Gold demand surges 47% in July-September

CHENNAI: Demand for

gold

may have dropped 7% globally during the July-September quarter, but there was no dent in purchases of the yellow metal in India, rising 47% to over 139 tonnes by volume.


The growth was driven by falling Covid infection rates, which pushed people to venture out and shop, the latest report by

World Gold Council

(WGC) said.

WGC's regional CEO (India) Somasundaram P R said, "Gold

jewellery

demand increased by 58% to 96 tonnes, while investment demand for bars and coins also grew by 18% in a quarter that tends to be seasonally subdued due to monsoons."

Inauspicious periods like

Pitru-Paksha

are also known to keep buyers away.

In the Indian market, gold demand by value stood 37% higher at Rs 59,330 crore in second quarter of this fiscal year, as compared to the previous year. The total investment demand rose by 27% at 42.9 tonnes.


Stay informed with the latest Business News on Times of India. Explore updates on International Business, gain insights with Financial Literacy tips, and make use of Financial Calculators. Don’t forget to check the list of Bank Holidays in 2025, including Bank Holidays in January.


Ready to Master Stock Valuation? ET’s Workshop is just around the corner!