India gold demand drops 70% in Q2 to hit 11-year low on price, Covid impact

World Gold Council data shows demand dropped to 63.7 tonnes in the April-June quarter this year. Back in 2009, demand had plunged to as low as 40 tonnes following Lehmann crisis

India’s gold demand declined by a staggering 70 per cent in the three months to June, hitting the lowest quarterly figure in 11 years due to the closure of retail shops and factories following the Covid-induced nationwide lockdown during most of the period. A sharp increase in the price of the metal fuelled the downtrend.

Data compiled by the World Gold Council showed India’s gold demand dropped to 63.7 tonnes in the April-June quarter this year, from 213.2 tonnes in the corresponding quarter last year. The last time that demand had plunged so badly was during one quarter in calendar