India Gold Demand Surged in Q2: World Gold Council

SEATTLE (Scrap Monster): As per the latest report published by the World Gold Council (WGC), the demand for gold in India surged higher significantly during the second quarter of the year ended 30^th June, 2022. This is upon comparison with the corresponding quarter a year before. The country’s gold demand was up by 43% in the June quarter.

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The gold demand during the quarter stood at 170.7 tonne. By value, the Q2 gold demand totalled INR 79,270 crore. This was higher by 54% from the quarter ended 30^th June, 2021. It must be noted that the gold demand was valued at INR 51,540 crore in Q2 2021. Meantime, the total jewellery demand in India for the quarter was 140.3 tonnes, significantly higher by 49%, when compared with the demand of 94 tonnes during Q2 2021, WGC report said. The total gold jewellery demand in the first half of the year was 6% higher year-on-year at 234 tonnes.

The Q2 gold demand left behind the pandemic-induced anxiety during the initial quarter of the year and was boosted by festival and wedding purchases. The jewellery demand was mainly driven by Akshaya Tritiya and traditional wedding purchases. The gold demand in the country also drew support from equity market volatility and inflation concerns, said Somasundaram PR, CEO, WGC-India Operations.