Demand for gold in India dropped by 35 percent

Sunbd Desk || Published: 2021-02-02 11:31:00 || Updated: 2021-02-02 11:31:00

In the outgoing 2020, the demand for gold in India fell by 35 per cent to 446.4 tonnes. This is the biggest drop in demand since 1994. Even the demand for gold in India is worse than the global demand. Global demand has declined by 26 percent. A recent report by the World Gold Council (WGC) highlights the state of the gold market last year. News Financial Express.

The novel coronavirus situation has played a key role in reducing this demand for gold. Besides, the fall in the price of precious metals has also played an important role here. However, not only the demand but also the supply system of the country has been severely damaged.

However, in the current 2021, the gold market is expected to turn around again. The idea is that repressed human demand and higher economic growth will play an important role in driving up prices.

Sunbd/NJ

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