New Delhi: Investors around the world are seeing gold as a safe investment due to fluctuations in gold prices and economic uncertainty due to the Corona Virus epidemic spreading across the globe. This is the reason that during the January-March quarter of 2020, global demand for gold increased by one percent to 1,083.8 tonnes on an annual basis. The global demand for gold was 1,070.8 tonnes in the same quarter last year.
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According to the latest report of the World Gold Council, India's gold demand declined by 36 per cent in the January-March quarter. It was reduced to 101.9 tonnes at the end of the quarter amidst nationwide lockdown implementation. Gold demand has come down in both jewelery and investment situations. During the review period, the country's gold demand stood at Rs 37,580 crore. This is 20 percent less than the gold demand of Rs 47,000 crore in the same quarter of 2019.
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The Council's Indian operations managing director Somasundaram PR said that there has been a tremendous jump in gold prices in the domestic market during the review period. Without calculating customs duty and tax, the value of gold rose by about 25 per cent to Rs 36,875 per 10 grams. This price was Rs 29,555 in the same period last year.