Gold demand rises 19 per cent to 76 tonnes in June quarter: WGC

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MUMBAI: Gold has been described as a chain of times of economic crisis for years and demand has remained stagnant despite the skyrocketing gold prices. According to the World Gold Council, gold demand in India during the April-June quarter rose by 12 per cent year-on-year to 3.1 tonnes, largely due to the low-base effect.

Due to the Corona epidemic last year, all economic activities except essential activities were shut down in India during the June quarter due to a general lockdown. According to the Council's 'Gold Demand Trend - June Quarter 2021', the total demand for gold during the June quarter of 2030 was 6.5 tonnes.

In terms of value, gold demand in the country grew by 6 per cent to Rs 3,610 crore during the June quarter from Rs 2,600 crore in the same period last year. However, gold demand fell by 3% in the June quarter compared to the March quarter due to the outbreak of the second wave of the Corona epidemic.

The total demand for gold in India during the first six months of the calendar year 2021 from January to June was 13.5 tonnes, down 3 per cent from the same period in 2016 and 6 per cent less than the average demand for the first five months of the last five years from 2015-2016. .

According to the World Gold Council, India imported 120.5 tonnes of gold during the June quarter. Only 10.4 tonnes of gold was imported in the same quarter last year as India was undergoing a nationwide lockdown at the time. Gold was recycled in the June quarter at 12.5 tonnes as against 12.5 tonnes in the same quarter a year ago.

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