Demand for Gold for making jewellery in India down by 42%!
Posted on: 29/Jan/2021 11:42:19 AM
As a routine, The World Gold Council informs at the end of every quarter of the year the details regarding the demand for gold all over the world and in India.
Accordingly, the Managing Director of the World Gold Council, India, Somasundaram informed the COMPLETE status of the above at the end of the last and 4th Quarter of the last year (2020) through the internet to the press reporters. He shared:
�The demand for gold from the consumers the world over, was down by 14% last year (2020) as compared to the previous year 2019 and was 759.6 tons. Similarly, the demand for gold for making jewellery came down by 34% and was 1411.6 tons. As regards India, consumers� demand for gold was down by 35.4% and the demand for gold for making jewellery was down by 42% and is 315.9 tons.
When we study the demand for gold bars, when comparing the financial year 2020 with the previous year 2019, the demand for gold coins and gold bars are up by 3%.
There is a trend of continuous decrease in Central Bank�s gold buying. As compared to the year 2019, it is down by 59% and is at 272.9 tons.
Though the demand for gold across the world is down, as regards the investment in gold, it has increased, the investment in god across the world has increased by 40% as compared to the year 2019. However, investment in gold in |India has come down by 11% as compared to 2019 and is at 130.4 tons. Though there is a down-trend in demand for gold by weight, as the gold price has increased in the world market, when looking at the aspect of value, the demand for gold has gone up!
In a total perspective, considering some issues which prevailed almost throughout the year 2020 such as the impact of the raging coronavirus pandemic across the world and the resultant imposition of lockdown conditions as a preventive measure against its spread in all countries, the demand for god had come down. In this regard, the impact was the most in the 3rd quarter of the year 2020.�
