Jewellery demand in India grew by 15% YoY
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