Gold prices in India are trading above Rs 60,000. A day ago, the price of gold crossed Rs 61,800 and made a new lifetime high. On the other hand, there has been a significant decrease in the demand for gold. According to the report of the World Gold Council, there has been a decline of more than 17 percent in the demand for gold in India. The reason for this is the prices of gold which are trading at a record high. In the current year i.e. 2023, the price of gold has increased by more than 10 percent. Let us also tell you what kind of figures have been seen in the report of the Gold Council.
Gold demand at 6-year low
The demand for gold in India has reached a 6-year low. The Kovid year of 2020 has not been added to this. According to the report of the World Gold Council, due to the record prices, there has been a decline of 17 percent in the demand for gold as compared to the same period a year ago. Gold demand was 135 tonnes in the fourth quarter of the financial year 2021-22, which has come down to 112 tonnes in the March quarter of the financial year 2022-23. If we look at it in value term, then there has been a decline of 9 percent. In the March quarter, this figure has come down to Rs 56,220 crore, which was Rs 61,540 crore in the same quarter of the previous financial year.
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Decline in demand for jewelry
If we talk about jewellery, then its demand is also seeing the lowest level of six years. This time the demand for jewelry has been seen at 78 tonnes, which was seen at 94 tonnes in the same quarter last year. This means that the demand for jewelery has declined by 17 per cent during this period. In terms of value, the figure which is Rs 390 crore in this quarter was earlier at Rs 428 crore in the same quarter. Investment demand has come down from 41 tonnes to 34 tonnes.
Increase in recycled gold demand
There has been an increase in the demand for recycled gold, which has seen a growth of 25 percent. During this, its demand has increased from 30 tonnes to 35 tonnes. Due to gold prices reaching a record high, consumers have taken advantage of recycling their old gold. Bullion imports have been seen stable at last year’s level of 134 tonnes. Gold retail price rose by 26 per cent to Rs 63,000 per 10 grams in the March quarter, while the average price was Rs 49,977 in the March quarter.