Gold demand slows in India due to Corona, declines by 30%

Oct 29 2020 03:36 PM
Gold demand slows in India due to Corona, declines by 30%

New Delhi: Due to disruptions related to the Corona epidemic and high prices, gold demand in India has come down by 30% to 86.6 tonnes in the September quarter. The World Gold Council has given information about this in a report. According to the World Gold Council's third-quarter gold demand trend report, the total demand for gold in the September quarter of last year was 123.9 tonnes.

On the basis of value, the demand for gold during this period decreased by 4% to Rs 39,510 crore as compared to Rs 41,300 crore in the previous year. World Gold Council managing director (India) Somasundaram PR said that due to disruptions related to the corona epidemic, weak consumer sentiment, high prices upheaval, gold demand in the third quarter of 2020 was down by 30% to 86.6 tonnes. Although this is higher than in the second quarter.

The demand for gold in the second quarter had come down by 64% to 64 tonnes in the year-ago period. Lockdown restrictions have been relaxed due to the improvement in demand on a quarterly basis and prices have come down for some time in August. He said that due to low prices in August, some interesting people got an opportunity to shop. During this period, India's total jewellery demand has come down to 52.8 tonnes from 48% from 101.6 tonnes a year ago.

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