Indian Consumers Latches On Gold
India continues to be a strong market of gold as both consumers as well investors show a strong appetite for it. Total consumption for gold in India, which includes jewellery, bars, and coins, witnessed a 37.4% YoY growth in January – March 2021. However, demand faltered by 24.8% on a QoQ basis.
Demand for jewellery remained robust in India, with volumes up 38.3% YoY to 102.5tn. It was boosted by the ease in lockdown restrictions, lower gold prices, lower customs duty, and wedding demand. Investment in gold also surged up during this period, helped by the bottoming out of gold prices. Demand for bars and coins rose 33.8% YoY to 37.5t in 1QCY21.
Titan, the major player in the gold and jewellery segment, also indicated that gold coin and bar sales were disproportionately higher during Q4FY21.
Source link