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.
