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Demand for Gold increases in India by 43 percent in Q2

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Demand for Gold increases in India by 43 percent for the second quarter, which is from April-June.

Demand for gold increases in India

According to a report by the World Gold Council, it is higher as compared to the corresponding quarter last year.

Value-wise India’s second quarter (Q2) 2022 gold demand value was Rs 79,270 crore, an increase of 54 per cent in comparison with Q2 2021 at Rs 51,540 crore.

According to previous datas the demand for total jewellery in India for Q2 2022 rose by 49 per cent at 140.3 tonnes as compared to Q2 2021.

The Gold demand increased by 4 per cent every year to 453 tonnes globally. The strong performance in India balances a significant decline of 28 per cent in China, where the market was dampened by Covid lockdowns that stalled economic activity and constrained consumer spending.

Somasundaram PR, Regional CEO, India, World Gold Council said, “India’s gold demand for Q2′ 22 left behind the anxiety caused by the pandemic in Q1 and marked by festivals and wedding buying, grew 43 per cent year-on-year (YoY) to 170.7 tonne. Akshaya Tritiya coupled with traditional wedding buying spurred jewellery demand by 49 per cent to 140.3 tonne, though on a low base as Q2 of last year was impacted by a devastating second wave of covid.

Total jewellery demand for H1 (first half) reached 234 tonnes which was 6 percent higher y-o-y. Gold investment, that is, bar, and coin demand in Q2 was of 30 tonnes which is 20 percent higher y-o-y, whereas H1′ 22 demand of 72t at 11 percent stronger y-o-y. Gold
demand drew support from volatility in equity markets and inflation expectations.”

The World Gold Council’s latest Gold Demand Trends report revealed that global gold demand (excluding OTC) in the second quarter was down 8 per cent year-on-year to 948 tonnes.

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