As restrictions are being gradually lifted across the country, retail demand is bouncing back to pre-Covid levels in India. Gold is likely to see a sharp spike in demand in Q4 of 2021 supported by softer gold prices and return of positive trade sentiments, said the World Gold Council (WGC).
Somasundaram PR, Regional CEO, India, World Gold Council said, ”Gold is perceived as a strong hedge against inflation and decades of data supports this assumption. While we have not made any forecast for the rest of the year, barring any unexpected twist in the tale, we could see a sharp spike in demand in Q4 2021.”
According to the report, demand for gold in India for Q3 2021 was at 139.1 tonne up by 47% as compared to the overall Q3 demand of 94.6 tonne for 2020. Total net bullion imports in Q3 2021 were 255.6 tonne, an increase of 187% compared to 89 tonne in Q3 2020. Softer gold prices have also generated significant consumer interest ahead of seasonal demand.
The domestic trade indicates that this Q4 festive season could be on the best in several years, with strong imports of 255.6 tonnes and 187% increase over last year, which is much ahead of Q3 demand. Total jewellery demand in India for Q3 2021 increased by 58% at 96.2 tonnes as compared to Q3 2020 at 60.8 tonnes.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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