new Delhi. According to the World Gold Council Report, it could prove to be the worst year of 25 years in terms of demand for India. According to the report, the calendar year 2020 may prove to be the worst year for gold demand in India since 1995. According to the WGC report, the demand for gold in India this year is 252 tonnes, compared to 496 tonnes in the same period last year. Even if the October-December 2019 demand of 194 tonnes is added to it, the total demand of CY20 will be less than the total demand of CY19 696 tonnes.
According to Somasundaram, PR managing director of World Gold Council India, CY19 was an anemic year for gold demand. He said that there have been several incidents on the next quarter. The economy is opening up and we have no idea what demand will take shape in the backdrop of the wedding season with job losses and pay cuts. However, if some prices are less than Rs 50,000 per 10 grams, then some buyers of gold can be seen.
Figures released by the World Gold Council
– Calendar year 1995 India had the worst demand of 462 tonnes of gold annually.
It improved with 511 tonnes in 1996, 547 tonnes in 2002 and 642 tonnes in 2009.
– The annual demand for gold at 2,972.1 tonnes globally is 10% lower than the same period in 2019.
– 892.3 tonnes in the third quarter of the calendar year, which is 19% less.
– The lowest figures of gold demand have been seen after the third quarter of 2009 due to the corona virus.
In India, the demand for gold in the third quarter of calendar year 20 was 86.6 tonnes, 30 per cent lower than the same period of 2019, at 123.9 tonnes.
Gold demand value was Rs 39,510 crore during the period under review, which was Rs 41,300 crore in the same period last year.
Demand for gold jewelery at the global level declined by 29 per cent to 333 tonnes in the third quarter of the calendar year.
If we talk about India, it has seen a decline of 48 per cent to 52.8 tonnes in the same period.
– Year to date jewelery demand is just 904 tonnes, which is the lowest margin in WGC’s data series. This is 30 per cent lower than the corresponding period of 2009.
According to WG, between January and the end of September, gold prices in the US dollar jumped by 25 percent.
– The price of gold in India has crossed Rs 50,000 per ten grams, which is also a milestone.