Hit by high prices, India's gold demand lost shine in 2023
Financial Express Mumbai|February 01, 2024
INDIA'S OVERALL GOLD demand in calendar year 2023 saw a decline of 3% to 562.3 tonne as high prices of the yellow metal dampened buyer spirit. In the last quarter (Q4), it fell 4% to 266.2 tonne, according to the Gold Demand Trend released by the World Gold Council (WGC) on Wednesday.

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.

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