Net bullion imports India tumbled by 58% in 1Q YoY
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...