Gold demand falls up to 70 percent due to heavy price

Jul 31 2020 03:39 PM
Gold demand falls up to 70 percent due to heavy price

New Delhi: Gold is getting rich benefits of not keeping pace with economic activities due to lockdown. Due to the safe investment, gold has become very expensive for the common people by continuously investing money on behalf of investors. The price of gold in India has reached 53 thousand rupees per ten grams and due to this, ordinary buyers are not able to buy it. Therefore, at least 70 percent of its retail demand has been recorded.

According to the World Gold Council, gold demand in April-June quarter came down to just 63.7 tonnes. In the same period a year ago, gold demand was 213.2 tonnes. Since January 2019, the price of gold has increased by 60 percent. Its prices have increased by 20 percent since January 2020. The value of transactions in gold has fallen by 57 percent. In the April-June quarter of 2019, a gold transaction of Rs 62,420 crore was recorded. But in April-June 2020 only gold transactions worth Rs 26,600 crore have been done.

Meanwhile, demand for gold jewelery has also fallen by 74 percent. Gold imports have also fallen by 95 percent. In April-June, 2019, 247.4 tonnes of gold were imported into the country. But in April-June 2020 it has come down to just 11.6 tonnes. Let us tell you that due to gold being expensive, people are buying very less jewelery in India at this time. That is, its retail demand has come down.

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