
High prices crash India gold demand 17% in Q1
Global factors, primarily US interest rate hikes, pushing up dollar prices, coupled with rupee depreciation, kept gold prices above ₹60,000/10g, nearly a 19% jump over last year
Global factors, primarily US interest rate hikes, pushing up dollar prices, coupled with rupee depreciation, kept gold prices above ₹60,000/10g, nearly a 19% jump over last year
True to its nature, gold takes a plunge with rise in global interest rates
Driven by the Akshaya Tritiya season, the jewellery industry is expected to witness a 45% year-on-year growth in the first quarter of FY23.
After a fall in prices in 2021 so far, gold is becoming attractive again. Analysts believe the rupee depreciation and potential inflation may spur it to a new high in the latter half of 2021.
Gold exchange traded funds added a record 877 tonnes during 2020, nearly 231 tonnes more than the 2009 record of 646 tonnes. Experts argue much of gold's growth drivers will continue in 2021 too.
A World Gold Council report says global demand for gold has taken a beating, falling by as much as 19% in the third quarter of this year.