India’s gold demand in the third quarter this year fell by 24.4% and stood at 145.9 tonnes compred to demand of 193 tonnes during the third quarter of 2016. As per report compiled by World Gold Council (WGC), the fall in demand can be attributed to the implementation of GST and anti-money laundering legislation (AML). In value terms, the gold demand declined by 30.42% at Rs 38,540 crore, compared to Rs 55,390 crore in the same period of 2016.
The total jewellery demand for the third quarter dropped by 24.75% at 114.9 tonnes compared to 152.7 tonnes in the same period of 2016. The value of jewellery demand was down by 30.85% at Rs 30,340 crore, from Rs 43,880 crore in the same period last year.
Besides, the total investment demand for the July-September quarter was down by 22.69% at 31 tonnes compared to 40.1 tonnes in the same period last year. In value terms, the gold investment demand was at Rs 8,200 crore, down by 28.82% from Rs 11,520 crore in the third quarter of 2016.
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