GJ Town India

Gold Demand in market India grew by 8% in Q1 2023   Sachin Jain, Regional CEO, India, World Gold Council said, In Q1’24, India's total gold demand was 136.7 tonnes, up by 8% in comparison to 126.3 tonnes in Q1 2023 reaffirming Indians enduring relationship with gold. Gold jewellery demand was 95 tonnes, 4% above the comparatively weak Q1’23.    India’s continued strong macroeconomic environment was supportive for gold jewellery consumption even though prices reached a historic high in March leading to a slowdown in sales as the quarter ended.    Q1’24 also saw healthy levels of gold bar and coin demand in India, up 19% y/y at 41t. This was on a par with  Q1’22, which was itself the strongest first quarter since 2014. The price correction in February sparked investors’ interest, with anticipation of a rebound driving purchases.    As the price rallied to successive record highs, investors remained bullish, contributing to the robust demand. Investments into gold ETF’s too sa

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 jewellery start