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Gold demand in India jumps back to pre-covid levels by 47% in September quarter: WGC

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Gold demand in India jumps back to pre-covid levels by 47% in September quarter: WGC

Mumbai, Oct 28 (PTI) Gold demand in India grew by 47 per cent year-on-year to 139.1 tonnes during the July-September quarter due to strong spurt in economic activity and improving consumer demand, the World Gold Council (WGC) said in a report. happened.

According to the WGC, gold demand in India has returned to pre-Covid levels and is expected to remain bullish.

The report titled ‘Gold Demand Trend, 2021’ said that during the September quarter of 2020, the total gold demand in the country stood at 94.6 tonnes.

In value terms, gold demand in India grew 37 per cent to Rs 59,330 crore in the quarter under review, from Rs 43,160 crore in the same period a year ago.

WGC Regional Chief Executive Officer (India) Somasundaram PR told PTI, “This increase reflects a low base effect, positive business activity and strong consumer sentiment. This also indicates that the epidemic is coming under control with rapid vaccination and reduction in infection rate. Because of this, there is a strong jump in economic activity.

According to the WGC, global gold demand fell 7 per cent to 831 tonnes during the July-September quarter as compared to the same period of 2020.

According to the report, the total demand during the third quarter of 2020 was 894.4 tonnes. The fall was due to withdrawals from gold ETFs.

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