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‘Gold demand in India hit 25-year low in 2020’

Gold demand in India hit a 25-year low at 446.4 tonnes in 2020, compared with 690.4 tonnes in 2019 due to the COVID-19 induced lockdown and on account of record high prices, the India office of the World Gold Council said.

Total jewellery demand in India for 2020 was down by 42% at 315.9 tonnes as compared with 544.6 tonnes in 2019. The value of jewellery was ₹1,33,260 crore, down by 22% from ₹1,71,790 crore in 2019.

Total investment demand for the calendar year was down by 11% at 130.4 tonnes in comparison with 145.8 tonnes in the previous year.

“India’s gold demand dropped by over a third in 2020 settling at 446.4 tonnes, on the back of COVID-induced lockdowns and lifetime high prices,” Somasundaram P.R., managing director, India, World Gold Council, said.


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Printable version | Jun 13, 2021 2:25:03 AM | https://www.thehindu.com/business/markets/gold-demand-in-india-hit-25-year-low-in-2020/article33687235.ece

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