Following healthy retail demand in March, India’s consumer demand slowed in April under pressure from surging COVID infections and a rising domestic gold price. Many Indian States have implemented partial lockdowns and only essential businesses remain open, says World Gold Council (WGC).
According to the Council, consumer confidence has dipped, and anecdotal evidence suggests that wedding postponements have risen, impacting wedding purchases.
The increasing restrictions have resulted in gradually declining sales throughout April.
With lower retail demand, the domestic premium fell to $0.5-1/oz by the final week of the month, compared to a premium of $3-4/oz at end of March.
Also, WGC forecasts that ‘Akshaya Tritiya’, a major gold buying festival, falls on 14 May and gold sales are poised to exceed last year’s low base, but the rising number of COVID cases will likely hamper the overall level of demand. Sales may find marginal support through retailers’ digital/omnichannel strategies, something which was still being developed last year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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