Gold: India’s consumption likely to falter in June quarter on covid lockdowns - WGC
|India’s gold demand is seen faltering in the June quarter of this year, as most states are under strict covid lockdowns, according to the latest report published by the World Gold Council (WGC).
Key findings
'Weddings, the Akshaya Tritiya (festival) are going to be a very muted affair’.
“India typically consumes around 200 tonnes of gold during the period but demand this year should be below that level.”
‘Gold consumption in the second half of 2021 could rebound on pent-up demand and as economic activity recovers. India's economy is expected to grow by 11% in fiscal 2021/2022.”
“Over the year, he said gold demand could be higher in 2021 than last year's 446.4 tonnes, which was the lowest since 1994.”
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