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Gold demand lacks lustre: Declines 7% in 1st quarter
Business Standard
|August 02, 2023
Surge in prices, knee-jerk response to ₹2,000 note ban key reasons: WGC
Gold demand in India witnessed a 7 per cent (YoY) year-on-year decline, totalling 158.1 tonnes in the 2023-24 (FY24) April-June quarter (first quarter, or Q1) compared with 170.7 tonne in the same period last year, according to the World Gold Council (WGC).
The drop in demand was attributed to the surge in gold prices and the knee-jerk response to the ban on ₹2,000 notes during the quarter, especially impacting the jewellery segment.
Somasundaram P R, regional chief executive officer India at WGC, expressed caution regarding the outlook for the rest of the year, citing uncertainties stemming from high local prices and a slowdown in discretionary spending.
"However, the success of the monsoon season could boost sentiment ahead of the Diwali season and potentially yield positive surprises. With the first half of calendar year 2023 (CY23) demand at 271 tonne, our estimate for full-year (CY23) gold demand is in the range of 650-750 tonne," he said.
Diese Geschichte stammt aus der August 02, 2023-Ausgabe von Business Standard.
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