India's gold demand declined sharply in March quarter as prices surged

The India trend is contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q42018.

India’s gold demand fell sharply in the March quarter when the commodity’s prices rose and there were fewer days regarded auspicious to buy it.

Total demand in the first quarter of 2022 was down by 18 per cent to 135.5 tonnes, and jewellery demand was down 26 per cent to 94.2 tonnes, on a year-on-year (YoY) basis.

The trend was contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q4'2018. Global demand was led by an increase in investment demand, which went up in the quarter by 203 per