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Gold price rally could cut India's demand to four-year low -WGC

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MUMBAI, April 30 - India's gold demand in the March quarter rose 8% from a year ago, but recent rallies in prices of the precious metal could cut its total consumption in 2024 to the lowest in four years, the World Gold Council said on Tuesday.

The WGC had earlier expected demand in the world's second biggest consumer after China to rise to between 800 and 900 tons in 2024. India's gold consumption fell 1.7% in 2023 from a year earlier to 761 tons. Soaring gold prices, leading to effectively higher returns, are boosting investment demand while suppressing consumption for use in jewellery, which makes up three-quarters of total demand, Jain added.

In the March quarter, scrap supplies jumped 10% from a year ago to 38.3 tons, the second highest on the record, as the price rally prompted some investors to liquidate holdings, the data showed.

 

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