Economics
Gold Sales in India to See Slow Growth After Three Year-Low
- Demand forecast between 700-800 tons in 2020, WGC says
- Recycled supplies to grow from a record 119.5 tons in 2019
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Gold bulls expecting Indians to rush back to the jewelry market after the worst year for demand in three years may have to wait.
Demand in the first half of 2020 won’t show any significant growth as consumers will take time to adjust to higher prices and financial investments will gain priority, P.R. Somasundaram, the World Gold Council’s managing director in India, said in an interview ahead of the publication of a quarterly report. The world’s second-biggest buyer may consume between 700 to 800 tons this year, compared with the 690 tons expected in 2019, he said.