New Delhi, October 30 (IANS). Gold demand in India declined by 16 percent year-on-year to 209.4 tonnes in the July-September period. The reason for this is the increase of 23 percent in gold prices. This information was given in the data released by the World Gold Council on Thursday.
According to the data, the demand for jewelery has declined by 31 percent in the review period. At the same time, the investment demand for coins and bars has increased by 20 percent.
According to data from India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold has declined by Rs 1,009 to Rs 1,19,619. Earlier the price of gold was Rs 1,20,628 per 10 grams.
The price of 10 grams of 22 carat gold has come down to Rs 1,09,571, which was earlier recorded at Rs 1,10,495 per 10 grams. At the same time, the price of 10 grams of 18 carat gold has come down to Rs 89,714, which was earlier Rs 90,417 per 10 grams.
Expenditure on jewelery remained flat at around Rs 1.14 lakh crore in the July to September quarter. However, investment in gold has increased by 74 percent to Rs 88,970 crore.
In the September quarter, gold prices (excluding import duty and GST) have increased by 46 percent in the last one year to Rs 97,075 per 10 grams. In the same quarter last year it was at Rs 66,614.
According to the World Gold Council, this surge has had a negative impact on consumer sentiment and imports have declined 34 percent to 195 tonnes from 308 tonnes earlier.
Market experts said that fluctuations in gold prices were seen in today’s session. The reason for this was the negative performance of the market after the Fed rate cut. At the same time, the bullion market has received support from US President Donald Trump’s permission to test nuclear weapons. In the coming time, gold may remain in the range of Rs 1,18,000 to Rs 1,24,500.
–IANS
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