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'Kovid-19 led to a huge decline in gold demand in India during April-June'

Gold demand for investment declined by 56 per cent to 19.8 tonnes, compared to 44.5 tonnes in the same period a year ago. In terms of value, investment demand for gold declined by 37 per cent to Rs 8,250 crore from Rs 13,040 crore in the same quarter last year.

30th July, 2020

Gold demand in India fell by 70 per cent to 63.7 tonnes in the April-June quarter. This information has been given in the report of the World Gold Council (WGC). The report said that due to the lockdown implemented in the country due to Kovid-19, the demand for gold has come down. In the previous year i.e. in the second quarter of 2019, gold demand in India was 213.2 tonnes.

The WGC's 'Report on Gold Demand Stance in the Second Quarter' states that gold demand in India decreased by 57 per cent to Rs 26,600 crore in the second quarter by value, from Rs 62,420 crore in the same quarter last year. Was Rs. In the second quarter, demand for jewelery declined by 74 per cent to 168 tonnes from 168.6 tonnes. Demand for jewelery by value declined by 63 per cent to Rs 18,350 crore, from Rs 49,380 crore in the same period of 2019.

Similarly, gold demand for investment declined by 56 per cent to 19.8 tonnes, compared to 44.5 tonnes in the same period a year ago. In terms of value, investment demand for gold declined by 37 per cent to Rs 8,250 crore from Rs 13,040 crore in the same quarter last year. Recycling of gold in the country also declined by 64 per cent to 13.8 tonnes during the period, compared to 37.9 tonnes in the same period a year ago.

Similarly, gold imports in the country fell by 95 per cent to 11.6 tonnes in the second quarter, from 247.4 tonnes in the same period of 2019. WGC Managing Director, Bharat Somasundaram PR said that in the second quarter where gold prices were at a high. At the same time, there was also a lockdown due to the epidemic in the country. Due to these reasons, the demand for gold in the country fell by 70 percent to 63.7 tonnes.

He said that overall the demand for gold in the country has fallen by 56 per cent to 165.6 tonnes in the first half. This is in line with the global trend. However, the purchase of gold ETFs increased marginally during this period.

Category: Business

Tags:
India
report
Gold demand
World Gold Council
COVID 19 pandemic

Reported by:
Rachna Kumari