Gold recycling in India rose 18 percent to 23.3 tonnes in the June quarter from 19.7 tonnes in the same period last year. Gold imports also increased by 34 percent to 170 tonnes in this quarter
Gold(Gold) The world knows Indians’ fascination with gold and a recent report by the World Gold Council shows that this fascination continues even amid rising inflation. According to the WGC report, the demand for gold in India increased by 43 percent year-on-year in the April-June quarter. However, the report said there is uncertainty about gold demand moving forward. Several factors such as inflation, rupee against the dollar and government policies will determine whether consumers will continue to buy gold or decline.
How much gold was sold?
The World Gold Council report said that gold demand in India during April-June stood at 170.7 tonnes, which is 43 percent higher than the demand of 119.6 tonnes in the same period of 2021. A report on gold demand issued by the WGC on Thursday said gold demand in India in value terms rose 54 per cent in the June quarter to Rs. 79,270 crore which in the same quarter is Rs. 51,540 crores. 2021. WGC Regional CEO (India) Somasundaram PR said jewelery demand rose 49 per cent to 140.3 tonnes as the wedding season kicked off with Akshay Tritiya. He said the WGC has projected demand of 800-850 tonnes for 2022, although other factors including inflation, gold prices, rupee-dollar rates and policy measures will affect consumer sentiment in the near term. The total demand for gold in the year 2021 was 797 tonnes.
Increase recycling of gold
Gold recycling in India rose 18 percent to 23.3 tonnes in the June quarter from 19.7 tonnes in the same period last year. Gold imports also increased by 34 per cent to 170 tonnes in the quarter from 131.6 tonnes in the same period of 2021. According to the report, global demand for gold fell eight percent year-on-year to 948.4 tonnes. It was 1,031.8 tonnes in the June quarter of 2021. WGC senior analyst Emma Louise Street said there are both risks and opportunities for gold in the second half of 2022. Gold is expected to remain in demand as a safe-haven investment but also faces challenges from further monetary tightening and further strengthening of the dollar.
A look at today’s gold prices
|MCX GOLD : 51417.00 +113.00 (0.22%) – 09:50 hrs|
|The price of 10 grams of gold in Gujarat is as follows|
|10 grams of gold is being traded at this price in four major cities of the country|