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Demand for gold in India is down by 20%
Posted on: 10/Nov/2017 5:38:42 PM
The demand for gold in India for the quarter period from July to September had come down by 20% and was 145.90 tons. The demand in the corresponding quarter for the previous year was 193 tons.
If this aspect is considered in terms of value, the demand for gold for the above quarter had come down by 30% - from Rs. 55390 Crores to Rs. 38540 Crores.
The demand for gold jewelry had come down by 25% from 152.70 tons to 114.90 tons. Looking on the value aspect for this period, the value had come down by 31%, from Rs. 43880 Crores to Rs. 30340 Crores.
The investment/ buying of gold had come down mainly attributable to factors such as GST implementation, the actions taken on illegal money transactions, etc.
As per the information released by the World Gold Council, as far as the international market is concerned, the demand for gold for the quarter from July to September had come down by 9% and was 915 tons.
