MUMBAI, Nov 2 (NNN-PTI) – India’s gold demand reached pre-pandemic levels, with Asia’s third largest economy demand for the yellow metal in Jul-Sept, standing at 191.7 tonnes, up 14 percent over last year, according to a report by the World Gold Council, yesterday.
Strong consumer interest helped the year-to-date demand return to pre-COVID levels, said World Gold Council’s India CEO, Somasundaram PR.
Total gold jewellery demand in India during the third quarter of the calendar year 2022, increased by 17 percent at 146.2 tonnes, compared to 125.1 tonnes in the same period last year, while total gold recycled during the quarter was 16 tonnes, down by 23 percent compared to 20.7 tonnes in the corresponding quarter last year.
“Recovery in gold jewellery demand was primarily driven by urban India, more specifically Southern parts, underpinned by robust economic activities with a 17 percent year-on-year increase in tonnage terms,” Somasundaram said.
“Looking ahead, Indian retail investment is likely to continue to benefit from safe-haven demand, amid rising interest rates and a weaking rupee. There’s optimism in overall outlook for the rest of the year, with weddings and Diwali demand in Q4, but it is unlikely to match last year’s record-breaking Q4,” he said.
Gold demand estimate for the entire year is around 750 to 800 tonnes, similar to last year, he added.– NNN-PTI
