Chennai: Demand for gold may drop 7% globally during the July-September quarter, but there is no dent in the purchase of yellow metals in India, up 47% to more than 139 tons with volume.
This growth is driven by falling covid infection rates, which encourage people to go out and shop, the latest report by the World Gold Council (WGC).
Regional WGC (India) CEO Somundaram P R said, “Gold jewelry demand increased 58% to 96 tons, while investment demand for bars and coins also grew by 18% to a quarter which tended to be subjugated seasonally.” Unfortunate periods such as Pitru-Pakha are also known to keep buyers.
On the Indian market, gold demand with a value of 37% higher at Rs 59,330 Crore in the second quarter of this fiscal year, compared to the previous year.
The total investment request rose 27% at 42.9 tons.
Gold demand jumped 47% in July-September
