India’s Q3 gold demand drops 24% to 145.9 tonnes, says WGC

India’s Q3 gold demand drops 24% to 145.9 tonnes, says WGC

India News

India’s gold demand in the third quarter this year fell 24 per cent to 145.9 tonnes as the implementation of GST and anti-money laundering legislation (AML) around jewellery retail transactions kept buyers away, according to a report of the World Gold Council (WGC). The gold demand in India stood at 193 tonnes during the third quarter of 2016, according to WGC’s Global gold demand in Q3 2017. In value terms, the gold demand declined by 30 per cent at Rs 38,540 crore, compared to Rs 55,390 crore in the same period of 2016. The total jewellery demand for the third quarter dropped by 25 per cent at 114.9 tonnes compared to 152.7 tonnes in the same period of 2016. The value of jewellery demand was down by 31 per cent at Rs 30,340 crore, from Rs 43,880 crore in the same period last year. The total investment demand for the July-September quarter was down by 23 per cent at 31 tonnes compared to 40.1 tonnes in the same period last year. In value terms, the gold investment demand was at Rs 8,200 crore, down by 29 per cent from Rs 11,520 crore in the third quarter of 2016. The total gold recycled in India in the third quarter of 2017 was 26.7 tonnes from 25.7 tonnes in the same period of 2016. “India’s gold demand witnessed a decline of 24 per cent in the third quarter of 2017, as the newly introduced GST and AML around jewellery retail transactions deterred gold buyers,” WGC’s managing director, India, Somasundaram PR said.