Tuesday, 25 June 2024

Domestic gold demand is down 7% in Q2FY23

India‘s gold demand declined 7% in Q2 2023 to 158.1 tonnes, compared to 170.7 tonnes in 2022. However, value-wise demand rose by 4% to ₹82,530 crore, compared to ₹79,270 crore sales in Q2.

Total jewelry demand also decreased by 8% to 128.6 tonnes, compared to 140.3 tonnes in Q2 last year. However, jewelry demand rose 3% value-wise to ₹67,120 crore, according to data from the World Gold Council.

Domestic gold

In Q2 2022, the overall demand for gold for investment dropped by 3% to 29.5 tonnes from 30.4 tonnes in Q2. However, value-wise, demand rose by 9% to 15,410 crore from 14,140 crore in Q2, representing a rise in demand. The record-high rupee gold prices, which affect affordability and consumer sentiment, are to blame for this fall.

India recorded a 61% increase in gold recycling to 37.6 tonnes in the third quarter, led by customers who benefited from historically high gold prices. Gold demand briefly decreased as a result of the ban on 2,000-rupee notes, demonstrating how sensitive Indian consumers are to changes in government policy.

  • India’s gold demand declines 7% in Q2 2023, value-wise rises 4%.
  • India’s gold recycling surges 61%, boosted by high prices and government policy changes.
  • World Gold Council predicts cautious 2023 gold demand between 650-750 tonnes.

The World Gold Council underlines the market’s durability in the face of difficulties like high gold prices and inflation by highlighting the favorable economic environment and customer adaptability.

In 2023, the World Gold Council expects the annual demand for gold to range between 650 and 750 tonnes. Gold demand is still cautious as it is anticipated to encounter uncertainty brought on by regional prices and slowing discretionary expenditure.

The success of the monsoon season, with sales totaling 271 tonnes in the first half of the year, could, however, improve confidence before Diwali.

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