by worth declined by 63 per cent to Rs 18,350 crore, from Rs 49,380 crore in the identical interval of 2019.

Similarly, gold demand for funding declined by 56 per cent to 19.Eight tonnes as towards 44.5 tonnes in the identical interval a yr in the past.

Investment demand for gold by worth declined by 37 per cent to Rs 8,250 crore from Rs 13,040 crore in the identical quarter final yr.

Recycling of gold within the nation additionally declined by 64 per cent to 13.Eight tonnes through the interval, from 37.9 tonnes in the identical interval a yr in the past. Similarly, gold imports within the nation fell by 95 % to 11.6 tonnes within the second quarter, from 247.four tonnes in the identical interval of 2019.

WGC Managing Director, Bharat Somasundaram PR mentioned, "While gold costs have been on the upper facet within the second quarter, there was additionally a lockdown within the nation because of the epidemic. Due to those causes, the demand for gold within the nation fell by 70 % to 63.7 tonnes. ''

He mentioned that total the demand for gold within the nation declined by 56 per cent to 165.6 tonnes within the first half. This is according to the worldwide development. However, purchases of gold ETFs elevated marginally throughout this era.

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