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World Gold Council: India gold import down 14% - lesser demand
Posted on: 30/Jan/2020 3:20:09 PM
The World Gold Council has informed that the demand for gold in India has come down substantially! As all of us are aware, gold plays an ‘all-important-role’ in the international economy.
Generally, the appeal of/for gold from both men and women has never diminished. In the current lifestyle, gold-trading plays a significant role in economic advancement.
In fact, the value of gold and the gold trade determine the economy level! As there are day-to-day fluctuations in the gold price, it definitely attracts the attention of the people.
Right from the start of January, the gold price had an increasing trend, and at one stage, it shot hot up and reached a new peak. This development shocked the people.
Subsequently, though there was a small reduction in the gold price, the gold price per sovereign has been hovering around Rs. 31000.
In Chennai Metro City, the price of 22-karat jewellery gold went up by Rs. 280 and was sold at Rs. 31,128 per Sovereign. Again, the 22-karat gold price per gram shot up by Rs. 35 and is sold at Rs. 3,891 per Gram.
In this scenario, the World Gold Council has informed that the demand for gold has been down in India by 9% and was 690.4 tons. In the year 2019, even the import of gold in the country went down by 14% and was 646.8 tons.
World Gold Council has attributed the reasons for this downward trend in demand for gold due to the recent practice of melting the olf gold jewellery and remaking new jewellery. The fluctuation in the daily gold price is also attributed to this reason!
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