India’s gold demand to drop 10% in 2019, three-year lows - Reuters

Dhwani Mehta FXStreet

In a telephonic interview with Reuters, Anantha Padmanabhan, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said that India’s gold demand could drop as much as 10% in 2019 and reach the lowest level in three years.

Record high local gold prices are likely to dent domestic consumption. India’s is gold’s second-biggest consumer after China.

Key Quotes:

“Of late, customers are not used to such a jump in prices,”

“They will not raise allocations to buy gold just because prices have risen. Volume-wise demand will drop 10% from last year.”

The World Gold Council (WGC) in May forecast consumption this year at 750 to 850 tonnes after demand rose 5 percent in the March quarter. However, over the last week, the global prices have hit six-year highs on escalating US-Iran geopolitical tensions.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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