Guwahati: Gold demand in India is predicted to reach between 800 and 850 tonnes in 2022, following a 79 percent surge in 2021, according to Somasundaram PR, Regional CEO, India, World Gold Council (WGC)
According to reports, he stated that “In 2021, India’s gold demand increased by 79 percent to 797.3 tonnes, owing mostly to an unprecedented Q4 demand of 343 tonnes, which exceeded even our most optimistic expectations in Q3 and turned out to be the greatest quarter.”
In 2021, demand for gold jewellery increased year over year, surpassing pre-pandemic levels to reach a six-year high of 610.9 tonnes.
“Record Q4 demand of 265 tonnes, fuelled by weddings and festival season, demonstrates gold demand’s endurance following its deep socioeconomic impact in family finance,” he further claimed.
“Economic growth altered consumer sentiment dramatically during Dussehra and Dhanteras, driving spending and investments across the board,” he continued, citing the loosening of lockdown restrictions in H2 and the successful progress of the immunisation programme.
The demand value in Q4 2021 was 1,48,780 crores, up from 82,790 crores in Q4 2020 by 80%.
According to the World Gold Council, total gold imports in Q4 2021 were 208.4 tonnes, up from 166.5 tonnes in Q4 2020.