New Delhi. In India, gold demand increased by 10 percent to 210.2 tonnes in the third quarter of the current financial year 2023-24. The World Gold Council (WGC) gave this information.
In India, the second largest consumer of gold in the world, the demand for gold has increased in the third quarter of this financial year due to softening of gold prices and festive demand. WGC Regional Chief Executive Officer (India) Somasundaram P.R. Said that gold prices softened a bit in the last quarter but now they have started rising. Dhanteras festival and wedding season will impact prices in the next two months.
Releasing the quarterly report on gold demand, the WGC said India's gold demand rose to 210.2 tonnes in the third quarter of FY23 from 191.7 tonnes in the same period a year ago. According to the report, demand for jewelery increased by seven per cent from 146.2 tonnes to 155.7 tonnes in the quarter under review, while demand for gold bars and coins increased by 20 per cent from 45.4 tonnes to 54.5 tonnes.
India's gold imports rose to 220 tonnes in the third quarter from 184.5 tonnes in the year-ago period. Somasundaram said that the demand for gold in the fourth quarter is expected to be similar to the third quarter. It will be slightly better if prices do not increase further. At the same time, global demand for gold declined by six percent to 1,147.5 tonnes in the third quarter of 2023.
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