Gold seems to be losing its glitter in India due to a rise in prices. Demand in Q2CY24 was 149.7 tonnes a 5 per cent drop compared to 158.1 tonnes in the same period last year, according to a report by the World Gold Council (WGC).
Demand by value in April-June 2024 stood at 93,850 crore, up by 14 per cent compared to ₹82,530 crore in the same period last year.
"India's gold demand softened slightly in Q2CY24. This can be attributed to record-high gold prices impacting affordability and causing a slowdown in consumer purchases. However, the overall value of demand remained strong, increasing by 14 per cent, highlighting gold's enduring value for Indian consumers," said Sachin Jain, regional chief executive officer for India at WGC.
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