India's gold demand hits 25-yr low in 2020 amid lockdowns, high prices: WGC

Easing of lockdown restrictions, festive period and the ensuing wedding season, however, revived demand hope and drew in jewellery demand worth 137.3 tonnes in the December 2020 quarter

Demand for gold in India in calendar year 2020 dropped to a 25-year low of 446 tonnes as compared to 690.4 tonnes in 2019, as per the latest report released by World Gold Council (WGC). “The last time the demand hit such levels was in 1995 at 462 tonnes,” said Somasundaram PR, managing director for India, World Gold Council.

Total jewellery demand, too, during the period under review in India slipped 42 per cent at 315.9 tonnes as compared to 544.6 tonnes in 2019. In value terms, jewellery demand in 2020 came in at Rs 133,260 crore – down 22