Gold demand in India rises 43 per cent to 170.7 tonnes: Report

India’s gold demand went up by 43 per cent during April-June quarter, but going ahead factors like inflation, Rupee-USD rates and policy measures among others are likely to influence consumer sentiments, says a report.

According to a World Gold Council (WGC) report, India’s April-June quarter gold demand stood at 170.7 tonnes, higher from 119.6 tonnes during the corresponding quarter in 2021.

In terms of value, India’s gold demand increased by 54 per cent during the second quarter to Rs 79,270 crore, compared to Rs 51,540 crore in the corresponding quarter of 2021, the WGC Gold Demand Trends Q2 2022 report said.

As per the report, the gold prices increased from Rs 43,994 per 10 grams on March 31, as against Rs 46,504 per 10 grams on June 30.

Total jewellery demand for April-June 2022 was up by 49 per cent at 140.3 tonne compared to 94 tonne in the same quarter of 2021. The value of jewellery demand jumped 60 per cent to Rs 65,140 crores during the quarter under review, from Rs 40,610 crore a year ago.

While the total investment demand during the second quarter increased by 20 per cent at 30.4 tonnes, in terms of value it was up by 29 per cent at Rs 14,140 crores compared to Rs 10,930 crore in the same period last year.

Total gold recycled in India in Q2 2022 increased 18 per cent to 23.3 tonnes, compared to 19.7 tonnes in the same period last year.

The quarter also witnessed 34 per cent growth in imports at 170 tonnes, compared to 131.6 tonnes in the same period in 2021.

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