Gold demand in India is expected to increase between 800 and 850 tonnes in 2022, having posted a 79% rise in 2021, Somasundaram PR, Regional CEO, India, World Gold Council (WGC) said on Friday.
“India’s gold demand recovered by 79% to 797.3 tonnes in 2021, primarily a result of an exceptional Q4 demand of 343 tonnes that surpassed even our most optimistic expectation in Q3, and turned out to be the best quarter,” he said. Gold jewellery demand doubled y-o-y in 2021, surging past pre-pandemic levels to reach a six year high of 610.9 tonnes
“Record Q4 demand of 265 tonnes fuelled by weddings and festival season underpin the resilience of gold demand following its deep-rooted socio-economic footprint in household finance,” he said.
“With the easing of lockdown restrictions in H2 and a successful progress of the vaccination programme, economic growth altered consumer sentiment significantly, triggering spending and investments across the board during Dussehra and Dhanteras,” he added.
Demand value in Q4 of 2021 was ₹1,48,780 crore, an 80% increase from ₹82,790 crore in Q4 2020.
Total gold imported in Q4 2021 was 208.4 tonnes, compared with 166.5 tonnes in Q4 2020, according to WGC.