Gold Demand in India: Last year the demand for jewelery almost doubled, but on the contrary, there was a decline in recycled gold.
Gold demand: Last year in 2021, the demand for gold increased wildly and its consumption increased by 78.6 percent on an annual basis. This year also its demand is going to remain strong. The World Gold Council (WGC) has revealed in its Gold Demand Trends Report 2021 that 797.3 tonnes of gold was consumed in India last year, whereas a year before that its sales were affected due to Corona and in the year 2020, gold consumption was just 446.4 tonnes. Tons. The World Gold Council believes that the consumption of gold is going to remain strong this year as well. According to WGC, if the current conditions persist and there is no negative sentiment, then 800-850 gold can be consumed this year.
SpiceJet gets three-week deferment from Supreme Court, shares soar after getting relief, read what is the whole matter
93% jump in jewelery demand
According to the report of the World Gold Council, there was a 93 percent jump in the demand for jewelery last year. Last year there was a demand of 610.9 tonnes of gold, whereas a year ago there was a demand of only 315.9 tonnes of gold. Last year, the demand for gold jewelery reached a record high of six years and in the fourth quarter October-December 2021, there was a demand for a record 265 tonnes of jewelery due to weddings and festivals. In terms of value, jewelery worth Rs 2.61 lakh crore was sold last year, whereas in the previous year 2020, jewelery worth Rs 1.33 lakh was sold.
Budget 2022 Expectations: The agriculture sector, which supports the economy in the epidemic, has high hopes from the budget, veterans gave important suggestions to the Finance Minister
Decline in recycling of gold
The demand for jewelery almost doubled last year. On the other hand, in terms of investment, in the year 2021, the investment demand increased by 43 percent on an annual basis to 186.5 tonnes. However, on the contrary, there was a decline in recycled gold. Last year, 21 percent less gold was recycled compared to the year 2020. In the year 2021, 75.2 tonnes of gold was recycled, while according to the WGC data, 95.5 tonnes of gold was recycled in the year 2020. Last year, gold imports increased by 165 per cent to 924.6 tonnes.
Mutual fund schemes will not be able to be closed without the approval of investors, SEBI changed the rules after this decision of the Supreme Court
Gold demand at record high in the fourth quarter of last year
According to Somasundaram, CEO (India), World Gold Council, the demand for gold was at an eight-year record level in the fourth quarter of October-December 2021 last year. According to the WGC report, there was a demand for 79 tonnes of gold in the December 2021 quarter. According to Somasundaram, the softening of prices in November and the positive outlook on gold prices in the future strengthened the sentiment among retail investors regarding its sale.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
,