Demand for Gold in India in Q2 2017 up by by 37 per cent : WGCs latest Gold Demand Trends report

MUMBAI : The latest report by the World Gold Council (WGC) credited seasonal demand and improved rural sentiment with enhanced demand for Gold in India, which in the second quarter of 2017, went up by by 37 per cent to 167.4 tonnes.
According to WGC's latest Gold Demand Trends report, last year during the April-June period last year, the demand had been 122.1 tonnes.

In value terms, demand surged by 32 per cent at Rs 43,600 crore against Rs 33,090 crore in Q2 2016.

WGC Managing Director, India, Somasundaram PR was quoted in media reports as having said, "However, the second quarter demand is lower than the five-year average and is mainly driven by the anxiety on the Goods and Services Tax (GST) roll out, which led to advance purchase towards the end of quarter."

During the second quarter of 2016, the jewellers strike against one per cent excise duty on jewellery, also had a partial impact, he added.

"India's gold demand in Q2 2017 was a robust quarter as seasonal demand and improved rural sentiment contributing to the year-on-year increase. Both jewellery and investment demand saw a healthy rise despite a low base of Q2 2016," media reports quoted WGC Managing Director, India, as having said.

Though underlying concerns about GST and other transparency measures continue, predictably, positive sentiment returned with continued remonetisation and an expectation of a good monsoon, he said.

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News Bureau- 8/3/2017 5:56:56 PM