The decline was in line with the global gold demand trend that sawan overall fall of 5% to 4,448.4 tonne in 2023, compared to the previous year, mainly due to continuing exchangetraded fund (ETF) outflows.
In India, the jewellery demand was down 6% to 562.3 tonne compared to 2022. In the December quarter, the fall was sharper by 9% to 199.6 tonne over the December quarter of 2022.
"Although consumer interest remained high, it lagged the overall trade sentiment. October's price correction during Navratri led to a robust consumer response, boosting Diwali sales in November.
However, demand declined in December as gold prices resumed an upward trend, resulting in a 9% drop in Q4 jewellery demand compared to Q4 2022," said Somasundaram PR, regional CEO, India, WGC.
Investment demand, however, was on the rise in 2023. It increased by 7% in the whole year while it increased 18% in Q4.
This story is from the February 01, 2024 edition of Financial Express Mumbai.
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This story is from the February 01, 2024 edition of Financial Express Mumbai.
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