Gold demand surges 47% in July-Sept

Gold demand surges 47% in July-Sept

(This story originally appeared in on Oct 29, 2021)

CHENNAI: Demand for gold may have dropped 7% globally during the July-September quarter, but there was no dent in purchases of the yellow metal in India, rising 47% to over 139 tonnes by volume. The growth was driven by falling Covid infection rates, which pushed people to venture out and shop, the latest report by World Gold Council (WGC) said.

WGC’s regional CEO (India) Somasundaram P R said, “Gold jewellery demand increased by 58% to 96 tonnes, while investment demand for bars and coins also grew by 18% in a quarter that tends to be seasonally subdued due to monsoons.” Inauspicious periods like Pitru-Paksha are also known to keep buyers away.

In the Indian market, gold demand by value stood 37% higher at Rs 59,330 crore in second quarter of this fiscal year, as compared to the previous year. The total investment demand rose by 27% at 42.9 tonnes.

About Author

Related posts

INTEL CORP Technical Analysis

Stock Market: INTEL CORP. Price Chart, Analysis And Trading Signals

INTEL CORP. Technical Analysis: Weekly Chart In the weekly charts, INTEL CORP. is trading in a down channel. INTEL CORP. is currently trading below all SMA. RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness. Its immediate support is 41.86 & the...

Read More
EXXON MOBIL Technical Analysis

Stock Market: EXXON MOBIL Price Chart, Analysis, And Trading Signals

EXXON MOBIL Technical Analysis: Weekly Chart In the weekly charts, EXXON MOBIL is trading in an up channel. EXXON MOBIL is currently trading above all SMA. RSI is in buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness. Its immediate support is 88.16 & the...

Read More