Declining gold demand in India, the yellow metal could reach its lowest level in 25 years

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New Delhi, Thursday 29 October 2020

This year has been the worst in terms of gold demand in India. According to the World Gold Council, if this trend continues, it could be the first time since 1995 that there has been such a sharp decline in gold demand, according to the World Gold Council. 252 tonnes of gold was consumed as against 496 tonnes in the same period last year, adding to the demand for 194 tonnes of gold in the October-December 2019 quarter, it would be 696 tonnes less than last year.

According to WCG figures, India had the worst annual position of 462 tonnes of gold in calendar year 1995, 511 tonnes in 1996, 547 tonnes in 2002 and 642 tonnes in 2009. However, Gold Council Director Somasundaram PR said the second quarter of the year saw many Opening up, but we don’t know how demand will increase in the wedding season with job losses and pay cuts.

He further said that if gold falls below Rs 50,000 per 10 grams, the gold situation could improve. The WCG report states that demand for gold in India in the third quarter of calendar year 2020 was 86.6 tonnes, while in 2019 it fell by 30 per cent to 123.9 tonnes. Gold demand value during the period stood at Rs 39,510 crore, down 4 per cent from Rs 41,300 crore in the 2019 quarter.

WCG's Gold Demand Trends report released on Thursday showed that global demand for gold at 2,972.1 tonnes per annum (YTD) fell 10 per cent in the same period in 2019, with demand falling by 392.3 tonnes in the third quarter of calendar year 2020 The lowest demand is believed to be due to the Covid-19 epidemic.

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