New Delhi: In the quarter from January to March this year, there has been a huge decline of 36 percent in the demand for gold in India. During this period, demand for both jewelry and gold investment has seen a decline. According to a report, due to the steep rise in gold prices, economic uncertainties and the applicable lockdown across the country due to Corona, gold demand has come down to 102 tonnes in the January-March quarter.
Experts say that the situation could be worse in the June quarter. According to the World Gold Council (WGC) first-quarter Gold Demand Trends report, the demand for jewelry declined by 41 percent during January to March. It has reached an 11-year low of 73.9 tonnes. During this period, the demand for gold fell 17 per cent to 28.1 tonnes. Thus, the total gold demand during the March quarter stood at only 102 tonnes as against 159 tonnes in the same period last year. During this period, global gold demand has increased by just 1 percent to 1,083.8 tonnes.
Gold demand in India declined 20 percent to Rs 37,580 crore during the first quarter by value, from Rs 47,000 crore in the year-ago period.
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