For Quick Alerts
For Daily Alerts

Gold Demand In India To Get A Boost In June Qtr, Says WGC


On Thursday World Gold Council (WGC) said that demand of the precious yellow metal gold in India could lift higher in the June quarter compared to the same period a year ago as local prices are on the decline ahead of the auspicious Akshaya Tritiya festival and also as there are number of auspicious days for weddings during the period.

Wedding Season And Akshaya Tritiya To Boost Gold Demand

Currently, global gold prices are hovering near a 4-month low and any surge in demand from the world's second-biggest consumer of gold is likely to provide some support to its pricing. Nonetheless, the move will be a deterrent for India's trade deficit and will weigh on the rupee's trajectory, which is already nearing the 70 mark.

"Prices are attractive. In the second quarter we might see a surge in demand due to Akshaya Tritiya and higher auspicious days for weddings," Somasundaram PR, the managing director of WGCs Indian operations said.

Further, the MD added that a number of auspicious days for weddings as per the Hindu calendar in the June quarter of 37 as against just 21 in the same period last year is expected to drive significantly gold sales due to wedding season demand.

Also, the Hindu festival Akshaya Tritiya is falling on May 7 when buying gold is considered as auspicious.

During the first quarter of the calendar year 2019, the demand for gold surged by 5% to 159 tonnes in comparison to the year-ago period due to lower prices as well as more number of auspicious days for a wedding.

For 2019, the report forecasts gold consumption in the range of 750 to 850 tonnes as against 760.4 tonnes registered in 2018 and a 10-year average of 838 tonnes. In the previous year, gold consumption in India took a hit due to the increase in local prices on the back of depreciating rupee and also as drought affected the demand from the rural population.

Read more about: gold demand wgc
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more