GJ Town India

Gold recycling shoot-up by 88% in 1Q YoY   In the context of India Demand Statistics for Q1 2022 (January – March) & by reviewing  Gold demand full year January – March 2022; Somasundaram PR, Regional CEO, India, World Gold Council said, After rising to record levels in Q4 2021, India’s gold Jewellery demand fell by 26% y-o-y in Q1 2022 to 94 tonnes.   Since 2010, barring the pandemic periods, this is only the third time the Q1 total has been below 100 tonnes.  Fewer auspicious days coupled with a sharp rise in gold prices meant fewer weddings and a pause in retail demand, with households postponing gold buying in anticipation of a price correction.   Investment demand, primarily gold bars and coins, however, grew 5% to 41 tonnes, rising prices and volatility in equity markets acting as support. With safe-haven demand and rupee depreciation pushing gold prices above Rs.50,000/10g, discussions with trade revealed that most of the buying was lower ticket items such as 10g and b

Jewellery demand in India up by 5% in Q1 YoY Gold demand lifted by Central banks & ETFs globally! This compares with a relatively weak Q1 2018, when demand sank to a three-year low of just 984.2t. Central bank buying continued apace: global gold reserves grew by 145.5t. Gold-backed ETFs also saw growth: quarterly inflows into those products grew by 49% to 40.3t. Total bar and coin investment weakened a fraction to 257.8t (-1%), due to a fall in demand for gold bars. Official gold coin buying grew 12% to 56.1t. Jewellery demand was a touch stronger y-o-y at 530.3t, chiefly due to improvement in India’s market. The volume of gold used in technology dipped to a two-year low of 79.3t, hit by slower economic growth. The supply of gold in Q1 was virtually unchanged, just 3t lower y-o-y at 1,150t. Highlights of the Gold Demand Trends, Q1 2019 report issued by World Gold Council says, Central banks bought 145.5t of gold, the largest Q1 increase in global reserves