India's gold demand falls sharply

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(Commerce Rep) Mumbai, Ta. 30 January 2020, Thursday

India and China, the world's two largest gold consumers, accounted for about 5% of global demand for gold in the fourth quarter of calendar year 1. Demand for gold has dropped sharply due to rising gold prices and economic downturn, according to a recent report by the World Gold Council.

According to a report by the World Gold Council, the demand for Chinese jewelery in the fourth quarter has been 5 percent lower than last year's 1.8 tonnes. In the full year 1, the demand has decreased by 5% to 8.5 tonnes. The main factors for this have been the president's tendency to slow economic growth, rising inflation, global trade disputes, high gold prices and the rising trend of younger generation of light jewelry. According to the council's data, total demand for gold for the fourth quarter has dropped by 5 per cent to 8.5 tonnes.

Global demand for gold has declined by one percent to 1.8 tonnes in calendar year 1. That was 5 tonnes in the year. Gold demand in India fell 5 per cent to 8.5 tonnes in calendar year 9 due to record high gold prices in India as well as declining retail demand as a result of the economic downturn, the World Gold Council (WGC) data shows. In fact, the Council estimates that gold demand in India will remain at 3-4 tonnes due to the high gold prices in India and potential economic reforms to increase consumer confidence.

WGC said that India's gold demand in the year 1 of the year has fallen to 8.5 tonnes in volume compared to 9.5 tonnes in the year. Out of which, the demand for jewelery has dropped from 5 tonnes to 5.4 tonnes, while demand for pulp and coins has decreased from 5 tonnes to 5 tonnes. Dhanteras, which is the first day of Diwali and October 3, was also failing to boost gold demand in the fourth quarter of the year.

The imports have declined by 5% to 8.5 tonnes from 5 tonnes in the year-ago period. Imports through the gray market have been in the range of 1 to 5 tonnes in the year. Imports are also falling due to the slowdown in domestic demand and recycling gold, which is expected to rise by 5% to 5 tonnes.

He believes that imports will not increase at the speed at which the demand for gold will increase this year. But the custom duty on gold is expected to drop from the current 8% to 5%.

Gold based exchange traded fund (ETF) has seen a general trend in inflows. In the first nine months of the year, investment in product holding increased. In the third quarter, it increased to 8.4 tonnes. Inflows thereafter declined to 5.5 tonnes in the fourth quarter.

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