Corona's third wave, the stock market rally, will have an impact on gold demand

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MUMBAI: Gold imports fell sharply in May after being high in March and April this year, and are expected to remain low in the coming months. Traders are not particularly keen on importing gold due to fears of a third wave of Corona, market sources said.

The third wave of Corona in the country is expected to arrive in September-October and these two months remain festive months in India. Traders in the country usually stockpile gold by importing gold in July-August for the festive and wedding seasons.

Consumers' purchasing power is also declining this year due to the third wave after the second wave of Corona and demand for gold is not expected to pick up for the upcoming festivals and wedding season, sources said.

Gold imports fell to ડો 0.50 billion in May from 2.50 billion in March and ૩ 2.50 billion in April this year.

The Corona epidemic has affected gold demand for the second year in a row due to economic downturn, employment and wage cuts. Sources also said that the demand for gold from the urban middle class has fallen sharply.

Gold imports grew by 7.5 per cent to ડો 2.50 billion in FY2021-21.

Another reason for the decline in demand for gold is the stock market rally. Gold prices have fallen more than 15 per cent from their current high of Rs 2,000 per ten grams in August last year, while the stock market has seen a significant rise.

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