India Jul-Sep gold demand up 14% as retail investment firm, says WGC

Informist, Tuesday, Nov 1, 2022


–WGC: India Jul-Sep gold demand at 191.7 tn, up 14% on year

–India Jul-Sep net bullion imports 207 tn vs 271 tn year ago

–India gold dore import in Jul-Sep at 45.7 tn vs 55 tn yr ago

–India Jul-Sep gold demand for jewellery at 146.2 tn, up 17%

–India Jul-Sep gold recycling at 16 tn vs 20.7 tn year ago

–India's invest demand for gold at 45.4 tn Jul-Sep, up 6% on yr


MUMBAI – India's gold demand jumped 14% on year to 191.7 tn in the September quarter, as retail investors responded to the drop in prices and weakness in equity markets, the World Gold Council said in its Gold Demand Trends report today.

The higher demand reflected a better-than-expected performance and strong consumer interest, helping the demand so far this year return to pre-COVID levels, said Somasundaram P.R., regional chief executive officer, India, World Gold Council. Festivities around Ganpati and Durga Puja festivals after two years of COVID-19 restrictions provided a huge lift to consumer sentiment.


In terms of value, India's gold demand in Jul-Sep was 19% higher on year at 850.10 bln rupees, while the country's demand for gold jewellery increased 17% on year to 146.2 tn. 


"Recovery in gold jewellery demand was primarily driven by urban India, more specifically southern parts, underpinned by robust economic activities with a 17% on year increase in tonnage terms," Somasundaram said.


Investment demand for the precious metal rose 6% on year to 45.4 tn. 


India's net bullion imports fell to 207.3 tn in Jul-Sep from 270.7 tn a year ago, while India's gold dore imports fell to 45.7 tn from 55.1 tn.


Gold recycling fell to 16 tn in the September quarter from 20.7 tn a year ago.


"Looking ahead, Indian retail investment is likely to continue to benefit from safe-haven demand amid rising interest rates and a weakening rupee. There's optimism in the overall outlook for the rest of the year with weddings and Diwali demand in Oct-Dec, but it is unlikely to match last year's record-breaking fourth quarter," Somasundaram said.  End


US$1 = 82.78 rupees


Reported by Chinmay Mungse

Edited by Avishek Dutta


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