India's Jan-Mar gold demand falls 36% to 101.9 tonne due to volatile prices, economic uncertainties: WGC
Gold demand in India fell 36 percent in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report
Budget 2020: Jewellery sector seeks reduction in gold customs duty to 6%, polished diamonds to 2.5% to revive industry
Saying that liquidity is a major area of concern, All India Gem and Jewellery Domestic Council (GJC) Chairman Anantha Padmanaban said the government should take steps to ensure that banks lend to jewellers.
Gold shines on Dhanteras; trade records 30 tonnes of sales, registers around 25% drop in demand against last year
Traders expected only 20 tonnes of gold to be sold in the domestic bullion market on Dhanteras this year, due to weak demand.
Demand for gold in rural India to revive in second half of 2018 as govt supports farmers: World Gold Council
Two-thirds of the country's gold demand comes from rural areas, where jewellery is a traditional store of wealth.
The growth gold demand was mainly driven by jewellery segment in 2017, which was up by 12 percent at 562.7 tonne compared to 504.5 tonne in 2016.
Gold is considered and has proven to be a first asset class of the poorest too in the country and as a commodity that is widely distributed.
Retail trade is gung-ho about their prospects after seeing a rush in footfall since the morning of Dhanteras. They are expecting sales to continue through to Sunday when office-goers get their holidays for the season and step out with families to buy gold.
India's gold demand is likely to pick up in the second half of the year as curbs on bullion imports are expected to be eased by the country's new government, the World Gold Council (WGC) and other industry officials said on Tuesday.
Despite all the government efforts to curb demand for gold, the yellow metal will not lose its sheen in India, Somasundaram PR, Managing Director, India, World Gold Council, told Firstpost.