gold (GoldGold consumption in the country has seen a decrease due to increase in prices and increasing concerns about inflation, according to the data released by the World Gold Council, the demand for gold in the country (Gold Demand During the March quarter, it declined by 18 percent to 135.5 tonnes. In the corresponding quarter of last year, the demand for gold in the country was 165.8 tonnes. World Gold Council (World Gold CouncilAccording to ) this decline in demand has been seen due to the sharp increase in prices. Along with this, there was a sharp decline in the demand for all types of jewelery in the March quarter. On the other hand, gold bought as an investment has registered an increase.
how much demand
According to the council, the demand for gold has decreased by 12 percent in value to Rs 61550 crore. In the same period a year ago, people had bought gold worth Rs 69720 crore. At the same time, the total demand for jewelery fell by 26 percent to 94.2 tonnes in the March quarter. Which was at 126.5 tonnes in the same quarter last year. The demand for jewelery in value has decreased by 20 percent during this period. And it has come down to Rs 42,800 crore from Rs 53,200 crore in the March quarter of last year. However, on the other hand, there has been an increase in the investment demand for gold. Investment demand grew 5 per cent to 41.3 tonnes in the March quarter. Which was at 39.3 tonnes in the previous quarter. Investment demand in value has increased from Rs 16,520 crore to Rs 18,750 crore in a one-year period, investment demand includes gold bars and coins. At the same time, recycling of gold has also increased in the country. In the March quarter, 88 per cent more gold was re-used compared to the previous year and it rose to 27.8 tonnes from 14.8 tonnes in a year.
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Why the demand for gold decreased
According to the council, the rising prices have affected the demand for gold, WGC Regional CEO Bharat Somasundaram PR said that gold prices have seen an increase since January and the prices have increased by 8 percent from last year to Rs 45,434 per 10 grams. A year ago the price was at the level of Rs 42 thousand. According to him, prices have been affected due to the Russia-Ukraine crisis. At the same time, he said that in the March quarter, less auspicious days for gold purchase and less number of weddings have also affected the demand.