Current Diwali will not be like last year in terms of gold sales: Gold Council

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Mumbai: The World Gold Council (WGC) has predicted that the current year's Diwali sales in the country will not be as encouraging as in 2021. The current year's Diwali will not see rush of customers. In 2022, the overall gold demand in India is expected to be 750 tonnes.

India, the second largest consumer of gold in the world, usually has a good demand for gold jewellery, coins and gold during the period from October to December due to festivals including Diwali.

Jewelery sales almost doubled in the December quarter of 2021. After two consecutive years of slowdown due to Corona, sales were supported by the demand for wedding dresses at the end of last year, said PR Somusundaram, Regional CEO for India, WGC, in an interview to a TV channel.

In the December quarter of last year, Indians bought approximately 344 tonnes of gold. He said that there is no possibility of such a purchase in the current year. Last year's December quarter sales were at a 25-year high.

Compared to the first 6 months of 2022, demand will be good but not last year. Inflation is slightly high but not so high that it can be called serious.

Gold is generally considered as a hedge against inflation. The rise in the dollar has affected the demand for gold in the international market. In 2021, India's gold demand was 800 tonnes, which is expected to be 750 tonnes at the end of 2022, he said.

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