Gold Investment demand in Q3 up by 40% YoY
Gold jewellery 7% & Gold demand up 10% in India Somasundaram PR, Regional CEO, India, World Gold Council (WGC) said, “India’s gold demand of 210t in Q3 2023 was higher by 10% over Q3 2022 of 191.7t. Purchase of gold jewellery in India was up 7% y-o-y aided by softer gold prices and festive demand, more pronounced in South India. Investment gold demand, that is bars and coins, jumped 20% to 54.5t from 45.4t in Q3 of the previous year. Price correction was a major factor that triggered the latent demand which we believe continues to be strong underpinned by strong positive economic sentiment mixed with uncertainties arising from a variety of factors such as fear of inflation, below-normal monsoon and global developments. Gold recycling in India recorded 19.3t, a 20% growth over last year, which is more due to low base of last year and perhaps some profit taking. We believe recycling will continue to grow as initiatives of organised players to increase recycling of jewell...