India’s gold demand rises 47% in July-September quarter to 139.1 tonnes: WGC

29 Oct 2021 Evaluate

The World Gold Council in a report said that India’s gold demand has seen a 47 per cent year-on-year jump in the July-September quarter to 139.1 tonnes, following strong rebound in economic activity and recovering consumer demand. According to the WGC, gold demand in India is bouncing back to pre-COVID levels and going forward the outlook looks bullish. The country’s overall demand stood at 94.6 tonnes during the September quarter of 2020, the WGC’s Q3 Gold Demand Trends 2021 report said, adding that in terms of value, India’s third quarter gold demand went up by 37 per cent to Rs 59,330 crore, compared to Rs 43,160 crore a year ago.

WGC Regional CEO, India, Somasundaram PR said ‘This reflects a combination of low base effect and return of positive trade and consumer sentiments. This is primarily driven by what appears to be a firm grip on the pandemic with higher vaccination rates and falling infection rates, leading to a strong rebound in economic activity’. Going forward, he said imports might not be very significant in the fourth quarter as little bit of stocking up for the festive season has already taken place during the third quarter of 2021. Somasundaram said ‘Looking ahead with restrictions being gradually lifted across the country, retail demand is bouncing back to pre-COVID levels. With the upcoming festive and wedding season, there is all the more enthusiasm towards gold demand, and we anticipate it to be the busiest gold-buying season since the start of COVID’. He further said that demand for digital gold has also increased manifold, innovative tech initiatives, tie-ups with digital gold and UPI platforms by leading jewellers has brought about a substantial increase in volume of buyers and investors preferring online purchases.

As per the report, total jewellery demand in India for the quarter under review increased by 58 per cent to 96.2 tonnes, compared to 60.8 tonnes during the July-September quarter of 2020. While in value, jewellery demand grew by 48 per cent at Rs 41,030 crore, as against Rs 27,750 crore a year ago. Total Investment demand for the third quarter increased by 27 per cent to 42.9 tonnes, from 33.8 tonnes in the same quarter of 2020. In value terms, gold Investment demand in July-September went up 19 per cent to Rs 18,300 crore, from Rs 15,410 crore a year ago. Meanwhile, the total gold recycled in India declined by 50 per cent to 20.7 tonnes in the period under review, compared to 41.5 tonnes in the same period of last year. Total net bullion imports, without taxes, in the third quarter surged by 187 per cent to 255.6 tonnes, from 89 tonnes in the same quarter of 2020.

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India’s gold demand rises 47% in July-September quarter to 139.1 tonnes: WGC

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