The demand for gold in India dropped 7 per cent year-on-year to 158.1 tonne (170.7 tonne in the June 2022 quarter), said the World Gold Council (WGC) in a recent release. High gold prices, and a knee-jerk reaction to the ban on Rs 2,000 notes during the recently concluded quarter, WGC said, also dented sentiment for gold, especially the jewellery segment.
“Looking ahead for the rest of the year, we remain cautious about gold demand as it faces uncertainties due to elevated local prices and slowdown in discretionary spending. However, the success of the monsoon season could bolster sentiment ahead of Diwali
First Published: Aug 01 2023 | 1:27 PM IST