Indian jewellery demand up by 5%
Fall in local gold prices Triggered Q1 gold demand Recently World Gold Council addressed India Gold Demand Statistics for Q1 2019 (January – March) in Mumbai. Somasundaram PR, Managing Director, India, World Gold Council said: “The strengthening of the rupee and the fall in local gold prices towards the later part of the quarter triggered a rise in India’s gold demand by 5% in Q1 2019 to 159 tonnes. Growth of 5% in Indian jewellery demand to 125.4 tonnes uplifted global demand and boosted retail sentiment. The increase in auspicious wedding days in Q1 2019 - three times as many as those in the first quarter in 2018 - was also crucial to the rise in gold demand. The stronger rupee also benefited investors, with demand for gold bars and coins rising by 4% to 33.6t in the first quarter. While yet a nascent trend, digital platforms for buying gold continue to become popular, as internet investment gold providers forge effective market partnerships with UPI platforms and