Businessmen have high expectations regarding sales. Jewellery demand (Gold Demand in India) increased by seven per cent from 146.2 tonnes to 155.7 tonnes. In the next two months, Dhanteras, festivals and wedding seasons will impact prices.
Gold demand in India has increased by 10 per cent to 210.2 tonnes in the third quarter of the current financial year 2023-24. The World Gold Council (WGC) gave this information in its released data on Tuesday. According to language news, the demand for gold was, however, slightly softer in the previous quarter. People’s love for gold is increasing in the country. The increasing demand for gold indicates this.WGC believes that the demand for gold has increased in the third quarter (Q3) due to demand during the festival season and falling prices.
Prices will be affected in India
The demand for gold in India was 191.7 tonnes in the same period last year. It has also been told in the released data that in the quarter under review, the demand for jewellery (Gold Demand in India) increased by seven per cent from 146.2 tonnes to 155.7 tonnes. While the demand for gold bars and coins increased by 20 per cent from 45.4 tonnes to 54.5 tonnes.
According to the news, WGC Regional Chief Executive Officer (India) Somasundaram P.R. said that in the next two months, Dhanteras, festivals and wedding season will impact the prices.
India’s gold import-export increased
Somasundaram said that the demand for gold in the fourth quarter (Gold Demand in India) is expected to be the same as in the third quarter. He said that if the prices do not increase further then it will be slightly better. India is the second largest consumer of gold in the world. India’s gold imports rose to 220 tonnes in the third quarter from 184.5 tonnes in the year-ago period.
The price of gold had taken an upward trend in the last few days, which now seems to be a little soft. Due to the war between Israel and Hamas, pressure on gold has also been seen. International gold demand declined by six per cent to 1,147.5 tonnes in the third quarter of 2023.
