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Gold jewellery demand up 17% in July-September quarter


CHENNAI: Gold jewelry demand in India in the third quarter (July-September) of 2022 increased 17% to 146.2 tons compared to 125.1 tons registered in the same period last year.
Overall gold demand grew 14% in Q3 at 191.7 tonnes, compared with 168 tonnes achieved in 2021. But total gold recycling in India fell 23% in Q3 at 16 tonnes, compared to 20.7 tons in 2021.
In terms of value, gold demand in the third quarter of this year increased 19% to Rs 85,010 crore, compared with Rs 71,630 in the same period last year. Total gold jewelry sales increased 22% at Rs 64,860 crore in the July-September period this year, compared with Rs 53,330 crore in Q3 2021, a statement from World Gold Council speak.
“India’s total gold demand in Q3 reflected better-than-expected performance and strong consumer interest, helping to bring year-over-year demand back to pre-Covid levels. The credit expansion added momentum to demand, with bank loan growth hitting a nine-year high at the end of the quarter.” Somasundaram PRRegional Managing Director, India, World Gold Council said.
According to him, the recovery in gold jewelry demand is mainly due to Indian cities, especially the southern regions, underpinned by strong economic activities with a 17% increase year-on-year. before tonnage. “However, rural demand is affected by seasonal effects (monsoon) and inflation. On the other hand, India’s demand for bars and coins also improved by 6% y/y to 45.4 tonnes as retail investors reacted to falling gold prices and weaker stock market and surrounding festivals. around Ganpati and the Puja festival after two years of Covid, has seen a huge increase in consumer sentiment,” Somasundaram speak.
Going forward, Somasundaram feels, Indian retail investment is likely to continue to benefit from safe-haven demand amid rising interest rates and a weakening rupee. There is optimism in the overall outlook for the rest of the year with weddings and Diwali demand in Q4, but it’s hard to compare with last year’s record-breaking Q4. “Our gold demand estimate for the whole year is around 750-800 tonnes, similar to last year,” Somasundaram said.

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