India's gold demand slumps to 11-year low of 102 tonnes in March quarter

Investment demand, though lower by 17%, was relatively better as sentiments towards equities turned negative and investors turned to gold's liquidity and safe haven status

India’s gold demand declined by a staggering 36 per cent during the January-March quarter, to hit the lowest quarterly figure in 11 years due to nationwide lockdown that has forced the closure of wholesale and retail showrooms. 

The lockdown was implemented to prevent crowding which may help contain spread of the Covid-19 pandemic.

Data compiled by the World Gold Council (WGC) showed India’s gold demand at 101.9 tonnes (worth $5.2 billion) for the January-March quarter, compared to 159 tonnes ($6.7 billion) in the corresponding period last year. Immediate after the Lehman crisis, India’s gold demand was reported at a mere