Gold demand in India up 19 pc in Q2 at 76 tonnes: WGC
Jul 29, 2021
Mumbai (Maharashtra) [India], July 29 : Demand for gold in India during April to June (Q2 2021) totalled 76.1 tonnes, marking an increase of 19.2 per cent as compared to 63.8 tonnes in the same period of last year, the World Gold Council (WGC) said on Thursday.
The gold demand value was Rs 32,810 crore, up 23 per cent from Rs 26,600 crore in the same period.
Total jewellery demand increased by 25 per cent at 55.1 tonnes as compared to Q2 2020 when it was 44 tonnes with a value of Rs 23,750 crores, showing a rise of 29 per cent from Rs18,350 crore.
WGC said investment demand for gold in Q2 2021 increased by 6 per cent at 21 tonnes in comparison with 19.8 tonnes in Q2 2020.
Total gold recycled in Q2 2021 was 19.7 tonnes as compared to 13.8 tonnes in Q2 2020, marking a jump of 43 per cent. At the same time, gold imports were up 1,004 per cent to 120.4 tonnes from 10.9 tonnes in Q2 last year.
Somasundaram P R, Regional CEO for India at WGC, said the second quarter was marked by widespread regional lockdowns following rise in Covid infections.
Unlike the previous year when a national lock down took businesses by surprise, this quarter was relatively better as businesses were more prepared.
Somasundaram said the overall gold demand in India in H1 2021 was 216.1 tonnes, up 30 per cent versus H1 2020. "Though it is still a multi-year low, it reflects an underlying demand momentum that will likely support a sharp spike in demand once normalcy is restored on the Covid front."
He said outlook for H2 2021 is yet uncertain as consumer confidence and business response are subject to the impact of a looming threat of third wave of Covid and the pace of economic recovery.
