India’s Gold demand declined by 12% in the first quarter of this year to 115.6 tonnes compared to the same period last year, the World Gold Council (WGC) said in its ‘Gold Demand Trends’ report for Q1 2018. In terms of value, gold demand fell 8% to Rs 31,800 crores, compared with Rs 34,440 crore in the same period of 2017.
The jewellery demand in India during the first quarter dropped by 12% to 87.7 tonnes, compared with 99.2 tonnes in the same period of 2017. In value terms, jewellery demand during the period dropped by 7% to Rs 24,130 crore from Rs 26,050 crore in the corresponding period last year.
The investment demand during January-March was down sharply by 13% to 27.9 tonnes against 32 tonnes in the same quarter last year. In terms of value, gold investment demand in the first quarter of this year was Rs 7,660 crore, slipping by % from the same period of 2017.
Total gold recycled in India also dropped by 3% during the first quarter of 2018 to 14.1 tonnes from 14.5 tonnes in the same period of 2017.