India no longer seems to be a gold-obsessed country. This year, total gold demand in January-March 2018 fell by 12% in volume and 8% in value, according to data released by World Gold Council (WGC). The demand for gold was 131.2 tonne in January-March 2017, which has slumped to 115.6 tonne in Q1 2018.
Demand for gold jewellery also slumped 12% to 87.7 tonne from 99.2 tonne in Q1 2017. “Local gold price rises led to the second weakest quarter for jewellery demand in 10 years,” said Somasundaram PR, managing director, India, World Gold Council.
