look news india
Ahmedabad: Gold seems to be losing its shine in India due to the rise in prices. According to the World Gold Council report, the demand for gold in the April-June quarter was 149.7 tonnes, which is 5 percent less than 158.1 tonnes in the same period last year. In terms of prices in April-June 2024, the demand was Rs. 93,850 crore. Which is 14 percent more than Rs 82,530 crore.
The World Gold Council said that India's gold demand softened slightly in the second quarter of the calendar year 2024. This was due to high gold prices, which led to sluggishness among consumer buyers. During this period, prices per ounce. increased by about 13 percent compared to the December 2023 quarter.
Jewellery demand in India fell 17 per cent to 107 tonnes due to high prices and the impact of general elections and extreme heat. This was the weakest second quarter of a calendar year for the jewellery sector after the impact of the pandemic in the second quarter of calendar year 2021. Although Akshaya Tritiya and Gudi Padwa festivals provided a temporary boost, high prices have weakened consumer sentiment.
Investment demand grew 46 per cent to 43.1 tonnes in April-June, the highest in a second quarter since 2014. The 9 per cent cut in import duty on gold in Budget 2024-25 is expected to improve demand in the July quarter ahead of the main festive season starting in September. A good monsoon will also improve demand. Our estimate for the full year is between 700 and 750 tonnes.
Global gold demand (excluding OTC) fell 6 per cent year-on-year to 929 tonnes as demand from other sectors grew marginally due to a sharp drop in jewellery consumption. Global jewellery sales fell 19 per cent year-on-year to a four-year low of 391 tonnes in the June quarter. Central banks bought more gold and their net purchases rose 6 per cent to 184 tonnes from a year earlier.