INDIA'S GOLD JEWELLERY DEMAND DECLINES SHARPLY IN Q3, BUT INVESTMENT SOARS

Gold demand in the September quarter was down 16 per cent to 209 tonnes against 248 tonnes logged in the same period last year, due to a sharp rise in prices.

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Jewellery demand dipped 31 per cent to 118 tonnes (172 tonnes) in the quarter under review, while that of investments increased to 20 per cent to 92 tonnes (77 tonnes), according to the World Gold Council data released.

In value terms, demand was up 23 per cent to ₹2.03 lakh crore (₹1.65 lakh crore), even as jewellery demand was almost stagnant at ₹1.14 lakh crore, as volumes plunged. However, investments demand increased 74 per cent to ₹88,970 crore (₹51,080 crore).

Gold prices, excluding import duty and GST, increased sharply by 46 per cent to ₹97,075 per 10 grams in the September quarter, against ₹66,614 recorded in the same period last year, depressing consumer sentiment for most of the quarter.

In dollar terms, gold prices were up 40 per cent at $3,456 ($2,474) an ounce, leading to imports declining 34 per cent to 195 tonnes (308 tonnes).