Indias Gold Demand Up 17% In September Quarter Says WGC

1 Nov 2022 , 11:52 AM

The World Gold Council or WGC stated in a latest update that a 17% y-o-y increase in Indian jewellery demand – to 146t – was led by strong demand in the South in third quarter of 2022. The overall Q3 demand was 12% above its five-year quarterly average (131t) and took y-t-d demand to 381t, 10% higher than last year and almost equivalent to 2019 pre-COVID levels. Urban India consumers have driven the recovery in gold jewellery demand, as economic activity in these areas has normalised. Credit expansion has added impetus to this demand, with bank loan growth touching a nine-year high by quarter-end. The WGC said that it is positive in its outlook for the rest of the year, as festival and wedding demand should be supportive. But demand is not expected to match last years record-breaking fourth quarter, particularly given that higher inflation relative to urban India may crimp demand in the important rural segment. Powered by Capital Market – Live News