Lacking lustre: Gold demand plunges 70% in Q1

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Published: July 31, 2020 7:46 AM

World Gold Council MD (India) Somasundaram PR told FE that good monsoon and a likely revival in rural economy augur well for gold demand but a surge in prices (above a record Rs 50,000/ten grams) pose a challenge.

This is the worst slide since the March quarter of 2009.This is the worst slide since the March quarter of 2009.

India’s gold demand crashed 70% year-on-year in the June quarter, the worst slide since the March quarter of 2009 and the second-worst on record, due to the Covid-19 lockdown. World Gold Council MD (India) Somasundaram PR told FE that good monsoon and a likely revival in rural economy augur well for gold demand but a surge in prices (above a record Rs 50,000/ten grams) pose a challenge.

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