Gold demand in India has fallen to a 6-year low, people are avoiding buying jewellery!

Gold Demand: Gold prices in India have reached a record high level. Gold is doing business above 60 thousand. It has also touched the level of 61 thousand rupees per 10 grams. On the other hand, after being at a record high level, the demand for gold has decreased. It has fallen to the lowest level of 6 years.

Gold demand in India is at a 6-year low, except in 2020. A year ago the demand for gold was 135 tonnes, but it has come down by 17 per cent to 112 tonnes. During one year, a good rise has been seen in the price of gold. Gold has reached a record high level and has jumped 10 percent during this year.

Gold demand at 6-year low

According to the report of the World Gold Counseling, except for the year 2020 Kovid year, the demand for gold has come to a low of 6 years. At the same time, there has been a decline of 17 percent during one year. In terms of value, it has fallen by 9 percent to 56,220 crores.

Decline in demand for jewelry

The demand for jewelery buyers has also fallen and this too has come down to a 6-year low. It has decreased by 17 percent from 94 tonnes to 78. In terms of value, it has slipped from Rs 428 crore to Rs 390 crore. Investment demand has also come down from 41 tonnes to 34 tonnes.

Recycled gold demand increased

Recycled gold has increased by 25 percent to 35 tonnes (30 tonnes), as users have taken advantage of higher prices to recycle their old gold. Bullion imports remained stable at last year’s level of 134 tonnes. However, the import of impure gold has fallen by 41 per cent from 52 tonnes to 30 tonnes. The retail price of gold rose by 26 per cent to Rs 63,000 per 10 grams in the March quarter, although the average price was Rs 49,977 during the quarter.

RBI increased gold

At the same time, the Reserve Bank of India has added gold to its reserve for the fifth consecutive year. Has purchased seven tonnes to 796 tonnes with other central banks of Singapore, China, Turkey and Russia. Somasundaram PR, Regional CEO of the World Gold Council, said that for the fourth time since 2010, the demand for gold jewelery has fallen below 100 tonnes.

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