In 2020, India's gold demand fell to a 25-year low

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Mumbai, Ta. Thursday, January 28, 2021

The country's gold demand fell to a three-year low of 6 tonnes in 2020 from 20.50 tonnes in the 2017 calendar year. Earlier in the day, the country's gold demand was seen at 12 per cent, according to a report released by the World Gold Council. Demand for jewelery also declined by 9 per cent to 31,212.50 tonnes in 2016. In 2017, the demand for jewelery was 3.50 tonnes. Gold demand is expected to improve in the current year.

In terms of value, demand for gold jewelery fell by 3% to Rs 130 crore in 2020. Demand was affected by the lockdown imposed by Kovid and the all-time high price of gold, said Somasundaram PR, managing director for India at MM Council.

However, due to higher gold prices, the decline in demand in terms of value was only 15 per cent compared to 2014. In 2020, the price of gold was around Rs 30,000 per ten grams. Demand for jewelery improved in the December quarter due to easing of lockdowns and demand for festivals and weddings, during which demand stood at 16.50 tonnes.

In 2020, December was the strongest quarter in terms of demand. Investment demand also increased in the December quarter. Overall, gold demand in the December quarter stood at 13.50 tonnes, down 3 per cent from the same period last year.

However, due to higher gold prices, demand for value rose by 3% to Rs 40 crore. On the other hand, gold demand is expected to improve in 2021 and will return to 2015 levels.

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