Gold demand may decline in the second half. This is because the demand for it is decreasing due to inflation and rising prices. The World Gold Council (WGC) said that less gold is being bought in India. However, due to fewer gold imports, the trade deficit of the country can also be reduced. This will help in arresting the depreciation of the rupee. Gold demand stood at 170.7 tonnes in the April-June quarter this year. This is 43% higher than 119 tonnes a year ago. In value terms, it grew 54% to Rs 79,270 crore in the second quarter from Rs 51,540 crore a year ago.
More impact is visible in villages
According to the council, the impact of inflation is more visible in the villages. Those people are finding it difficult to save more and buy gold. The retail inflation rate in the country is above 7%. Also, this is more than the RBI's target of 6 percent for 6 months.
The price of gold increased due to the weakness of the rupee
The depreciation of the rupee against the dollar has led to a rise in gold prices. At the same time, the import duty imposed on it is also affecting the demand. Gold consumption remained high in the June quarter on account of Akshaya Tritiya and weddings. In March, gold prices were Rs 43,994 per 10 grams, which rose to Rs 46,504 in June.
Estimated consumption of 800-850 tonnes
The WGC had earlier estimated that gold consumption could be 800-850 tonnes this year. In 2021 it was 797 tonnes. Now it can go below 800 tonnes. Globally also, the overall gold demand in April-June fell by 8 percent to 948.4 tonnes as compared to a year ago.
Demand for gold jewelry increased compared to last year
April-June 2021 April-June 2022 edge
Consumption: 94 tons 140 tons 49%
Price : Rs 65,140 crore Rs 40,610 crore 60%
Investing in Gold ETFs increased
According to the report, investment in gold ETFs rose 12 percent to 2,189 tonnes in the January-March quarter from 1,951 tonnes a year ago. The demand for rods and coins stood at 244.5 tonnes. Reserve Bank of India has bought 15 tonnes of gold in 6 months of this year. In 2021, 77 tonnes were procured.
Suresh Raina-ED: Suresh Raina reached the ED office in Delhi, interrogation continues in the betting app case, know the whole matter
Former Indian cricketer Suresh Raina has reached the Enforcement Directorate office in Delhi. He was called by the ED for questioning in a case related to online betting apps (betting apps). The ED is
Temple Vandalised: The audacity of the miscreants in Canada, once again targeted the temple; wrote anti-India slogans.
Once again a Hindu temple has been targeted in Canada. Anti-India slogans have been written on a temple in Edmonton. The Hindu American Foundation said that anti-India slogans were written on the BAPS
Asia Cup 2025: 'Naqvi has been shown his place, ' the BJP explains why the Indian team did not win the Asia Cup trophy.
After defeating Pakistan in the final match of the Asia Cup on Sunday and winning the tournament, the Indian cricket team refused to accept the trophy and medals. In this way, the Indian cricketers
Air India Tragedy: DNA profiling of victims may be completed today, relatives await results
DNA profiling of all the victims of the Air India Dreamliner plane crash can be completed by Tuesday evening or Wednesday morning. A senior doctor gave this information on Monday. This may make the
Vijayapriya Nithyananda: Who is Vijayapriya Nithyananda? Poison spewed against India by Kailasa in UN meeting
Representatives of controversial self-styled godman Nithyananda's so-called country 'The United States of Kailasa (USK)' attended a meeting of the United Nations last month. This partnership has
Lok Sabha Election: Voters showed enthusiasm in the celebration of democracy, with 68.29 percent voting in the first phase.
Voters participated enthusiastically in the biggest celebration of democracy not only in the country but in the world. The excitement of electing their new government was so great that
Certificate Course: Do data science, and machine learning certificate course from IIT at home, placement as well as studies
Now IIT and NSDC are allowing me to study data science and machine learning certificate along with a job and studies sitting at home. The Data Science Certificate course will be of six months, while
Waqf Bill: Opposition MPs included in JPC wrote a letter to Om Birla, said- If a one-sided decision is taken then...
Opposition MPs included in the Joint Parliamentary Committee (JPC) formed to discuss the Waqf Amendment Bill have written a letter to Lok Sabha Speaker Om Birla. In this letter, opposition MPs have
Afghanistan Earthquake Today: Earthquake tremors felt in Afghanistan, magnitude 4.7 on the Richter scale
Afghanistan Earthquake Today: Earthquake tremors have been felt in Afghanistan. Today i.e. on March 9, at 7.06 am, the intensity of the earthquake was 4.7. The matter of relief is that there was no
Bharat Ratna: Five personalities including Narasimha Rao-Chaudhary Charan Singh received Bharat Ratna, honored by the President
President Draupadi Murmu today honored five personalities selected by the Government of India with Bharat Ratna at Rashtrapati Bhavan. Prime Minister Narendra Modi, Union Home Minister Amit Shah, BJP
