India, China account for 80% drop in gold jewellery demand in Dec quarter

WGC estimates the total fourth quarter demand for gold at 1,045.2 tonnes - a drop of 19 per cent year-on-year

India and China, the world's two biggest gold consumers, accounted for an 80 per cent drop in global demand in the fourth quarter of calendar 2019 on the back of rising yellow metal prices and soft economic conditions, according to the World Gold Council's latest report.

China’s Q4 jewellery demand was 10 per cent lower on a y-o-y basis at 159.7 tonnes, while the full-year 2019 demand slipped 7 per cent to 637.3 tonnes. Slowing economy, rising inflation, global trade disputes, higher gold prices and the younger generation’s shifting tastes towards lighter jewellery pieces contributed to subdued demand in 2019,